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May 11 2020, 08:00 IST/BST
The Q1 loss is a result of COVID-19 impacts (lower other income and impairment charge overlay), while the FL CET 1 is lower than expected due to the magnitude of the impairment charge, which appears to be conservatively calibrated. Unsurprisingly, the outlook acknowledges the material challenges to income and impairments, while also pointing to management’s expectation that the FL CET 1 ratio will remain above 11.45% (the previous 2020 regulatory minimum) across a range of scenarios, which should provide assurance on capital.
May 11 2020, 08:00 IST/BST