Like in the previous quarter, the group posted no profit in Q3, in line with its objective to devote all its pre-provision earnings to increasing the NPA coverage this year. The bulk of the effort will be made in Q4 with consensus (and AV) expecting around €2.5bn of losses. Management changed its earnings presentation, separating core and non-core assets. Unfortunately, this resulted in an unwelcomed reduction in data disclosure.
28 Oct 2016
Quarters follow one another and look alike
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Quarters follow one another and look alike
Like in the previous quarter, the group posted no profit in Q3, in line with its objective to devote all its pre-provision earnings to increasing the NPA coverage this year. The bulk of the effort will be made in Q4 with consensus (and AV) expecting around €2.5bn of losses. Management changed its earnings presentation, separating core and non-core assets. Unfortunately, this resulted in an unwelcomed reduction in data disclosure.