The repositioning of BNK Banking Corp as a specialist SME bank is tentatively underway. In its results for the half year to December 2022 BNK put the share of new lending booked as SME loans over the period at around 10 per cent. BNK remains, by and large, a mortgage funder (and deposit taker) - just a very small one, with footings in the order of A$2.5 billion. Around 20 mutual banks have bigger balance sheets than ASX-listed BNK. The bank incurred a loss, after tax, of $2.7 million over the six months to December, from a profit in the prior period of $2.7 million. BNK said it anticipated reporting a “cash profit” in the June 2023 quarter, earlier than prior guidance. BNK offloaded its Finsure aggregation division to MA Financial early in 2022, with the bank returning most of this by way of dividends and a capital return. APRA data on BNK's net deposit inflows, especially in December, suggests some of the hot money is (or was) flowing BNK's way. Savings.com.au ranks BNK's term deposit rates (on a 12-months term) close to the highest in the market. So far BNK's attempt at reinvention, post Finsure, isn't cutting it with its investors. The bank's shares closed at the end of last week at 44 cents, more or less in line with its lowest (early Covid-era) share price. This makes its market capitalisation $53 million. One question lingers: is BNK's banking licence even worth anything?