its customer base and then started cross selling that expanded base with more products. The latest results showed this working as planned, and the bank came out tops in the recent results f lurry from the big four banks. But what struck me was the credit loss ratios we saw in the banking results, across the board they have been increasing. Considering we’re currently experiencing the lowest interest rates in some 40 years, one would not expect these numbers to be rising by as much as they did and it does add some fuel to the credit bubble fire, suggesting that banks have been relaxing loan requirements in order to get the business – especially in unsecured lending. This is not a fire that’s going to bring down any banks but one does wonder why a bank would lend more money when it fully expects a significant portion of repayments not to be made. Is this really best business practice? It doesn’t do homeloans nor any corporate deals, but it does charge higher rates and as such should be able to command a higher p:e than the big four – assuming it can handle the bad debts.