Ann: 2023 Full Year Results Presentation, page-10

Management clearly could have presented the accounts in such a way to drive NPAT growth above the 10% reported in 1H23. However, by their own admission, they are maintaining a '$2 billion buffer in provisions relative to losses expected'. A very conservative position, and one that may well understate current profit growth of 5% considerably. Yes, the share price may suffer in the short term as a result, but the bank is focusing very much on next year's financials and beyond.

Loan impairment expenses rose by over $1.4 billion in FY23! I think the fact that the board decided the final dividend can be increased by 30 cents (14%) gives the best indication on how the business is currently performing. This is not the type of board that is likely to hike the dividend one year only to cut it the next year.