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…
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…
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…