BERNSTEIN ON FINANCIALS
KEY TAKEAWAYS
PVBs vs. PSBs-Convergence is underway; PVB outperformance remains distant
Growth - The PVB comeback gathers pace
Margins: PSB resilience on display
Asset quality remains pristine; ECL is the key medium-term risk for PSBS
Profitability: PSBs marginally ahead
Expect convergence in growth rather than a sharp reversal
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