What’s new? BoC announced strong Q4 2022 results, beating our NII/PPP/pre-tax estimates by +17%/+17%/+11%. Management updated 2023 guidance to RoTE >13% (from >10% previously and 11% in 2022), on the back of +15% stronger NII; NPE ratio and CoR reiterated at
What’s new? We upgrade our rating to OI and raise our PT to E5.9 (from E4.2). 2023 has started off strongly in ADV terms. It reached E92m in Jan while Feb-to-date is at E120m. These are the strongest first two months since 2015. ADV throughout 2022 stood at E74m. We have updated our estimates. In…
What’s new? Jumbo announced a) January sales grew by an outstanding +45% yoy (GR +48%; CY +32%; BUL +53%; ROM +40%) and b) the board will propose a DPS of E1.155 (flat yoy; 6.5% yield), in the EGM taking place on March 8. In a totally consistent manner, the company urged readers not to extrapolate…
Focal points in 2023 1) Elections. Most likely in April with a second round in May, as we described back in Sep (note attached). Mitsotakis has cemented a 7-8ppt lead in polls. Market is betting on him renewing its mandate, even with a coalition govt. Which means anything else will be a negative shock. 2)…
What’s new? Piraeus Bank held an update conference call yesterday. If we should put a title, it would be: ‘Loan re-pricing with no asset quality impact’. Management guided for c.10% RoTE in 2023, driven by high double-digit growth in NII (higher rates, mainly) and slightly lower costs and despite CoR moving higher yoy. Fully loaded…