TH
Thuli N.@thuli_dd·Bearish
Been through the H1 results again. Net interest margin holding up better than I expected given rate cuts, and the wealth management fee income is actually growing decently while the rest of banking gets hammered. At 143.44 the valuation's not exactly cheap but you're paying for diversification across retail, commercial, and the specialist side, which most SA banks don't have. Long term if they can stabilize the loan book and keep NIM from compressing further, there's probably something here.