Like BOI yesterday, the net interest margin skyrocketed to unprecedented and hard-to-justify levels. Management now expects to meet its +13% 2024 financial objective as soon as this year. However, it is worth remembering that, contrary to BOI, it is set on CET1 (@13.5%) and corresponds in reality to a relatively unambitious +10-11% RoTE.


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Skyrocketing margins
Like BOI yesterday, the net interest margin skyrocketed to unprecedented and hard-to-justify levels. Management now expects to meet its +13% 2024 financial objective as soon as this year. However, it is worth remembering that, contrary to BOI, it is set on CET1 (@13.5%) and corresponds in reality to a relatively unambitious +10-11% RoTE.