The company has purposely exited residential mortgages as it was hard to compete with the big banks. This is the reason for the lack of loan growth.
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percy would call it 'well secured, higher risk' assets, rather than poor quality, and so would I.
Growth does seem elusive in their traditional markets, but growth is very hard to achieve in high turnover assets, like cars, so standing still is possibly a good effort
I dipped my toe in the water with this one yesterday and PGW. Its hard to find growth stories on reasonable price earnings ratio's and I think over the years this stock will reward with solid growth and a good divvy yeild. We are well positioned :)
Thanks mate, I'm looking forward too it:D
Welcome aboard Roger. This one has been a great ride for me, which I have little doubt will continue for a long time yet.
I will most certainly be at the AGM Percy as long as I'll be in the country at the time. Have been reading the book you recommended. Great reading. Many thanks.
Just out of curiosity, when & where is the next AGM? I can only see last-years one.
PS: Decided to increase my holding today.