NSF’s Capital Markets day provided investors with a lot of detailed information on the business and highlighted three key themes. The detail is available from the presentation NSF Capital Markets Day. In this note we explore in more detail the key themes of (i) loan growth ahead of expectations (ii) improving asset quality and (iii) further accelerated investment. The net effect is a reduction to 2017/18 estimates, driven by investment, although we expect consensus 2019 to rise. The accelerated investment shows management confidence in the macro-environment (low incomes growing ahead of inflation) and its business model.