This result, while it might appear impressive in terms of CTI...

This result, while it might appear impressive in terms of CTI performance and the resulting growth in underlying profit, is - I think - already captured by the near-50% appreciation of the share price in London (where it is priced) over the past 2 years.

I haven't read anything in this result that leads me to think that the company has any remaining ability to exceed expectations, as was the case when expectations were very low when it was set free by NAB.

I therefore think all the ALPHA has largely been delivered.

Especially given the reference to limited wiggle room on the NIM and the talk about competition hotting up at tad.

It was a slam-dunk in early 2016.
Not any more.