RE: At least it's in the green now...5 Aug 2022 23:09
Employment still going up - recession some way off. My 2 cents on results having discussed with Industry -
expected decline in interim profit, as it continues to battle against global uncertainty.
The underlying pretax profit of EUR419 million during the first six months of 2022, down 9.9% from EUR465 million for the same period in 2021. However, key is total income was "modestly" higher in the period, excluding additional gains, valuation items and acquisitions.
I like the Lower funding costs due to improved UK deposit margins and expansion of negative interest rates on deposits, offset by higher wholesale funding costs.
A net credit impairment charge of EUR47 million recorded, compared to a EUR1 million charge the year before but this is due to wider macroeconomic uncertainty.
Long Term Buy - Short Term hold