WOOD Flash – Hellenic Bank: solid 3Q20 confirms reassuring outlook
This morning (1 December), Hellenic Bank announced another solid quarter, reporting net profit of EUR 22m, above our estimate of EUR 13m. The beat came mainly from resilient NII and fees, and the improving opex. In view of the solid 3Q performance and the maintenance of the COR guidance (100bps for the full year), our 2020E net profitability of EUR 37m looks pessimistic (EUR 40m achieved already in the 9M20 period). If the current trends continue, the bank would be heading for pre-provision profitability of over EUR 120m (our forecast: EUR 96m) and net profit of >EUR 50m (ROE of c.5%).
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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