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Jul 31 2023, 07:10 IST/BST
This is a strong H1 2023 with an earnings beat, good momentum evident in Ireland and a strong capital position. The stronger performance results in a ROTE of 18.5%, well above the medium- term target, and a FY 2023 guidance upgrade (c.10% to consensus). This will further support material distribution increases with FY 2023. Focus on the conference call will likely remain on the net interest income outlook for 2024-2025, distributions and the UK business.