Business lending is certainly the growth area at the moment. St.George is focused on the smaller end of that market and seems to be getting its share. |
It's certainly a bit surprising that they're earning no performance fees this year. But we never expected them to replicate the very large fees earned in 2005. |
The insurance margin was at the lower end of expectations. |
The key will be how much they invest and what role and control they have over underwriting activities and management. They've got about A$350 million ($260 million) to A$500 million to invest. |