Provides non-banking credit services.
Naoi left 2025 larger and more profitable, but the main test has shifted from loan-book growth to earnings quality, collateral quality and the funding discipline that keeps that growth standing.
End-2025 Naoi is not just a reassuring collateral story. It is a book where 73% of exposure is secured, but one third already sits beyond one year and 73% of exposure is tied to real estate, so collateral quality depends much more on project execution and realization quality tha…
After the 2025 portfolio surge, Naoi’s story is less about loan demand and more about whether it can roll, extend, and price its funding stack fast enough to support growth without eroding equity and liquidity.
Naoi’s 2025 profit headline is strong, but most of the improvement in pre-tax profit came from dividend income and other income rather than from a comparable acceleration in the core lending business.
