I think the increase in non performing loans is the biggest...

I think the increase in non performing loans is the biggest factor for me. As you said, still low but the trend is important and to have quality deteriorating while trying to grow the book aggressively to get to the mezzanine is a bit of a concern. Having said that the share price pressure has been around since the regulatory worries (which to me are less of a factor as I think fsa are well placed)
Still highly profitable at these arrears level but Australia hasn’t had a recession in 30 years so if that does happen we could end up with a tga siv axl situation. Tail risk but still worth considering when allocation weighting.