The implication is that if they included the off balance sheet amount in their pcp calculation the total loan book would have only grown 144% (596/244) vs the on balance sheet growth of 168% (562/210). It’s data selection for story telling purposes only. Management made the switch to excluding off balance sheet loans about 2 quarters ago.
If you pay close attention you can see when they hero different metrics based on how the business is performing. For example, when qtr on qtr loan originations started slowing they switched to revenue growth which, coming off a lower base, has had a far higher growth rate.
Given the difference in this case it seems like over sensitivity on the part of management. Loan book growth of 144% is good provided it can be sustained but that will require strong origination growth to return. That’s the big question mark here as both PLT and MME recorded massive increases in originations during what WZR flagged as the slower December period.
The implication is that if they included the off balance sheet...
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