Q4 high risk cost on pandemic, but still good return on elevated equity
BT posted RON 296 mln net profit in the last quarter of 2020 resulting in a full year figure of RON 1,197 mln, or EPS of RON 0.21. Q-o-q this indicates a flat result and a 25.4% growth on a yearly comparison due to the fall in costs.
Net interest income was up by 2.2% q-o-q and down 6.7% y-o-y in Q4, while margins continued to 2.6% from 2.8%.Apart from the lower yield environment, we suspect that the large deposit inflow and thus suboptimal balance sheet structure was the culprit of the margin decline.
Concorde Securities Ltd. is Hungary’s leading independent company engaged in investment banking activities. It provides its clients with integrated financial services, including securities trading, research, corporate financing advisory, capital market transactions, wealth management and investment advisory. The operational management of the company is the responsibility of the CEO, while the owners/managers (who control one-third of the company through their shares and options) are in charge of its strategic governance. Concorde Securities Ltd. is a member of the Budapest, Frankfurt, Warsaw and Bucharest stock exchanges, as well as of the Hungarian Association of Investment Service Providers.
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