STB’s trading update highlights strong growth in Q3 24 net lending and deposits, with continued confidence in delivering 2024 and 2025 cost savings targets. Timing of recoveries from the excess levels of defaults following the Borrowers in Financial Difficulty (BIFD) review is, however, uncertain and taking longer than previously envisaged. This has led to a significant uplift in our 2024 impairments forecasts, with additional (but lower) increases expected for 2025 and 2026.
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