Is it too early to become more positive?
WZR has changed strategy with focus on capital preservation and NIM improvement. It appears the contraction of new business has come to an end already with again about 50m of loan origination in Q1 with very profitable NIM levels. NIM on the book was down again from 3.8% to 3.4% and is supposed to trend a bit lower as the loan book matures and arrears rise, but are we not only 2-3 quarters away from the inflection point?
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