The underlying operating performance was supported by stock market tailwinds and a benign, albeit unsustainable, cost of risk. The overall impact of Russia’s invasion of Ukraine amounted to an estimated €1.5bn. Even if management confirmed its long-term profit objective, it did not provide a maximum loss assessment on its Russia-Ukraine exposure. And last, the depletion of the group’s COVID overlay reduces the group’s absorbing capacity of a deterioration in asset quality in the event of a sharp ....
06 May 2022
Higher exposure to Russia and depleted COVID overlay
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Higher exposure to Russia and depleted COVID overlay
- Published:
06 May 2022 -
Author:
David Grinsztajn -
Pages:
2
The underlying operating performance was supported by stock market tailwinds and a benign, albeit unsustainable, cost of risk. The overall impact of Russia’s invasion of Ukraine amounted to an estimated €1.5bn. Even if management confirmed its long-term profit objective, it did not provide a maximum loss assessment on its Russia-Ukraine exposure. And last, the depletion of the group’s COVID overlay reduces the group’s absorbing capacity of a deterioration in asset quality in the event of a sharp ....