Cash EPS 126cps (BP 116cps, consensus 112cps CET1 capital ratio 9.7% (BP 9.2%, consensus 9.7% Cost to income ratio 42% (BP 44%, consensus 43%); and Bad and doubtful debt (BDD) charge $375m or 14bp of GLA (BP $532m or 20bp of GLA, consensus $475m or 18bp of GLA); There was always going to be a lot of noise in the results given the transfer of CYB as a discontinued operation. The statutory loss of $1.7bn was largely due to de-merger write-down and UK conduct provisions – adjusted for this, the pro-forma statutory result was a $3.3bn profit (+2% pcp). On an underlying basis, the numbers were better than consensus. Cash NPAT was +6% pcp (+1% hoh) to $3,310m, driven by strong performances in the Australian Bank and Wealth. NIM was up by 1bp pcp but a higher 5bp hoh while BDD was better than expected despite some single name exposures (jump in impaired assets from $570m to $1,291m coming from single names and NZ dairy).