Ann: AGM Address and Presentation, page-5

nothing not to like....mkt already knew about the small cost of funding impact to nim (assume priced in) but the appeal for me was the loan book size (well beyond prospectus).

maybe that slight hint at expecting mortgage discharge as peeps come out of fixed but I see that as downside as well as upside to steal clients away from majors - as well as usual uptick in bad debts with rate rises....

apart from that - looks BAU - so not concerned...happy to be corrected, esp now the SP has more than halved (my preferred bargain sweet spot )

bring on the divi - interested to see how much and how much they retain for "growth" (maybe hinted at lowering the distribution?)....not long, well know...