I disagree. Even after adjustment, it is trading flat from last half of the year despite loan book has grown quite a lot during FY2018. This means the supposedly incremental interest revenue has completely got absorbed by bad debt.
There is a slide that shows every category debt has bad debt expense increase. With unprofitable loan growth and more shoddy deals discovered during senate inquiry and very poor compliance history, I don't see there is a re-rating before the CA conclusion.
Ann: H1 FY2019 - Investor Presentation, page-7
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