What’s new? With Alpha Bank (Jun 7) and Bank of Cyprus (Jun 8) holding their Investor Update events this week, we thought it would be useful to wrap up Q1 2023 results and touch upon the major banking trends in Greece. And what better way to do this than through a RoTE waterfall chart that…
What’s new? Piraeus announced strong Q1 numbers, driven by NII, on higher loan rate pass through compared to deposits (widening loan-spread). Volume remains weak. But the margin trend is proving to be stronger than before. Combined with higher base rates (3.25% from 2.50%) and negative NPE formation, management revised 2023 RoTE to 12% (from 10%,…
Now that all Greek banks have -finally- published their full IFRS notes (Eurobank being the last), we analyze the most interesting points out of 2022 performance: Balance sheet structure, NII breakdown, RoTE differences, Securities HtM & unrealized losses, Stage 1-3 movements & coverage, and P&L reporting peculiarities. Some things we find annoying. You can see…
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? Piraeus published Q4/FY 2022 results (no IFRS notes) showing super strong NII (+E100m/+30% qoq), hitting annualized adjusted RoTE of c. 12.5% (on our clean calculations). All thanks to a) the loan-deposit spread going up +E50m/+17% qoq (almost zero pass-through to deposits); and b) ECB income +E50m qoq (net of TLTRO), following ECB rate…