Ann: Half Yearly Report and Accounts, page-2

An NPAT up 1.5% on a 7.4% revenue increase to $161M
Interim divvy up 0.5c to 5.5c.
NTA up 10c to 109c/share
Net cash flow increased to $66.4M from $48.2M
Gearing up to 45.5% from 22.9%, all nonrecourse
Receivables increased from $290M to $337M

A sound, if unexciting, result. Importantly, TGA's lease book has increased 48.1% (consumers) and 72.3% (commercial) over the previous year.

Average delinquency has reduced to 6.8% from 7.5%, with impairment losses down to $9.9M from $11.5M, excluding a one-off credit balance refund of $2.8M.

If anyone has criticism of TGA charging high interest rates, I think the last fact says it all: $9.9M bad load losses against an NPAT of $15.4M. Impairments in TGA's commercial sector are one tenth of that in the consumer sector.

TGA's outlook is very positive, with a view that commercial leasing and financing will strongly grow profitability.