SP might have lagged because of tax loss selling and level of...

SP might have lagged because of tax loss selling and level of shorting still running above 6% (need to go back to 2021 to early 2022 when it was running consistently below 4%). Reality though is that there is a lot of perceived risk (probably too much IMO) into the share price given the structural and change issues the bank faces. I think real improvement is in their next financial year as this financial year is about cleaning up and fixing issues. This cleanup will continue into next financial year but will probably have clearer end dates to achieve. They are not chasing down lots of new mortgages which is probably good from a margin/risk perspective, but this will impact overall growth levels, and it looks like Suncorp is focused on retention whilst the ANZ merger goes operational. I expect next financial year there will be more confidence in the reporting and if they can get a share buyback in place then this will help to strengthen return figures. Why a share buyback? Capital consolidation should be expected from the ME merger, jurisdiction consolidation (NZ exit), risk management improvement and sale of non-core businesses. If they do this then SP will jump but I think that this is a 2025 prospect. The potential for this to improve earlier is that CEO term runs to December 2024, so he now has less that 6 months to justify an extension to the contract. IMO.