@Pioupiou
I commend you on providing and sharing some analysis, but your statement on upfront loan provisioning is a bit questionable as far as profits declining when the loan book is growing. As per note 10 of the annual report: "Consumer loans are initially recognised at fair value of the loan written and subsequently measured at amortised cost using the effective
interest rate method, less provision for expected credit losses. Given the nature of loans written, a lifetime expected credit loss provision
is taken up upon initial recognition of a consumer loan receivable. The loan balance is categorised into current and non-current consumer
loans according to the due date within the contracted loan terms. Amounts due within 12 months are classified as current assets, with the
remainder classified as non-current assets."
So unless they knowingly are writing dud loans, every loan written, leads to an increase in consumer loan receivables minus a smaller provision, which is adjusted at balance date etc etc. You can see this in the lower loan segment earnings in h2 2020 when net funding of consumer loan receivables contracted by 34m. (definitely not higher at you suggested)
(20min delay)