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Sep 2 2019, 07:10 IST/BST
Commercial progress was again evident in H1 2019 with new lending increasing by 22%. However, this is clouded by external factors – the ongoing requirement to reduce non-performing loans (NPLs), the interest rate environment and upcoming debt issuance – all of which present top-line growth challenges against a backdrop of flat costs due to NPL work-outs and investment. We retain our ‘Neutral’ rating with a price target of 140c.