Cost control and lower LLPs led to better bottom line in Q2 22 IFIS posted another solid quarter delivering on the BP execution, despite the macro getting tougher. In Q2 22 net income was EUR 38m, 18% ahead vs our estimate of EUR 32m. NII came in line, while trading and other revenues compensated for lower-than-expected fees. LLPs were a touch better, with the main surprise coming from operating costs being the main driver of the bottom-line beat. CET-1 closed at 14.9% vs 15.7% in Q1 22. We note ....