BCP reported stronger-than-expected quarterly results driven by non-recurring gains. The underlying operating performance was a new loss driven by ongoing provisioning efforts to raise the NPAs’ coverage rate. Management continues to target a 10% ROE in 2018 based on a below 75bp cost of risk and an 11% CET1 ratio. This is far higher than our above-consensus projections.
07 Mar 2017
Ongoing balance sheet clean-up
Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
Ongoing balance sheet clean-up
Banco Comercial Portugues S.A. (0RJN:LON) | 0 0 0.0%
- Published:
07 Mar 2017 -
Author:
David Grinsztajn -
Pages:
2
BCP reported stronger-than-expected quarterly results driven by non-recurring gains. The underlying operating performance was a new loss driven by ongoing provisioning efforts to raise the NPAs’ coverage rate. Management continues to target a 10% ROE in 2018 based on a below 75bp cost of risk and an 11% CET1 ratio. This is far higher than our above-consensus projections.