We end up revising our FY25-FY26 estimates lower by 2-4% as we consolidate TOTG into our estimates following the legal merger on 1 November, and though the bank has not provided any guidance on income and cost synergies from the merger – we at least expect some cost initiatives to be in focus given the still-too-high cost growth in the bank (also excluding merger expenses). On our estimates the 13% ROE target the bank announced earlier this year looks challenging to reach in 2025-2026, but we be ....
