Curtis Banks has reported in line final results, with growth in fee income – benefiting from an inflation link – and better than expected interest income. Activity levels were strong in Q4 and the headline Mid SIPP product saw momentum during the year. We reduce forecast adj. PBT by 10% in FY20e following a higher than expected cost base in FY19. We lower forecast earnings by 35% in FY21e on reduced interest income (£4m) using current parameters post the base rate cut, assuming no interim change ....
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Finals in line, interest to reduce on lower base rate
- Published:
18 Mar 2020 -
Author:
Andrew Watson -
Pages:
3
Curtis Banks has reported in line final results, with growth in fee income – benefiting from an inflation link – and better than expected interest income. Activity levels were strong in Q4 and the headline Mid SIPP product saw momentum during the year. We reduce forecast adj. PBT by 10% in FY20e following a higher than expected cost base in FY19. We lower forecast earnings by 35% in FY21e on reduced interest income (£4m) using current parameters post the base rate cut, assuming no interim change ....