Underlying trends were solid in Q1 22 IFIS reported a stronger than expected bottom line in the quarter with EUR 35m net income (+74% YoY) vs BNPPE at EUR 27m. The beat came from net revenues with trading gains from the property portfolio (of EUR 8m) being the main driver of the surprise. NII trend was solid with the bank outperforming the market both in factoring turnover growth and new leasing volumes. Below the top line, both LLP and Opex were in line with our forecasts. On cost of risk, we ....