Credit RiskElevated credit risk and challenged return on equity are tempering the outlook, with concerns about visibility on credit costs.
Earnings PerformanceA third consecutive earnings miss has led to a downgrade to Hold, driven by ongoing pressure from credit deterioration and over-exposure to commercial lending.
Interest Rates ImpactHigher for longer interest rates are negatively affecting the commercial lending book, making it challenging for the bank to achieve earnings outperformance.