CGF –10.11%: Hit today despite their Net Profit Before Tax (NPBT) coming broadly in line with expectations, however, the composition of the result was soft which is very typical of CGF. Weaker earnings in business units were offset by lower corporate costs however, the main negative surprise came from bank losses as higher than expected regulatory and integration costs weighed. They said that bank losses would persist in FY23E and it is now under strategic review. Overall, low-quality result and the outlook was soft.
MM has no interest in CGF – they simply disappoint too often
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