Mgt get that it is all about profitable growth - FY24 is "ROE...

Mgt get that it is all about profitable growth - FY24 is "ROE and Yield focus, and not just volume growth"
(EPS & ROE are the CEOs LTIs so the incentive is formalised).
Just would have been nice to get greater detail on bottom line in the trading update.

Nonetheless, there are some nuggets there.

At the top level, NIM for commercial grew 16% v pcp (below book growth tho so competition exists) and consumer 3%.

Not fantastic but at least repricing initiatives showing some positive signs.

Then at the credit loss level, credit losses actually improved by 10bps and remain at only 1.6% of ANR.
Add to this mgt expectation of further improvements.

Not bad when you consider the macro environment.

So good to see interest rate risk and credit risk being managed.

Those two variables combined probably add roughly $20m annualised to the bottom line.

The question is where are we really at with the OPEX line and any funnies?

Mgt confirmed that "Operating costs from suspended products largely removed".

That's where the chunky savings will add to the bottom line.

The muted response from the market is understandable - they need to prove execution.