4Q16 results - solid beat on net income; CEO indicates dividend from 2016E net profit unlikely
BZ WBK has posted net profit of PLNÂ 461m for 4Q16 (+8% qoq, +66% yoy), 10% above our estimates and 8% ahead of market consensus. The beat vs. our forecast resulted from: i) a higher NII than we had expected (+5% qoq, +12% yoy); ii) lower provision charges (14% qoq, -14% yoy); and iii) lower admin costs (-2% qoq, -24% yoy). The bank sold NPLs for PLNÂ 77m (pre-tax impact). On the other hand, other operating expenses were higher than we had expected (due to a reserve for legal claims and capex), and the effective tax rate reached 28% vs. our assumption of 26%.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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