Investor Presentaiton
2023 outlook
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Revenue
Balance sheet
Credit impairments
Operating expenses
Returns
Capital
Impact of 2022
base effects
2023 expectations
High single digit revenue growth, driven by net interest income given balance sheet
growth and higher policy rates.
High single digit growth in customer loans and deposits.
Credit loss ratio (CLR) likely to be at top end of our through-the-cycle target range of 75
to 100 basis points.
Mid- to high single digit growth in operating expenses, resulting in a similar cost-to-
income ratio to 2022. Mid- to high single digit pre-provision profit (PPP) growth.
Return on equity around 17%.
Group CET1 ratio at top end of board target range of 11.0% to 12.5%.
Dividend payout ratio at least 52%.
Given 2022 base effects, stronger revenue and PPP growth in first half, although CLR
likely to exceed target range and dampen earnings growth off a relatively high base.
Slower second half revenue growth off a high base, but impairments expected to
decline substantially YoY and support stronger second half earnings growth.View entire presentation