The fourth quarter results enjoyed a stronger-than-expected net interest margin recovery. The Euribor tailwind will remain very strong this year. However, this will be mitigated by weaker non-interest income, strong cost inflation, and an increased cost of risk.
03 Feb 2023
Top-line surprise but no expected upgrades
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Top-line surprise but no expected upgrades
- Published:
03 Feb 2023 -
Author:
David Grinsztajn -
Pages:
2
The fourth quarter results enjoyed a stronger-than-expected net interest margin recovery. The Euribor tailwind will remain very strong this year. However, this will be mitigated by weaker non-interest income, strong cost inflation, and an increased cost of risk.