If there is one bank that should have already raised 2024 guidance when releasing Q1 results, it is BoC. RoTE in Q1 stood at 29% (on 15% CET1), on avg Euribor at 3.9%, time deposit beta at 22% and time depo mix at 33%. These compare with FY 2024 assumptions of 3.15%/40%/45% and RoTE guidance…
As if you have not received enough banking quarterly updates by now, we are sharing our own Sector Map, in which we have compiled the main Q1 numbers as reported by banks (adjusted by ourselves), side-by-side to make it super easy to compare and spot the differences. You will need to click on the excel…
OTE reported Q1 24 results with adj EBITDA(L) +1.2% yoy (Greece +1.5% yoy) and adj net income +4.9% yoy helped by lower depreciation and financials. Main points: a) margin dilution thanks to strong but lower margin ICT and wholesale revenues; b) Romania remains weak; c) FY cash flow reiterated at E470m; d) this was the…
We are resuming coverage on Titan, admittedly with a big delay following the company’s Investor Day last September, and given the stock is up +100% in the last 12 months. Following the release of Q1 24 results, management expects 2024 will be > 2023 and announced their intention to IPO the US business (55% of…
NBG reported Q1 24 RoTE @ 18%, which implies it has great chances of revising its FY 2024 guidance for RoTE @ 15%. The drivers being lower deposit costs (time depo mix), higher base rates and lower CoR. Management admitted their 2024 targets look conservative. We cannot judge the same about the dividend to be…