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The third-quarter results were in line with the group’s expectations, at least at a pre-provision level. However, management has acknowledged that operating conditions have become less supportive, forcing it to abandon its mid-term financial objectives.
Companies: Bank Of Ireland
The second half of the year enjoyed a decent tangible book value increase supported by FX moves. On the negative side, the top-line trends showed ongoing net interest margin pressure. The annual cost of risk came in at the upper end of the guidance range.
The top line will shrink more than what was suggested by the stress tests. On the other hand, the first quarter cost of risk stands at around 25% below the two-year run rate returned by the same stress tests. However, the retained macro-economic scenario could prove a bit complacent.
Swedish Stirling has made meaningful progress in its relationship with Samancor, one of South Africa’s two leading ferro chrome producers. This will build on the existing pilot site at the TC Smelter Facility and looks to deliver up to 45 PWR BLOKs. We see this as a clear sign that the technology is building genuine traction as a key solution within the ferro alloy industry.
Companies: Swedish Stirling Ab
