NBK happens to have an under-utilized balance sheet. So I pick the cue from the downward direction of money market rates, which apart from improving NBK's bond portfolio valuations, might lead to increased lending as rates keep easing (see KCB, BBK) [cost of funds will ease too]. Hence, my "by Q3" outlook. Also, NBK is a potential M&A target so the upcoming budget will be informative in that regard. I expect potential suitor to be an SA bank & in my expectation, First Rand bank of SA. So there you have it.