Addiko Bank 1Q 20 - Higher COR driven by pandemic and deteriorating CET1
Addiko has reported a 1Q 20 net loss of EUR 8.4 mn coming notably short of our expectations and consensus (incl. 4 analysts provided by the company) mainly on higher COR due to pandemic. While weak F&CI were fully compensated by better costs, Addiko's bottom-line was additionally hit by the re-assessment of deferred tax assets (EUR 4.8 mn) leading to a deeper loss.
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