Yes...I have some banking with them and find the site average at best.
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The phone app isn't bad, but the internet banking through their web site is clunky and not user friendly/intuitive.
I haven't heard of adjusting PEs for inflation either.
1/I have heard of adjusting PEs downward because rising interest rates reduce customer spending power.
2/ Rising interest rates also tend to elevate our currency, and that has a negative effect on our exporters that in turn might flow through to a lower PER.
3/ Rising wage demands with an uncertainty as to whether those extra costs can be recovered can have a negative effect on profits and PEs as well.
You could argue that 1,2 and 3 above are all caused by inflation. But I don't think that reducing PERs specifically because of inflation is the right thing to do. You need to look at the downstream effects of inflation to make a call on that. You might argue that from a bank point of view, for instance, that rising inflation leads to rising net interest margins. So PERs for banks should be raised.
SNOOPY
Quote Snoopy - You might argue that from a bank point of view, for instance, that rising inflation leads to rising net interest margins.
Inflation should lead to rising interest income .... but rising net interest margins?
inflation > higher OCR/swap rates > rising bank interest income & should leave to higher net interest margin dollars (IE a banks GP before credit losses). Perhaps not higher net interest margin as a % of book (coin toss on if those improve or compress, probably depends on individual banks strategy around marketshare and how elastic their deposit costs are
sorry snoop i didnt see your post as I was typing mine, beat me to it.
in addition to what you said, banks regulatory capital starts to earn some decent dollars to as rates rise. thats a lot of dough that was earning bugger all in 2020 & 2021 that starts to earn something now, bit of a silver lining