What’s new? We summarize the main points from Q1 2022 results released last week. Clean PPP for the 4 banks stood at E765m, unchanged from E762m in Q4 2021. Clean pre-tax income came in at 533m from E469m in Q4 (+13% qoq) thanks to an equivalent reduction in impairments. Three things stood out: a) big…
What’s new? Piraeus presented its 2022-2025 business plan on Apr 6. Compared to the old one (2020-2024), communicated 12 months ago, the bank now targets lower NII on weaker net credit expansion, compensated by stronger fees, more cost cutting and lower impairments; ending up with unchanged 10% RoTE 2024 an introducing 12% for 2025. Plus…
Our base case scenario is Greek banks will weather the geopolitical crisis even if they must deal with a short-term spike in their bad loan ratios. They have limited to zero exposure to RUS and UKR. This saves them any direct impact, but their business will be indirectly affected as consumers see their disposable income…
In this note we are addressing the main themes surrounding Greek Banks. Part of the note is in Q&A form. Themes include new lending, DTA, interest rates and valuation. We present our estimates for 2022-2024 in the spreadsheet attached. The power of momentum. What GR banks lack in mass, they make up for in velocity….
This note is about investing, not trading or event-driven ideas. We believe our OI rated stocks will outperform the market on a risk-adjusted basis in the next 12-18 months. We recommend you own OPAP, Jumbo, PPC, Alpha Bank and ADMIE. We downgrade OTE given it is trading at our target price. We assume the pandemic…