We consider that the group benefits from a well-diversified business position across different asset classes and geographies and niche market position in specialized commercial banking and investment banking in Australia and global infrastructure asset management. The group's earnings profile has improved over recent years with a greater proportion of earnings coming from stable and repeatable income sources. We expect the group's main operating entity, MBL, to remain strongly capitalized. In our view, the group's risk exposures are slightly elevated relative to traditional main stream banks due to the unique and wide range of the bank's exposures and complex nature of credit, market, and operational risks these exposures introduce. That said, we are of the view that the risk-management capabilities and
