I like the offshore expansion. Happy to be earning foreign...

I like the offshore expansion. Happy to be earning foreign income. Locally I think they are well placed. They have good products in mortgages and equipment finance and are making good inroads up against the big 4 banks which tend to not be able to cater for clients that may fit just outside the box. PEP are also using technology well and this will help drive efficiencies. Again, big 4 are restricted by capital adequacy rules and generally are not good at nimble product specific technology in my view as they have such broad technology demands across such huge and diverse businesses. Pepper can focus on their key niche markets. All good I'm thinking. Annua result will be a good read.