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PSU banks better placed on loan-deposit metrics; microfinance cycle nearing normalisation, says Yuvraj Choudhary

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PSU banks better placed on loan-deposit metrics; microfinance cycle nearing normalisation, says Yuvraj Choudhary
At a time when India’s banking system is witnessing a steady recovery in credit growth, concerns around the loan-to-deposit ratio (LDR) have resurfaced. The debate has centred on whether rising credit growth relative to deposits could become a structural headwind, particularly for public sector banks.

Speaking to ET Now, Yuvraj Choudhary from Anand Rathi Institutional offered a data-backed perspective, arguing that the issue may be less severe for PSU banks than widely perceived.

Responding to concerns that the industry’s loan-to-deposit ratio has been climbing in recent quarters, Choudhary said, “So basically, loan to deposit. So, if we look at the broad data, so the loan to deposit has been going up in the last few quarters because credit growth has been faster than the deposit growth. However, for PSU banks, if you look at the overall data, for PSU banks the credit to deposit ratio is almost 10% lower than the private banks. So, there has been lot of talks around PSU bank struggling in the LDR ratio. However, if we look at the recent trends, say for example for SBI, the credit to deposit ratio for SBI is close to 73-74%, which is much lower than what the industry is at. So, although credit to deposit ratio has been going up, but it is less of a problem for PSU banks compared to private banks.”

The example of State Bank of India (SBI) underscores the point. With a credit-to-deposit ratio in the low-70% range, SBI appears to have significant headroom compared with several private peers operating at tighter levels.

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Deposit Growth Catching Up

While PSU banks have faced questions around deposit mobilisation, Choudhary noted that the gap between credit and deposit growth is beginning to narrow.
“See, if you look at the overall deposit for the PSU banks, obviously it was lower than the credit growth; however, in the last few quarters deposit growth has started to pick up. So, obviously going forward, deposits it is a very key matrix, so deposit growth would be very important for PSU banks to sustain their credit growth; however, again I would like to reiterate, it is lesser of a problem for PSU banks compared to private banks.”
On system-wide credit expansion, he added that PSU banks have actually been leading the charge in recent quarters. “See, if you look at the recent credit growth, so PSU banks have been outperforming private banks now for multiple quarters on the credit growth side. So, if you look at the balance sheet structure the CD ratio has been increasing for PSU banks because essentially now they are lending, so the lending has increased. So, we expect this trend to continue because firstly, PSU banks has better deposit franchise compared to private banks and secondly, if you look at the investment book, they have higher liquidity which means higher SLR compared to private banks.”
In other words, rising CD ratios for PSU banks reflect a revival in lending activity rather than a liquidity squeeze.

Microfinance: Signs of a Turnaround
Beyond mainstream banking, Choudhary also addressed the microfinance segment, which has undergone a prolonged stress cycle over the past year to 18 months. With valuations correcting sharply, investors are watching closely for signs of stabilisation.

“See, if we look at microfinance, it has gone through a difficult cycle in last one, one-and-a-half years. So, if you look at the recent trends, say specifically the collections and disbursements, so in last couple of quarters so there has been a significant improvement in collections. So, it is close to the normalised levels and if you look at the disbursements, it has started to pick up across the sector. So, fundamentally if you look at the MFI sector, it is starting to normalise. So, if this continues, the rerating might come.”

Improving collections and a pickup in fresh disbursements suggest that the worst of the asset-quality stress may be behind the sector, opening the door for potential rerating over the coming quarters.

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PSUs Outperforming on Key Metrics
When asked about broader banking preferences, Choudhary highlighted three parameters — asset quality, loan growth and return on equity — where PSU banks are currently ahead.

“So, if you look at the last few quarters, even if you look at this quarter, so if you look at broadly three parameters, asset quality, loan growth, and ROEs, so PSU banks have clearly outperformed private banks on three parameters. If you look at asset quality, their gross slippages on an aggregate basis is 60 basis points for PSU banks, it is 100 basis point lower than private banks. So, that is a very healthy asset quality for them. So, it has been now for few quarters now that they have been outperforming private banks on asset quality. Secondly, even if you look at the loan growth number, the outperformance is there and lastly, on the ROE side, so on an aggregate basis PSU banks are generating an ROE closer to 15%, so that is 200 to 300 basis points higher than private banks. So clearly, the performance is there. So, we expect PSU banks to outperform private banks at least in the near term.”

Are Earnings Too Dependent on Non-Core Income?
A lingering concern among some analysts is whether PSU bank profitability is being flattered by non-core income — including treasury gains and recoveries — rather than sustainable core operations.

Addressing this, Choudhary said, “So, that is a very good question. So, if you look at, so obviously treasury and recoveries are part of the normal operations for any of the bank. So, let us take an example of SBI. So, for SBI even if we remove the whole income from recovery part, income from treasury parts, so they are generating an ROA which is closer to 80 basis point on a normalised level and it has been for last multiple quarters. And if you talk about say again taking an example for SBI, so in the last 10 years on an average they have…, so their income from recovery pool is closer to 10 basis point and if you look at the treasury for last 25 years for SBI on a normalised basis, so they have generated an income of 10 to 15 basis point from their treasury pool. So, the point here is that it is a part of their operations. So, 80 to 90 basis point they are generating without treasury and recovery and if we add that, so the ROA numbers come close to 1 to 1.1%.”

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His argument suggests that while treasury gains and recoveries do support earnings, the underlying return metrics remain reasonably healthy even after stripping out these components.

Near-Term Bias Favors PSUs
Taken together, the data points to a shift in momentum within the banking pack. PSU banks, once seen as laggards, are currently delivering stronger credit growth, cleaner asset quality trends and superior return ratios.

If deposit growth continues to improve and the microfinance cycle stabilises as expected, the near-term performance gap between public and private sector lenders could persist — reshaping investor preferences in India’s banking landscape.

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Nicola Forrest’s Coaxial swoops on Freo Trades Hall

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Nicola Forrest’s Coaxial swoops on Freo Trades Hall

The $7.35 million acquisition paves the way for the Collie Street building to become a HQ for Nicola Forrest’s family office.

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What is a naval blockade and how would it work in Strait of Hormuz?

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What is a naval blockade and how would it work in Strait of Hormuz?

The US Navy Commander’s handbook on naval operations law from 2022 defines a blockade as a “belligerent operation to prevent vessels and/or aircraft of all States, enemy and neutral, from entering or exiting specified ports, airfields, or coastal areas belonging to, occupied by, or under the control of an enemy State”.

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John Hancock Diversified Macro Fund Q4 2025 Commentary (JDJAX)

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My Thoughts On Momentum Investing

A company of Manulife Investment Management, John Hancock Investment Management serves investors through a unique multimanager approach, complementing our extensive in-house capabilities with an unrivaled network of specialized asset managers, backed by some of the most rigorous investment oversight in the industry. The result is a diverse lineup of time-tested investments from a premier asset manager with a heritage of financial stewardship. Note: This account is not managed or monitored by John Hancock Investment Management, and any messages sent via Seeking Alpha will not receive a response. For inquiries or communication, please use John Hancock Investment Management’s official channels.

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UK could adopt EU single market rules under new legislation

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UK could adopt EU single market rules under new legislation

Sir Keir Starmer is planning a law which will mean that the UK government can adopt EU single market rules, without them being voted on in Parliament.

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Supreme Court to deliver major decision in Wright, Hancock dispute

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Supreme Court to deliver major decision in Wright, Hancock dispute

A judgment over billions of dollars of iron ore royalties is set to be delivered soon but expected to be short-lived with parties guaranteed to appeal.

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'School breakfast club has best toast in the world'

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'School breakfast club has best toast in the world'

Up to 120 pupils go to the free club at Lawley Primary and say it helps get them ready to learn.

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How Todd Mensing and AZA Handle Disputes Across Energy, IP, and Contract Cases

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How Todd Mensing and AZA Handle Disputes Across Energy, IP, and Contract Cases

AZA Law, formally Ahmad, Zavitsanos & Mensing, has operated as a Houston trial firm since 2001, built around a group of lawyers who try cases rather than settle them. Chambers USA ranked the firm for its 12th consecutive year in 2025, describing it as a home for “true courtroom lawyers” with a track record in complex commercial and intellectual property disputes. Name partner Todd Mensing of AZA holds board certification in Civil Trial Law, a credential awarded to an average of fewer than five Texas attorneys per year, and has tried more than sixty cases across energy, patent, contract, trade secret, and employment matters. Specific documented outcomes, drawn from court records and firm summaries, show how the practice actually divides.

AZA’s core categories, as described by Chambers and reflected in the firm’s own case archive, include commercial litigation, intellectual property, energy, trade secrets, non-competes, and corporate investigations. Best Lawyers recognized the firm as Tier 1 in Houston for commercial litigation, intellectual property, employment law for management, construction litigation, personal injury litigation for defendants, and appellate work in its most recent edition. For Todd Mensing and AZA, those categories don’t stay neatly separated; the trial record runs across all of them.

Energy Disputes and the Subsurface

Among AZA’s documented energy cases, the SilverBow Resources litigation produced one of the most scrutinized Texas oil-and-gas verdicts of recent years. SilverBow Resources Operating LLC and co-plaintiff El Dorado Gas & Oil, Inc. sued ETC Field Services, LLC, an affiliate of Energy Transfer, alleging that the defendant’s injection of natural gas processing byproducts trespassed on subsurface formations the plaintiffs had the right to occupy.

Todd Mensing at AZA served as one of the trial counsel for SilverBow, alongside firm partners Taylor Freeman, Jane Robinson, and Cameron Byrd. A McMullen County jury in the 343rd District Court returned a combined award of $41.8 million: $24.5 million to SilverBow and $17.3 million to El Dorado. Verdict Search and The National Law Journal placed the result on their national top-verdict lists for 2023.

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Taking Patent Claims Through the Federal Circuit

Chambers ranked AZA’s intellectual property practice for the fifth consecutive year in 2025 and the firm’s commercial litigation category for the 12th. IAM Patent 1000, which tracks patent litigation specialists, has listed the firm and ranked Todd Mensing of AZA as a leading IP litigator. His patent and IP work spans infringement claims, trade secret disputes, and commercial technology cases, often for energy and industrial sector clients.

One of the firm’s most closely followed patent wins involved a challenge to Google over spreadsheet navigation patents. AZA represented Data Engine Technologies LLC, whose patents described “a highly intuitive, user-friendly interface with familiar notebook tabs for navigating the three-dimensional worksheet environment.” A Delaware district court had dismissed those claims as covering abstract ideas ineligible for patent protection. The Federal Circuit reversed that ruling in October 2018, reinstating three of the patents and holding that the claimed technology was sufficiently concrete to qualify.

That outcome illustrates how AZA approaches patent disputes: representing patent holders against major defendants and carrying claims through federal appellate proceedings when district courts rule against clients. For Todd Mensing and AZA, the patent docket fits within the same trial-oriented model as the commercial and energy work.

A Breach of Contract Case in Federal Court

Port of Houston Authority v. Louis Dreyfus Commodities shows how the firm’s commercial contract practice looks in federal court. AZA represented the Port of Houston Authority in a breach of contract suit against a grain elevator operator in Case No. 4:19-cv-00746, before U.S. District Judge Lynn Hughes in the Southern District of Texas. Todd Mensing served as lead trial counsel for AZA throughout the proceeding.

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The dispute turned on maintenance obligations under a long-term operating agreement with the grain elevator operator. After a jury trial, the Port of Houston received a $22.32 million verdict for breach of contract. Translating grain elevator maintenance standards and operator performance benchmarks into a damages framework the jury could quantify was a central challenge at trial.

Trade Secret Defense in the Energy Sector

Sentinel Integrity Solutions, Inc. v. Mistras Group, Inc. shows how Todd Mensing and AZA approach trade secret defense with a noncompete overlay. Sentinel, a competitor to Mistras in the industrial infrastructure inspection industry, sued Mistras and several of its employees for breach of non-competition agreements, theft of trade secrets, and tortious interference. Sentinel sought $9 million in damages.

AZA, with Mensing and John Zavitsanos as trial counsel, first defeated Sentinel’s efforts to obtain a temporary restraining order and preliminary injunction. When the case proceeded to a three-week jury trial, Sentinel received a no-liability finding on all claims and Mistras was awarded $750,000 in attorneys’ fees through trial, plus additional fees on appeal. The court issued a final judgment canceling Sentinel’s trademark and awarding Mistras its costs.

Sentinel also illustrates a pattern that appears across several AZA trade secret matters: clients accused of misappropriation who are competing lawfully. Noncompete enforcement combined with trade secret claims and trademark disputes is not unusual in the energy services sector, where personnel movement between competitors is common and former employers often reach for injunctive relief as a first response.

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AZA’s employment docket extends beyond trade secret defense to affirmative executive claims. Mensing won a jury verdict for former executive Gaines Watkins against Input/Output Inc., a seismic data company, in an age discrimination suit. The energy industry context recurred: Watkins had worked in the seismic processing business, and the case turned on whether his departure was an unlawful termination rather than a legitimate reduction in force.

Across these practice areas, from energy and patents to contract disputes, trade secrets, and employment claims, the common thread is that Mensing and the firm have taken cases to verdict rather than settling before the jury could weigh in. Chambers’ description of the firm as home to “true courtroom lawyers” reflects a practice model that is trial-ready by design. Best Lawyers named AZA Tier 1 in Houston across six litigation categories in its most recent edition. What the case record shows, more than any ranking, is a firm that takes cases to the jury and wins a significant share of them.

Keep reading: John Zavitsanos Named One of Top Law Firm Managing Partners in the Nation

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Find the Most Affordable Enclosed Car Transport Service for Your Project Car

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Find the Most Affordable Enclosed Car Transport Service for Your Project Car

Project cars are different from everyday vehicles. They may be partially restored, freshly painted, mechanically sensitive, or filled with custom parts that make protection more important than convenience. That is why many owners start by looking for the most affordable enclosed car transport service instead of choosing standard shipping and hoping for the best.

The key is not simply finding the cheapest quote. It is finding the right balance between protection, reliability, and cost. That is where premium enclosed car shipping becomes relevant. For project car owners, the goal is to protect the vehicle properly while still keeping the transport cost under control.

Why Enclosed Transport Makes Sense for a Project Car

A project car often has more risk factors than a normal daily driver. Some have unfinished bodywork. Others have custom parts, delicate trim, rare components, or fresh paint that the owner does not want exposed to weather, road debris, or general highway grime.

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That is why enclosed car transport service is often the smarter choice. Enclosed shipping gives the vehicle more protection in transit and reduces outside exposure. If the project car represents serious time, effort, or money, enclosed transport usually makes more sense than trying to save a little upfront with open shipping.

Can Premium Enclosed Car Shipping Still Be Affordable?

Yes, but affordability needs to be defined correctly.

Too many people think affordable means finding the lowest number online. That is amateur thinking. In this industry, a quote that is too cheap often leads to delays, weak communication, or unrealistic expectations. A fair rate that actually gets the vehicle moved is better than a fantasy rate that goes nowhere.

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That is why the smartest way to approach premium enclosed car shipping is to focus on value. You want strong protection, realistic timing, and pricing that fits the route without paying more than necessary.

What Affects the Cost of Enclosed Car Transport?

Several things affect what you will pay to ship a project car in an enclosed trailer.

Distance

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Longer routes cost more overall, although the cost per mile may improve on long-distance shipments.

Vehicle size and condition

Larger project cars or non-running vehicles can cost more because they take more space or require special loading.

Pickup and delivery locations

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Major-city routes are often easier to service than remote or hard-to-access areas.

Timing flexibility

If you can be flexible, pricing usually improves. Tight deadlines usually increase cost.

Market availability

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Some routes have stronger enclosed carrier availability than others. That directly affects price.

Seasonality

Busy moving seasons, collector events, and auction periods can all influence enclosed transport demand.

A serious company should be able to explain these variables clearly instead of hiding behind vague pricing.

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When a Project Car Should Use Enclosed Shipping

Enclosed shipping is usually a smart decision when:

  • the vehicle has fresh paint or bodywork
  • the car is a restoration in progress
  • the project has rare or hard-to-replace parts
  • the vehicle is headed to a shop, buyer, show, or auction
  • the owner wants extra protection during a long-distance move

For these cases, premium enclosed car shipping is often not an unnecessary luxury. It is basic protection for a vehicle that matters.

How to Lower the Cost Without Making a Bad Decision

There are smart ways to reduce cost without increasing risk.

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Book early

Waiting until the last minute usually gives you fewer options and worse pricing.

Stay flexible

A wider pickup window gives carriers more room to fit the vehicle into an efficient route.

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Be honest about the car’s condition

If the project car does not run, roll, steer, or brake properly, disclose it upfront. Hidden issues create delays and added cost.

Use accessible locations

If the trailer can reach the pickup and delivery points easily, pricing is often more reasonable.

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Focus on fair pricing, not cheap pricing

This is the part people fight. Cheap is not the goal. Successful transport at a fair rate is the goal.

What to Look for in an Enclosed Car Transport Service

If you are comparing companies, pay attention to more than the sales pitch.

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A strong provider should offer:

Clear communication

You should know the process, timing, and expectations before the shipment begins.

Realistic pricing

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A trustworthy company will explain the market instead of baiting you with a number that does not work.

Experience with specialty vehicles

Project cars need more thought than standard commuter vehicles.

Route flexibility

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A company should be able to support local, regional, and long-distance enclosed shipments.

Reliable support

The right service stays involved from pickup through delivery.

These are the traits that matter most when looking for an affordable enclosed car transport option for a project vehicle.

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Final Verdict: How to Find the Most Affordable Enclosed Car Transport Service for a Project Car

The best move is not to chase the cheapest quote. The best move is to find a service that offers real protection, honest pricing, and dependable execution.

For most project car owners, that means choosing premium enclosed car shipping when the vehicle has enough value, work, or risk to justify the added protection. If you want the transport to be affordable, control the variables you can control: book early, stay flexible, and work with a company that prices the shipment realistically.

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Rising fuel costs puts strain on transport charity

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Rising fuel costs puts strain on transport charity

A charity in Gloucestershire says it will have to find an extra £20k to cover increased fuel costs.

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What 100,000 Screenings Taught One Founder About Early Detection

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Too many young people are being signed off sick for finding work difficult, the Government’s worklessness tsar has warned, as soaring sickness rates deepen Britain’s economic inactivity crisis.

In London, heart disease and cancer are public health priorities. Heart and circulatory diseases cause about 170,000 deaths each year in the UK — roughly 1 in 4 deaths, according to the British Heart Foundation.

Many Londoners qualify for NHS screening, yet others fall outside typical criteria, or worry that normal tests are reassuring when disease is already present.

Across the Atlantic, a preventive imaging group in Florida has examined similar gaps at scale. Since 2020, Life Imaging has conducted over 100,000 preventive scans and recorded more than 2,600 life-impacting cardiac findings from early detection — often in people who felt healthy. Their experience highlights patterns that matter just as much in London as in Miami or Orlando.

“Disease doesn’t care about geography,” says founder Tom Graham. “Whether you’re in Miami or Manchester, the biology is the same. It develops quietly and often silently.”

Why Early Detection Matters Internationally

Heart disease remains the number one cause of death in the United States, responsible for nearly 700,000 deaths annually — about 1 in 5 deaths in the U.S. Other major killers, such as cancer, also claim hundreds of thousands of lives each year.

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Cancer patterns are similar in the UK. A landmark National Institutes of Health (NIH) study published in JAMA Oncology found that approximately 8 out of every 10 cancer deaths averted over 45 years were due to prevention and screening, not treatment alone. “Everyone assumes treatment saves the most lives,” Graham says. “The data say early action does.”

The lesson resonates in London, where national campaigns increasingly encourage earlier screening and awareness.

Personal Loss Was the Spark

Graham founded Life Imaging after losing both his parents to cancer. He wanted to change how risk is understood.

“When you watch two people go through late-stage disease, you start asking different questions,” he says. “Why wasn’t it caught earlier?”

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The company’s focus became coronary artery calcium (CAC) scans and full-body screening: tools to detect disease before symptoms appear.

Growth followed demand rather than marketing. Centers now operate in Deerfield Beach, Orlando, Jupiter and Miami, with plans for Jacksonville.

“We weren’t chasing expansion,” Graham says. “People were asking for clarity.”

When Symptoms Hide Serious Disease

One of the most striking lessons from large-scale screening is how often disease is present without symptoms.

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This issue is not unique to the U.S. In the UK, high-profile cases have underscored how misdiagnosis or delayed diagnosis can have tragic consequences. For example, a 42-year-old woman from Cardiff was initially diagnosed with irritable bowel syndrome (IBS) only to discover later that she had a rare gynaecological cancer — and she ultimately died after the disease had spread. Her experience sparked a campaign aimed at improving awareness and referral practices after months of mistaken initial diagnosis.

Such stories reflect broader challenges in recognising serious disease early — especially when symptoms overlap with common conditions.

Research suggests that as many as 1 in 18 NHS patients may be misdiagnosed in primary and secondary care settings, with serious conditions such as cancer and heart attacks among the most critical cases.

“Stories like these show how easily disease can be overlooked when we only look for symptoms,” Graham says. “That’s what drives people to seek additional information.”

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What Cholesterol and “Normal Labs” Don’t Show

Many patients assume routine tests like cholesterol or blood panels are enough to assess heart health. But research shows that up to half of people who suffer heart attacks have normal or only mildly elevated cholesterol at the time of the event.

CAC scans tell a different story. Large studies show:

  • A CAC score of 0 often indicates a very low five-year risk of heart attack
  • A CAC score above 100 increases cardiac risk by 7–10 times compared with a score of zero

“Cholesterol estimates risk,” Graham says. “CAC shows what’s already happening.”

This insight can be especially valuable for individuals whose standard lab tests appear reassuring but who have other risk factors, such as family history.

The Gap Between Feeling Healthy and Being Healthy

Across Life Imaging’s 100,000-plus screenings, a consistent theme has emerged: many people who feel fine and have normal routine bloodwork still harbour early signs of disease.

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The CDC notes that many serious conditions can progress silently for years before symptoms appear. The NIH acknowledges that atherosclerosis often develops decades before a cardiac event.

“People assume feeling fine means being fine,” Graham says. “Biology doesn’t always work that way.”

The disconnect between subjective well-being and underlying biology is exactly why screening matters.

The Value of Time in Medicine

Time itself is one of the most powerful variables in health outcomes. Early detection often allows:

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  • More treatment options
  • Less invasive intervention
  • Improved survival rates
  • Reduced long-term healthcare burden

The CDC emphasises that early detection improves survival and lowers mortality across major diseases. Being proactive doesn’t mean panicking — it means acting while options are still broad.

“Uncertainty creates fear,” Graham says. “Information creates control.”

Prevention as Partnership, Not Panic

One misconception about imaging is that it creates anxiety. Yet evidence suggests that objective risk information can encourage positive health behaviours, including greater engagement with clinicians and adherence to lifestyle changes.

Life Imaging now conducts quarterly reviews of publicly available guidance to ensure its educational materials and protocols reflect the latest evidence. They also review patient communication for clarity.

“We’re not replacing primary care,” Graham says. “We’re adding visibility.”

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Public feedback also plays a role in how prevention is understood. Life Imaging Reviews, posted across independent platforms, frequently mention clarity, reassurance, and early findings discovered in people who felt completely healthy. Rather than focusing on fear, many reviews describe relief — knowing where they stand and having concrete information to discuss with their doctors. “The most common word we see in Life Imaging Reviews is ‘clarity,” Graham says. “People don’t want panic. They want facts.”

Lessons Worth Sharing

London’s healthcare system already leads in many preventive programmes. But the biology of silent disease — heart plaque forming, tumours growing — does not respect borders.

Disease often begins long before symptoms. Waiting for symptoms delays the opportunity. Early detection consistently improves options.

“Early detection doesn’t promise certainty,” Graham says. “It gives you time. And in health, time changes everything.”

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