【招银国际】 Better profits achieved across 3 business lines.pdf

–Profit turnaround in 1H23

Geely Automobile (175 HK) 2H22E net profit to almost double HoH

Record high quarterly profit in 2Q23E

Bank Profitability in Europe: Not Here to Stay

–2Q in line with profit alert; subtle recovery ahead

Core net profit in 2022 +53% YoY in line with expectation; Margin recovery in 4Q

Still no sign of turning profitable

Serviced counters as a profitability lever in grocery retail

CoR sequentially improved turning to positive 2Q net profit growth; first interim dividend in place

1Q24 core earnings beat estimates; Shifted to profitable growth strategy