However, the company not only survived after posting a rare loss in 2009 but performed extremely well in the years thereafter, culminating in a record level of profitability in 2013.
The company was committed to creating a sustainable co-operative and, to achieve that, it needed to materially lift its level of profitability and further reduce debt.
With this level of profitability and no dividends to pay shareholders, it is no surprise that the company has ambitions to grow significantly outside of their core social platform.
Competition amongst the majors is intensifying, which is constricting net interest margins (the level of profitability on their loans) and is, in turn, hurting earnings growth as well.
But arguments like this don't work to ward off the increasingly regular attacks on the big banks' general level of profitability, including their returns on equity.