A good result based on this year and the challenging macro...

A good result based on this year and the challenging macro environment. Good things - 70 % self funded with deposits forecast to grow next year - minimal decline in NIM -4BS - Growth in all areas except FUM - costs to income down heavily. However there are some things which I consider cautionary - the profit has been bolstered by the cost cutting although cost to income ratios can also be increased by improving efficiencies and productivity - the forecast for next year is mostly in line with this years results and investors these days seem to want glowing forecasts despite the obvious challenges going forward. For me - at these prices I see it as a well run banking regional with lesser challenges than the big 4. In the current conditions I am happy to accept forecast steadiness.