Mortgages down 3.3% annualised not ideal but explained by seasonality so we should keep an eye on that stabilising next q. business growth looks good. Personal still pretty strong.
nim stable despite slightly riskier assets and increased deposits indicating more pressure on margins.
we are expecting 150mil annualised cost savings over the next 10 quarters and got 17 mil this quarter (up to 70 out of 200) so remaining on track there.
no bad news with ppi is encouraging.
VUK Price at posting:
$3.20 Sentiment: Buy Disclosure: Held
