PCFG beat its new medium-term target of 2.5% return on average assets (ROAA) in the first half. The 2.9% ROAA led adj. PBT to increase 88% to £1.6m and has prompted us to increase our FY2016 adj. PBT forecast to £3.4m from £2.5m. Both divisions performed well and with the increase in net assets following the conversion of most of the CULS PCFG remains well-positioned to grow, especially as and when it gets its banking licence. We increase our target price from 25p to 30p (15
