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May 12 2020, 08:20 IST/BST
Ahead of the impact of COVID-19, Q1 appeared to be trending in line with expectations towards the end of the period. The abrupt impact is reflected in the 136bps cost of risk charge, weaker other income, negative bond valuation moves and a CET1 out-turn below expectations. Most positively, into an uncertain outlook, CET1 remains strong at 16.2% but impairments are set to rise further in Q2 and we expect a low- to mid-teens negative revision to forecast 2020 total income.
May 12 2020, 08:20 IST/BST