Bottom-line beat was mainly driven by trading gains
IFIS reported a better-than-expected bottom line in Q3 22. The beat come mainly from trading and other revenues (EUR 14m) as the core business (i.e., NII and fees) was stable YoY and marginally below our estimate (i.e., 3%). Below the top line, we saw a lower-than-expected LLPs (despite EUR 7m of extra provision for concentration risk) as asset quality remains resilient, while costs came above our figure. This led net income to close at EUR 33m ....
11 Nov 2022
Guidance confirmed despite headwinds
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Guidance confirmed despite headwinds
- Published:
11 Nov 2022 -
Author:
Grimaldi Giuseppe GG -
Pages:
8
Bottom-line beat was mainly driven by trading gains
IFIS reported a better-than-expected bottom line in Q3 22. The beat come mainly from trading and other revenues (EUR 14m) as the core business (i.e., NII and fees) was stable YoY and marginally below our estimate (i.e., 3%). Below the top line, we saw a lower-than-expected LLPs (despite EUR 7m of extra provision for concentration risk) as asset quality remains resilient, while costs came above our figure. This led net income to close at EUR 33m ....