NDA overall delivered a very solid Q1 report with a 15.4% ROE (15.7% with amortised resolution fees) as all core lines except fees beat expectations. The bank reiterated its FY25 guidance of >15% ROE despite high uncertainty, which provides comfort that it will continue to deliver solid results even in choppy conditions. With a solid capital position, strong yield and some tools to stabilize costs and loan losses if needed – our case in NDA remains intact while the valuation remains attractive i ....