HENRY CARVER PEEL HUNT
We regard this stability as a strong performance given the deteriorating market conditions, but note that the statement (as we anticipated) refers to Asia Pacific being impacted by the banking sector slowdown and Europe being impacted by ongoing financial and political uncertainty. ‘Sell’.
DAVID O'BRIEN SHORE CAPITAL
It was disappointing in our view, with net fee income declining 3.3 per cent year-on-year, albeit continuing the trend of sequential growth... The result highlights the ongoing challenges within the banking and financial sectors, particularly in Asia and across the Eurozone. ‘Sell’.
KEVIN LAPWOOD SEYMOUR PIERCE
Following the strong performance in the first quarter, during which net fee income increased by 10 per cent, we suspect the magnitude of the decline will be a surprise, but it is consistent with our full year expectations for a two per cent increase. ‘Hold’.