Clientèle reported HEPS up 49% to 147.1c for FY25, exactly in line with the guidance midpoint. Revenue rose 3%, supported by growth in Rewards but offset by lower investment product income. Results were also supported by the first-time consolidation of 1Life, but offset by higher withdrawals & integration costs. FY dividend was hiked 5.6% to 132c. Outlook: Integration of 1Life & Emerald on track, with a focus on capital discipline, & growth in Rewards, Royalty, & mobile.
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