Consistent capital return at roughly 90%+ of net income, while maintaining CET1 within a tight 10-11% target, reflects disciplined capital allocation that compounds per-share value. The thesis depends on earnings remaining strong enough to fund both balance-sheet growth and elevated buybacks without breaching the CET1 floor.
the thesis · admitted · the reason above is the thesis, not printed twice
no findingread · nothing bore on it
It held on this filing. No finding was written because nothing in it bore on the reason — the sentences it was read against are below.
the evidence · every sentence checkedfour sentences · whole, uncut
the claims it rests on · in our words, not the filing’s