The quarter will mark a transition. A messy one for reported earnings but the last, hopefully, of an annus horribilis. The industry will start looking towards better times in 2017 and beyond. The mood will be more upbeat, as the emphasis switches to growth – a refreshing change after two-and-a-half years in survival lockdown. But we’re not out of the woods yet. Impairments, large-scale reserve write-downs and capital discipline will again be prominent during this reporting season.