So no you don't quite understand that the drop in NIM is temporary as new loans are written at higher rates vs interest costs rising immediately. When rates fall SVR's profits will be higher than before as the NIM will increase to higher than when rates started to rise. SVR has also reduced it's borrowing costs through new facility. There have also been some one off costs investigating in compliance.
So the drop is 100% temporary with the exception of the growth in the AFS division which is further up the credit curve & as such has lower NIM & bad debts
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