Excellent post mate. You've hit a nail on the head IMO that I couldn't have said better myself. Particularly with reference to the accounting adjustments. You can only generate profit increases solely from declining expenses for so long, and as a director who I have spoken with. Tim Maher seems to be one who does his job with minimal fuss and detail. I suspect from my dealings with him (and it is only a guess) that there is some small growth (albeit from a start up phase) in the loan pools as that is their current capital management strategy.
The other reason in relation to the accounting is that a director would be crucifying themselves in the longer term If they wanted to grow profit (if we are suggesting only through cutting expenses) only this way. Because as you say the proverbial rabbit can only be pulled out so many times.
So yes I will take profit growth as profit growth any day of the week in this environment.
Cheers and GL to all holders
FSA Price at posting:
$1.26 Sentiment: None Disclosure: Held
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