Comparing H2 FY2025 (March 12, 2026) → H1 FY2026 (August 13, 2026)
✅ Delivered
- Vehicle Finance exit completed
- Lending growth in Retail and Business Finance
- Buyback program initiated
- Cost reduction: savings delivered or contractually committed
- H1 ROAE in line with guidance
- Bridging digital portal launched
- Home improvement retail partnerships expansion
- V12 app: user adoption above 500,000
- CET1 ratio above 13% target
⚠️ Reprioritized
- Specialty Finance: from launch narrative to cautious execution
- M&A: from incidental mention to explicit exclusion
- Cost-to-income ratio: trajectory confirmed, no new specificity
🔇 De-Emphasized or Absent
- V12 Personal Finance fee income
- Staff satisfaction score
- Renters Rights Bill and residential investment risk
- Savings: new segment initiatives and tracker products
- AI strategy
- Equity stakes in specialty lending borrowers
- Capital allocation framework
- Home improvement eligibility checker
🎭 Narrative Positioning
- «Doing what we said we would do»: confirmed delivery posture
- ROE as North Star over growth as primary metric
- Macro uncertainty: acknowledged but neutralized with portfolio quality
- Buy-side analysts as external validation of investment case