They add: “Management remains positive on FY2022 outlook. Still, cognisant that headwinds from the Russia-Ukraine war, supply chain disruptions and recessionary risk have dented investor sentiment, loan growth guidance is tweaked to mid-single digit (from high-to-mid single digit). In our view, this is achievable given year-to-date (YTD) to June growth of 3% or 6% annualised.”