Analyses on MAX IT (4)
- March 12, 2026March 12, 2026
- Follow-up
Max IT Follow-Up: Did Credit Quality Really Improve, or Did the Mix Just Get Safer
Max IT’s loss metrics did improve in 2025, but the clearest conclusion is still a faster shift toward vehicle-backed lending and a safer book mix. Without a matching improvement in the broader problematic-credit indicators, it is hard to conclude that underwriting quality itself…
- Follow-up
Max IT Follow-Up: The VAT Ruling and What It Does to Earnings Quality
The VAT ruling is not a story of operational weakness in 2025. It is an accounting and legal reset that forces a separation between reported profit, normalized profit, and the economics of foreign issuance activity.
- Follow-up
Max IT Follow-Up: Funding Architecture After the Capital-Markets Breakout
Max IT moved in 2025 from an almost purely bank-funded model to a bank-funded model with a meaningful capital-markets layer, but the core funding anchor still sits with banks and short-liquidity mechanisms. That is why the main message of January 2026 is structural resilience, n…
Max IT in 2025: The Credit Book Is Growing Cleaner, but Funding and Capital Still Set the Story
Max IT enters 2026 with a larger and cleaner credit book and a broader funding base, but the main test is no longer demand. It is whether credit growth can be translated into stronger funding economics and better capital efficiency.
