Ann: HUM - financial results briefing for HY ended 31 Dec 2022, page-9

You will see exactly the same trends in the Humm interest free card business in Australia and NZ. These businesses get squeezed when you have a sudden increase in funding costs, especially when you are growing the book again as initially receivables tend to be far more skewed to interest free receivables before roll onto interest bearing.

Humm obviously has the large item BNPL (old certegy) which is much better placed given typically lends fixed and borrows fixed (albeit think warehouse is typically floating so may get NIM squeeze here too before securitise receivables).

Commercial should be similar to large item BNPL. If I'm a betting man though I suspect the board will increase provisioning here for a possible increase in loss rates. Saw increase come through in BOQ's recent result and I understand was predominantly driven by view on health of SME/Asset Finance.