The personal loan side of things has matured, so it makes sense they're looking at new products. The car loans thing has been on the books for a couple of years "in pilot", so not something rushed into.
It depends who the target market is for the loans. If its less than prime the big banks are not really in that space. You'd think CCP has the scale to be competitive with smaller near prime or sub prime lenders in that space.
Not sure what the market was expecting for CCP. Overnight a US competitior delivered a result way below consensus and was smashed. Collections in the US supposedly under budget in Q1 due to less benefit from tax returns than hoped. No call out in CCP presentation on lower than hope collections.
Yet, all the metrics for cCP are going in the right direction, and that heading towards a 20m NPAT segent is good. Medium term that could be a business the size of the pre covid Aus/NZ segment.
Aus segment was kinda downgraded again. No increase in investment and calling out increased competition. The worm isnt turning on that business.
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