Addiko Bank 2Q 20 - Good on costs and capital, wide COR range guidance
Addiko has reported a 2Q 20 net loss of EUR 3.8 mn ahead of our expectations and consensus mainly on lower opex and lower COR (we were a notch more conservative). The beat would have been even stronger, however as in the 1Q, there was another negative impact from the re-assessment of deferred tax assets.
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.
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