SB1NO delivered a 13% EPS beat in Q1 driven by stronger core revenues, higher mark-to-market effects and very benign loan losses. The beat was partially offset by higher opex, but the C/I ratio nonetheless showed good improvement. Relative to peers the bank showed better pace on NII in Q1 however, and we are hopeful that the improvement we saw on corporate margins especially in the quarter will continue as we believe this has been a source of underperformance. The capital position also came in b ....
