MORG delivered a good Q3 P&L with continued good lending growth, a small boost from non-interest income and a slowing (albeit still too high) cost growth trajectory. On the negative side we saw a big drop q/q in the CET 1 ratio which adds some uncertainty on the FY24 dividend potential given the high corporate lending growth and some regulatory uncertainty still lingering. While the current profitability is good in MORG we continue to see some challenges ahead if rates start to come down given a ....
