Yes but in the market they've historically served where customers can't get credit from the big 4 3-4% bad debts is still pretty good, I hope it is just provisions for NZ because they'll probably get a load of it back over the next 2 years as they run down the loan book.
SVR are really in transission period shutting down lower credit NZ lending, expanding higher credit AFS & setting up a commercial division. All this while the economy is being squeezed with higher interest rates.
I have a good deal of faith in Scott Baldwin & his team as to me they've shown they management credentials over a long period of time. So me it's a case of riding it out, in fact I've added to my holding at these low levels. It would be good to see the directors buying more share on market though.
SVR Price at posting:
$1.14 Sentiment: Buy Disclosure: Held
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