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…
As expected, the ECB changed the TLTRO III terms to eliminate the carry trade and wipe out the excess liquidity from the market, in its fight against inflation. It also lowered the interest rate paid on minimum reserves. With Greek Banks holding E51bn of ECB funding, we estimate the impact to be a negative -15%/-21%/-214bps…
In this note we outline the investment summaries of all Greek names we cover. We start off with a few points on macro and politics and our OI rated names, highlighting any changes compared to our previous assessment in June 2022. Inflation, inflation, inflation Real GDP grew by +7.8% yoy in H1 reflecting strong domestic…
What’s new? Greek Banks have reported Q2 results and have -finally- published their IFRS reports. In this note we summarize the most notable points. Banks trade at 0.46x TBV 2022 on our estimates. Next year is less predictable and banks are not providing any guidance whatsoever. What should investors do? If you are relaxed about…
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….