Eurobank announced a profitable quarter after 17 consecutive loss making quarters. Main points:…

17.05.2016 18:07

Eurobank announced a profitable quarter after 17 consecutive loss making quarters. Main points:

 

  • NII up 2.0% q-o-q, driven by lower funding cost
  • Commission income up 10.0% q-o-q to €68m
  • Core pre-provision income (PPI) l-f-l up 14.3% q-o-q at €198m
  • Significant deceleration in 90dpd formation, down 82% q-o-q , at €42m . Cost of risk declines to 1.76%
  • Deposits flat in Greece q-o-q, up by €382m at Group level q-o-q. Current Eurosystem funding further decreases to €22.8bn
  • Common Equity Tier 1 (CET1) ratio at 16.5%

 

The following table summarises results vs our estimates

 

Eurobank         Overview    
(In Million Euro) 1Q15 4Q15 1Q16 E QoQ YoY 1Q16 E vs Est.
NII 373 375 382.8 2.0% 2.7% 381 0.5%
Fee income 77 62 68 9.9% -11.4% 62 9.9%
Trading/Other Income 12 -8 64 946.7% 429.2% 10 535.0%
Total income 463 430 514 19.7% 11.0% 453 13.6%
Operating costs -248 -249 -253 1.6% 2.2% -238 6.3%
Pre-provision-profits 216 181 261 44.7% 21.0% 215 21.6%
Provisions -303 -271 -175 35.3% 42.1% -220 20.4%
Other results -23 -38 -2 95.2% 92.1%  –
PBT -110 -128 84.2 165.8% 176.8% -5 1688.7%
Corporate taxes 30 30 24 -18.6% -18.6% -2 1688.7%
Net profit (continued) -80 -98 61 162.2% 176.5% -4 1721.0%
Discontinued operations -7 -77 -8 89.6% -14.3% 0
Net profit -87 -175 69 130.3% 161.1% -4 1425.0%

 

 

Best Regards,

 

Manos Chatzidakis

Head of research

Beta Securities S.A.

29 Alexandras Ave.

GR – 11473

Athens, Greece





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