What’s new? OTE reported Q2 sales up +2.7% and adjusted EBITDA(L) +7% yoy (margin at 39%), with Greece +5% yoy (margin at 42%) and Romania doubling EBITDA yoy (or +50% adjusted for one-offs). Strong mobile, higher TV and visitor roaming revenues (+80%, exceeding pre-pandemic levels). In its outlook OTE said it expects to continue to…
What’s new? Piraeus Q2 clean PPP went up by +8% qoq driven by NII and fees +6-7% qoq, while clean pre-tax and net income grew by an even higher rate at +18% and +44% qoq respectively, the latter thanks to zero taxes booked this quarter. CoR at 83bps (incl. service fees) and annualized RoTE at…
What’s new? Alpha Q2 2022 results were mixed, as NII and core PPP went up by 2%-7% qoq on our calculations, whereas normalized earnings dropped by -25% qoq or by -45% qoq according to the bank, on higher CoR. We find Alpha’s ‘normalized’ calculations confusing and believe ‘adjusted’ would be a more appropriate term. We…
What’s new? Eurobank Q2 2022 results came in stronger sequentially driven by NII and fees; more importantly, management raised RoTE 2022 guidance to 11% from 10% while downplaying asset quality concerns, at least for 2022. Resuming dividend payments out of this year’s earnings remains high on the agenda. Guidance: Core PPP > E1.0bn (from E865m)…
What’s new? NBG Q2 2022 results came out with a strong message on a) the sovereign economic outlook; b) higher NII and fee income guidance for the full year; c) NII sensitivity on higher interest rates; d) asset quality trends YTD. Management reiterated core earnings and RoTE guidance for 2022 at E500m and 9% respectively….