Its simple, whenever leverage increases, NIM will decrease, even if yield, cost of funds, spread remains constant.
Its because when leverage is low majority of source of fund is equity component for which there is no interest payment, but as and when leverage increase, % of equity component in source of funds decreases and % of borrowed money increases which increase the interest paid which automatically decreases NIM. Same happens in RoA also. Its just mathematics, nothing to do with business ability or inablity, high yield or low yield, high or low cost of borrowing.
Now when a company is raising money at 9% when leverage is 2, then in most case very same company will raise money at few basis point higher, say 9.2%, when leverage is 3. When you add this to above calculation NIM will further contract
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