WOOD Flash – Hellenic Bank: rate hike bonanza coming soon
Hellenic Bank has announced net profit of EUR 21m for 3Q22, with the 9M22 profitability at EUR 76.4m, a ROTE of 9.3%. We expect the ROTE to improve substantially in 2023E, due to the rate hike benefit (positive impact of >EUR 150m on an annual basis in 2023E and 2024E) and the cost savings from the voluntary exit scheme (VES; c.EUR 30m in 2023E). Our current 2023E numbers are more conservative (EUR 146m in net profit and a ROTE of 12.6%) and the stock still only trades at 0.4x P/TBV and 3.5x P/E. The shares are up 46% ytd, but we expect the strong performance to continue, in view of the boost from rate hikes.
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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