BRD - Dividend talks instead of earnings
BRD reported net income came to RON 400 mln in Q4, up 39% q-o-q and
73% y-o-y while earnings were ahead our estimates by 37%, mainly driven by
risk cost.
Key positives: NIM improved 9 bps on a quarterly basis on increasing revenues
and OPEX were under control, down by 1% y-o-y and only up by 1% q-o-q.
Risk provisioning helped the quarter by adding RON 104 mln to earnings.
Capital adequacy amounted to 22.9% excluding 2021 profit but including
accrued dividend. The Bank also said that it would pay RON 1.28 per share
after 2021 results implying a total payout of RON 3.7 or 17.7% yield in total.
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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