I was surprised the actual results were materially worse than...

I was surprised the actual results were materially worse than the consensus forecast published 10 November 2023. Some of this was due to additional provisioning which might turn out to be conservative. Looking on the bright side, the share buyback will be done at lower prices (assuming the share price stays down) so that should result in fewer shares on issue over time. Whenever the buy back finishes (the consensus is 2025), then that should mean much higher dividends for shareholders by 2026, all other factors remaining the same, The current buy back is equivalent to 11p per share.

Looking at it another way, they are buying shares for say 150p that have a tangible net asset value of 360p.

I might have to hold for another couple of years, unless they become a target for a takeover. In my view, there appears to be more upside than downside at this point.