WOOD Flash – Siauliu Bankas: 1Q18 results above expectations
Siauliu Bankas’ 1Q18 results, reported this morning, were above our expectations and we believe they add certainty to our FY18E financial forecasts. Net profit came in at EUR 9.8m, down 26.8% yoy but up 30.5% qoq. The result is 14% above our expectations, due to provision reversals. The operating profit, on the other hand, is 8% below our expectations, mostly on a higher loss on the EBRD convertible loan. The profit adjusted for non-recurring items stands at EUR 11.2m, up 8.3% yoy, according to the presentation. Lending activity remained strong in the quarter, with gross loans and leases up 2.5% qoq, driven by both retail and SMEs. The quarter also lacked the positive one-offs from 1Q17 (see below). On the reported 1Q18 equity, the bank trades at 1.4x P/B and the 1Q18 annualised ROE stands at 18.9%.
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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