Ann: FY23 PGL Results Announcement, page-4

Nothing new here that we did not know since the trading update. The trend in 90 days arrears is good. But the net bad debt is awful. Sounds like they had some major losses in some origination channel half way through the year and had to cut new loans from there. I guess this is the risk with this business. Can always have that 10% bad debt flaring up. If they don't have bad surprise this FY, the provision may accrue back into the bottom line and when/if they do that could see some renewed enthusiasm for the stock.