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Analyses on Nawi (8)
- July 2, 2026
- May 30, 2026
- May 27, 2026May 27, 2026
- Follow-up
Naoi: Stage 3 Is Outrunning the Book and Collateral Still Is Not Mapped to Impaired Debt
Credit quality has become Naoi's central proof point: Stage 3 is growing faster than the customer book, deeper delinquency buckets have expanded, and the collateral disclosure still does not connect the aggregate collateral cushion to the impaired debts themselves.

Naoi in the First Quarter: A Nearly Flat Book, Higher Provisions, and Capital Moving Into Direct Finance
Naoi opened 2026 with stable core profitability and good access to funding, but the quarter still does not prove clean growth: the book barely grew from year-end, Stage 3 rose again, and new capital moved into Direct Finance and adjacent activities.

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