Voluntary trading update – The financial performance of the group in the first four months of 2023 showed mid-teen headline earnings growth, driven by net interest income and non-interest revenue. However, the credit loss ratio exceeded the target range due to a challenging macroeconomic environment and difficulties in collections. Despite this, revenue growth surpassed full-year guidance, and the group’s net interest margin increased. Impairments also increased, reflecting the impact of interest rate increases and economic conditions. Expense growth was slightly higher than expected, but management aims to reduce it.
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