WOOD Flash – Greek banks: no magic wand (2Q18E previews, due out this week)
The Greek banks are due to report their 2Q18E numbers this week. The results kick off with Alpha Bank and Eurobank tomorrow (30 August), after the market closes, followed by NBG and Piraeus Bank on 31 August, after the market closes. We expect the trends in 2Q18E to be similar to the first quarter, albeit with some stabilisation in the NII (1Q was affected negatively by IFRS 9 and the calendar effect) and gradually improving NPE trends. We expect negative new NPE formation (at an accelerating trend vs. 1Q18), with further progress in the corporate segment, but less visible progress in retail. We believe that the numbers should be reassuring, indicating a step-by-step improvement in the Greek banking sector, but are unlikely to be ground-breaking.
Eurobank Ergasias and its subsidiaries are organized in the following reportable segments: Retail. which incorporates customer current accounts, savings, deposits and investment savings products, credit and debit cards, consumer loans, small business banking and mortgages; Corporate, which incorporates direct debit facilities, current accounts, deposits, overdrafts, loan and other credit facilities, foreign currency and derivative products; Wealth Management, which incorporates private banking services; Global and Capital Markets, which incorporates investment banking services; and International, which incorporates operations in Romania, Bulgaria, Serbia, Cyprus, Ukraine and Luxembourg.
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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