Ann: Half-year Report, page-9

NIM tracking ok, RoTE solid & above consensus, CIR very impressive.

I can only gain more confidence from this result. Management continuing to perform exceptionally well in all areas under their control. I perceive integration risk as having declined & have even more confidence in management to keep delivering as planned (leading to a very clear, and easy to understand path of value creation).

P/B (on prior LON close) < 0.55x

I think there's a 'pendulum' of investor psychology that's probably been somewhere near an extreme here & look forward to this being corrected over time