BRD, TLV: Capital Buffers To Ensure Long Term Stability
 We have cut our estimates for both banks regarding 2020 and 2021 earnings, as a combination of lower net interest income stemming from lower NIM, sluggish loan disbursement and increase in risk cost.
 As a result, we reduced our estimates overall on average by 31% for BRD and 42% for BT in the next two years.
 We expect a lower risk cost for BRD due to lower share of SME loans compared to BT but above mgmt. guidance of 120 bps.
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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