What’s new? With this note, we are making a case in favor of Greek banks, considering recent banking developments in the US and Europe, namely the collapse of SVB and Signature Bank, the rescue of First Republic Bank, and the acquisition of Credit Suisse by UBS, including the wipe out of AT1 holders. We reiterate…
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? Following Q3 results and the higher, NII-driven, guidance for 2022-2023, we increase our estimates by a huge 60%-120% in 2022-2025, we raise our PT to E4.0 (from E2.1, not a typo) and reiterate our OI rating. European banks with the same RoTE (11%-13%), dividend yield (5%-7%) and fully loaded CET1 (13.5%-14.5%) trade on…
What’s new? As more and more Investors are asking about the work done so far by loan servicers on Greek NPEs, managed either on behalf of the banks or on behalf of third parties, we are compiling all available performance data in this note. The numbers available are not always straightforward or sequentially comparable. The…
What’s new? Q3 was the first quarter out of many with strong underlying growth in NII (+9% qoq); combined with solid lending growth (Stage 1 up +E3bn following +E5bn in Q2) and contained costs (-2% qoq), it explains why all 4 systemic banks raised their FY 2022 guidance. The weird part is that none of…