Liberbank 1Q18 results preview: Positive trends in revenues may continue
1Q18e net group profit: €21mn
Liberbank will release its 1Q18 results on Wednesday, April 25th.. The company will hold a video webcast 09:30 CET that will be accessible from https://corporativo.liberbank.es/.
According to our figures, the bank may post a
–34.5% yoy decline in its 1Q18e net group profit, to €21mn, due to lower trading gains. Net interest income may total €106mn (+2.8% qoq and +4.0% yoy) growing for the second consecutive quarter and positively reflecting the flattish margins, a larger fixed income portfolio and a positive evolution of lending volumes. Fee income may amount to €44mn (–14.4% qoq and +3.0% yoy) and gross margin may stand at €148mn (+1.1% qoq and –16.9% yoy) due to lower trading gains. Costs may increase +0.4% qoq and decline –2.3% yoy to €106mn leading to a pre–provision profit of €42mn. Recall that the savings from the c. 300 headcount cut would not be totally reflected this quarter. Cost of risk should diminish to 25bp (annualised) from 34 bp in 1Q17 and 116 bp in 2017 due to the clean–up process implemented in 2H17.
Liberbank SA is a Spain-based company engaged in the commercial banking activities. It specializes in providing consumer loans. Furthermore, the Bank offers a range of services for entrepreneurs: savings accounts, loans, factoring, payments management, investment funds, import and export financing, guarantees, as well as commercial insurance, among others. The Bank operates through a chain of retail offices in Asturias, Cantabria, Castile La Mancha and Extremadura. It also manages such brands as Cajastur, Caja Extramadura, Caja Cantabria and CCM.
Bankinter S.A. is a Spanish brokerage firm established in 1989. The company's line of business includes the provision of market research and trading services for Equity and Fixed Income products.
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