"In addition, we have one of the strongest capital and funding positions amongst the major banks worldwide, as demonstrated by our continued successful issuance of wholesale funding post-referendum. Our low cost, low risk, differentiated capital generative business model is structured to be resilient through the economic cycle."
"Our cost leadership position is a significant source of competitive advantage and remains a strategic priority." - This will help alleviate the fear of future margin pressures imo.
"As a result of the continued successful delivery of our strategy in recent years, we are in a strong position to withstand the uncertainty in our sector and the wider market, both now and in the future."
Don't agree - have a look, stat profits double at the half year and alre already 50% up on the total for the whole of 2015....and the SP was over 83p this time last year. So why sell at 60p, being well below pre-BREXIT price of 72p. Dividends are on the up with double digit growth...
Look at lots of other FTSE100 companies, post BREXIT, seems more value here esp. longer term and if the U.K. economy does ok then these seem really good value and with a very good progressive/prospective income yield. DYOR. Scfc
Underlying profit of £4.2 billion, down 5 per cent (2 per cent excluding TSB) Operating costs 3 per cent lower at £4.0 billion driven by the acceleration of cost initiatives. Strong balance sheet with common equity tier 1 (CET1) ratio of 13.0 per cent post dividend Tangible net assets per share of 55.0 pence
Closure of additional c.200 branches and further c.3,000 role reductions by the end of 2017 Simplification run-rate savings target increased from £1.0 billion to £1.4 billion by the end of 2017
Interim ordinary dividend of 0.85 pence per share, up 13 per cent, in line with our progressive and sustainable approach to ordinary dividends.
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