WOOD Flash – Eurobank: 3Q16 – recurring profits broadly in line, trends reassuring
Eurobank has reported 3Q net profit from continuing operations of EUR 30m, above our forecast of EUR 6m and slightly above the consensus of EUR 28m. Reported net profit stood at EUR 85m and includes EUR 55m from the disposal of the insurance business.The beat in recurring profitability comes mainly from higher non-core income, but underlying trends also remained reassuring due to: 1) a second quarter of negative new NPL formation; 2) a further improvement in liquidity (L/D ratio at 117%, from 133% in September 2015); and 3) improving capital (fully-loaded up 70bps ytd to 13.8%).
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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