Alpha Bank published a strong set of Q2 results, with NII +4% qoq/+45% yoy, hitting 11% annualized RoTE (+20bps qoq; on our estimates), on a further widening loan-deposit spread (low deposit pass-through), intensified by higher base rates. Management raised 2023 EPS by +16% and 2023 RoTE guidance by +100bps, to >11% (both reported and AT1…
What’s new? BoC reported a super strong set of Q2 results, driven by the wide(r) loan-deposit rate asymmetry boosting NII +21% qoq/+164% yoy, with clean RoTE at 25% (from 21% in Q1). Despite the stronger run rate, management maintained June Investor Day guidance for >17% RoTE 2023 (and >14% 2024, >13% 2025). Conclusion. We raise…
What’s new? Q2 2023 sales/EBITDA/net income came in E10.8m/E4.3/E3.2/ or +16%/+23%/+54% yoy, on ADV (already known) of E109m (+22% yoy). Trading velocity went down qoq at 32% (from 39% in Q1), despite the avg market cap rising by E8bn/+12% qoq (c.35% against mkt cap), partially attributed to the fewer trading in the quarter (59 from…
What’s new? Piraeus announced very strong Q2 numbers, driven (once again) by higher interest rates (NIM +15bps qoq), specifically the higher pass-through on loans (75%) combined with a lower pass through on deposits (18%). With the latter reflecting the -still- low weight of term deposits (23% from 18% in Q4 2022) despite the 1.0%-1.5% offered…
What’s new? ADMIE Holdings shares are re-rating (+41% YTD vs +44% for the Athens Index) on higher WACC/RoRAB expectations for IPTO, its 51% sole investment. And rightly so. If the regulator increases IPTO’s 2023-2025 RoRAB (WACC) by +100bps to 7.1%, ADMIE Holdings dividend yield rises to 6.6%. But not sooner than 2025, when total RAB…