Agreed - very skinny indeed - ROE of 4% compares to the trading banks at all over 10%. Gives a good indication of what the upside potential is.
Underlying trend of margins, costs, profits, assets growth (half year by half year) - all positive.
Underlying operating profit trend is excellent - 100% improvement.
Unfortunately, still dealing with legacy issues and key risk and major negative is non-core property book of $104.7m now that $30m loss underwrite fully utilized.
So NTA = 88 cps with non-core property book = 27cps so NTA (worse case scenario with non-core property being worth zero) = 61 cps.