High cost of funds
Finance cost at 15% vs industry 11-12% due to low leverage and credit rating; may persist until leverage normalizes.
FINKURVE / bear-case history
Track the concerns that keep returning.
Finkurve Financial Services · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
medium
NIM contraction from low leverage
NIMs contracted sharply as leverage remains low (1.67x); further contraction possible until leverage reaches 3-4x.
Gold price dependency
AUM growth partly driven by gold price rise; if prices stabilize or fall, growth may slow.
Execution risk in branch expansion
Aggressive branch expansion (50-60 new branches) may strain management bandwidth and asset quality.