I think the reason for poor valuations could be very low RoA, super slow loan book growth & very high leverage, RoA is less than 1% and the RoE of 13.8% as highlighted by you is purely coming out of excessive leverage. Excessive leverage also restricts AUM growth hereon without any further equity dilution. Worst part is that if this equity dilution happens at such a low P/B multiple, it will be quite bad for the existing shareholders. These are just my two cents.
P.S: I don’t track this counter actively any more but held it for quite some time in the past, classic value trap in my opinion.
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