Asset quality and proprietary portfolio led to a strong start
IFIS reported a solid print with revenues (+5% y/y) that were above our estimates. The gap was linked to a better performance from trading, while core revenues (ie NII and fees) came in line (flat y/y). It is worth highlighting that the cost of funding (at c3.9%) increased further by c20bps QoQ. LLPs (of EUR9m) were lower than expected with asset quality that continues to show no pick-up in cost of risk. Overall, this translated into ....
09 May 2024
So far so good
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So far so good
- Published:
09 May 2024 -
Author:
Grimaldi Giuseppe GG -
Pages:
9
Asset quality and proprietary portfolio led to a strong start
IFIS reported a solid print with revenues (+5% y/y) that were above our estimates. The gap was linked to a better performance from trading, while core revenues (ie NII and fees) came in line (flat y/y). It is worth highlighting that the cost of funding (at c3.9%) increased further by c20bps QoQ. LLPs (of EUR9m) were lower than expected with asset quality that continues to show no pick-up in cost of risk. Overall, this translated into ....