But despite the limitations of trading income, this is still a massive start to the year. It is much better than I expected and across all business areas. |
Last year they had a big contribution from selling company stakes. Next year they won't have that. |
The bank seems to have two problems ? the rise in risk provisions is much stronger than expected and it does not look good in their private clients' business in terms of earnings. That is very negative. |
The figures are lousy, but they are no surprise overall, |
The full results are not a surprise. But it is a big achievement that the return of 25 percent has been reached. These are positive figures. |
The results were a bit weaker than expected, not due to its operating earnings but because the special payment was bigger than expected. |
What is becoming clear now is that the trees will not grow to the sky. |