Addiko Bank FY 2019 - EUR 2.05 DPS proposal, cut of mid-term guidance
FY 2019 results in line with preliminaries: Addiko Bank has reported the final audited 2019 Annual Report. The net profit of EUR 35.1 mn for the FY and EUR 11.7 mn for 4Q 19 is in line with earlier published preliminaries. The front book gross yield of consumer loans has been stable at 7.4% qoq with the upward trend from previous quarters being halted; nevertheless, the total consumer loans margin has remained flat vs. 3Q at 7.3% after falling dynamics during 1-3Q 19. The yield in SME, mortgage, Public/Large Corporates was unchanged vs. 3Q. The level of risk provisions in 4Q 19 was driven by lower volume of consumer and SME loans related LLPs qoq and also lower magnitude of releases within the non-focus segments. The portfolio mix has shifted by 1%p toward core segment now reaching 61% compared 60% after 3Q 19. All subsidiaries posted positive bottom-lines in 4Q 19 (thin profits in BiH-Sarajevo and 0 in Montenegro).
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