29 July 2021 - interim results

Interim results which came in ahead of expectations have had no real impact on the share price, which we find quite surprising.  As usual with a banking stock, the results are subject to all sorts of complicated issues, but the key points as far as investors are concerned are that the bank has written back some of the provisions made last year for bad debts expected because of the pandemic; it has also raised guidance for the second half of the year and, perhaps most importantly, it has re-instated the interim dividend.  The latter . . .

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