Addiko Bank - 4Q 19p profit ahead of RCBe on provision releases, tax rate
Addiko has reported a preliminary FY 2019 net profit of EUR 35.1 mn implying 4Q 19 reported bottom-line of EUR 11.1 mn coming ahead of our expectations of EUR 8.8 mn.The preliminary earnings release includes only key financial data. The full report as well the statement on outlook, targets and dividend is scheduled for March 4.
The main reason for a beat comes from tax releases and from positive COR. Compared to our 4Q 19 projection, Addiko's pre-tax profit was 12% lower.
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