Ann: FXL - Full Year 2020 Trading Update, page-119

I think the reduction in NPAT in H2 v H1 (excluding the provision) is likely due to the cessation in consumer leasing, a significant reduction in volume in commercial leasing and possibly a small reduction in cards. The consumer leasing business was very profitable in H1 due to run off (interest still
comes in but costs turned off). This was likely a one off bump to NPAT. This all would be offset by a big increase in BNPL volumes, but this is lower margin, so net result pushed NPAT down. In an idea world, cards and CL stabilise over the medium term and still spit off cash, which can be funnelled into BNPL growth.