Bankinter S.A. - Liberbank: Tackling the asset quality problem

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Bankinter S.A.

Marisa Mazo

Liberbank: Tackling the asset quality problem

The CEO, Mr. Manuel Menéndez, announced the revised targets for NPLs and NPAs ratios that are, in our view both very positive and challenging. The CEO has also announced two new measures to reduce costs: (a) a new ERTE that will last until the end of 2019 with annual savings of €21mn and (b) a headcount reduction of €525 employees

(–11.5% of total headcount), of which 327 will be early retirements, with annual savings of €16mn.

27/07/2017 8 EN

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Bankinter S.A.

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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Analysts

Marisa Mazo

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Liberbank: Tackling the asset quality problem

Reig Jofre: EBITDA maintains its growth in 1H20 (+40%) driven by sales (+25%) and cost efficiencies

Reig Jofre: EBITDA increased +43% in 1Q20 fuelled by sales (+26%) and a higher EBITDA margin

Reig Jofre: EBITDA (adj.) +17% in 2019 and guidance is 2x in a five-year plan

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