Elevated Balance-sheet LeverageSustained high leverage increases sensitivity to credit losses and interest-rate shifts, amplifying earnings volatility and limiting capital maneuverability. Even with rising equity, elevated leverage constrains downside protection and strategic flexibility over the medium term.
Volatile Cash Generation HistoryMulti-year swings from positive to materially negative cash flow reduce predictability of internal funding for dividends, buybacks, or acquisition spend. The recent recovery helps, but prior volatility signals structural working-capital or business-cycle sensitivity that may persist.
Mortgage Margin Pressure And Other-income VolatilityStructural margin compression from product mix and client demand for guaranteed schemes, coupled with volatile treasury/other income, can erode net interest margin and non-interest revenues. These effects can partially offset volume growth and pressure medium-term profitability.