reports
- Elisabeth Rudman
- Vitaline Yeterian
- Elisabeth Rudman
- Maria Rivas Escrigas
- Vitaline Yeterian
UK Banks’ Q1 2023 Results Boosted by NII Growth, But Pressure on NIM E...
DBRS Morningstar has released a commentary discussing large UK banks’ Q1 2023 earnings, covering HSBC Holdings plc, Barclays PLC, Lloyds Banking Group plc and NatWest Group plc. Key highlights: • The four large UK banks showed significant improvement in profitability in Q1 2023 boosted by strong growth in net interest income reflecting the rising interest rates. • Higher revenues continued to offset the higher, albeit lower than during the pandemic, levels of loan loss provisions and high...
- Elisabeth Rudman
- Vitaline Yeterian
- Elisabeth Rudman
- Maria Rivas Escrigas
- Vitaline Yeterian
Manageable Impact From Debt Unrealised Losses for Large UK Banks; Robu...
DBRS Morningstar released a commentary on the potential impact of unrealised losses for large UK banks. Key highlights include: • UK banks have securities portfolios at amortised cost that represent a lower proportion of assets than for European Banks and SVB. • Under an extreme theoretical scenario that the large UK banks are required to sell their amortised cost bond portfolios, we view the negative impact on the banks’ CET1 would be modest and fully manageable, even when we assume a 10...
- Dave Nicoski
- Ross LaDuke
Vermilion Compass: Weekly Equity Strategy
More Downside to Lead to Buying Opportunity? Market dynamics remain largely bearish and unchanged, and we are sticking with our call that breaks of supports (3910 on S&P 500, $177.50 on IWM, and $279 on QQQ, all broken on Dec. 15) are likely to result in a test of the 2022 lows. The Nasdaq 100 (QQQ) is already testing its 2022 lows, but the S&P 500 and Russell 2000 (IWM) are still 6-9% above their 2022 lows. Depending on how the market responds to its 2022 lows, that could be a better area to i...
NG. NOVAGOLD RESOURCES INC.
LYG.. LLOYDS BANKING GROUP PLC ADS
CFSL COCA-COLA FEMSA SAB DE CV (ADR)
PU6D HSBC HOLDINGS (ADR)
BCS BARCLAYS PLC ADS
AGI. ALAMOS GOLD INC.
AKOB EMBOTELLADORA ANDINA S.A. SERIES B ADS
IMG. IAMGOLD CORPORATION
NWG NATWEST GROUP PLC
MX MAGNACHIP SEMICONDUCTOR CORP.
BBV.. BANCO BILBAO VIZCAYA ARGENTARIA S.A. SPONSORED ADR
SAN. BANCO SANTANDER S.A. ADS
MUX MCEWEN MINING INC.
- Elisabeth Rudman
- Maria Rivas Escrigas
- Vitaline Yeterian
UK Banks’ CRE: Some Deterioration But Contained; Impact of Higher Rate...
This commentary looks at the commercial real estate (CRE) sector for banks domiciled in the UK, and is based on publicly available data reported by the large UK banks rated by DBRS Morningstar (HSBC, Lloyds, Barclays, and NatWest or “the banks”) for their CRE portfolios. Key highlights: • The large UK banks have reduced their Commercial Real Estate (CRE) exposures in the UK both in absolute terms and as a proportion of UK lending over the past three years, while the overall CRE exposure in the...
- Elisabeth Rudman
- Maria Rivas Escrigas
- Vitaline Yeterian
UK Banks H122: Solid Returns, No Deterioration Yet in Asset Quality
DBRS Morningstar has released a commentary discussing large UK banks’ H1 2022 earnings, covering HSBC Holdings plc, Barclays PLC, Lloyds Banking Group plc and NatWest Group plc (the banks). Key highlights: • The banks reported solid results in H1 2022 reflective of higher revenues with all banks showing net interest income (NII) increases year-over-year (YoY), while the UK mortgage market has not showed signs of being significantly affected by higher rates. • The cost of living pressure cr...
- Elisabeth Rudman
- Maria Rivas Escrigas
- Vitaline Yeterian
UK Banks Q1: Solid Thanks to Higher Revenues; But Inflation and Cost o...
DBRS Morningstar has released a commentary discussing large UK banks’ Q1 2022 earnings, covering HSBC Holdings plc, Barclays PLC, Lloyds Banking Group plc and NatWest Group plc. Key highlights: • The banks generally reported solid net results in Q1 2022 thanks to higher core revenues which include higher net interest income driven by higher interest rates and sustained mortgage activity in the UK. • At the same time, the Russian invasion of Ukraine, lockdowns in Asia, and concerns over the...
- Elisabeth Rudman
- Maria Rivas Escrigas
- Vitaline Yeterian
UK Banks’ FY21 Results: Solid Returns Largely Driven by Loan Loss Reve...
DBRS Morningstar has released a commentary discussing large UK banks’ FY21 earnings, covering HSBC Holdings plc, Barclays PLC, Lloyds Banking Group plc and NatWest Group plc. Key highlights: • Large UK banks reported solid returns in FY21 mainly thanks to provision reversals. Income before provisions and taxes remained below FY19 levels on an aggregate basis. • Bank of England’s interest rate increase is supportive of UK banks’ net interest income which is the largest contributor to revenues....
- Dave Nicoski
- Ross LaDuke
Vermilion Compass: Weekly Equity Strategy
Stick With Energy and Financials Indexes and Sectors remain extremely mixed which we believe is likely to remain the case moving forward. Attractive Sectors include Energy and Financials, (and to a lesser extent Staples and Utilities) and these areas remain our primary focus. S&P 500. The S&P 500 held above short-term support at the 200-day MA (currently 4446); as long as this level holds we view it as a bullish sign for the SPX and broad market, as it would mean the January breakdown below th...
DBK DEUTSCHE BANK AG
TD. TORONTO-DOMINION BANK
SU. SUNCOR ENERGY INC.
RY. ROYAL BANK OF CANADA
LYG.. LLOYDS BANKING GROUP PLC ADS
CVE CENOVUS ENERGY INC.
CNO CNO FINANCIAL GROUP INC.
BNS. BANK OF NOVA SCOTIA
BMO. BANK OF MONTREAL
BCS BARCLAYS PLC ADS
NWG NATWEST GROUP PLC
BBV.. BANCO BILBAO VIZCAYA ARGENTARIA S.A. SPONSORED ADR
SAN. BANCO SANTANDER S.A. ADS
IMO IMMORENTE INVEST SA
- Elisabeth Rudman
- Vitaline Yeterian
Large UK Banks’ CRE in the UK Contained, But Weak Prospects For Retail...
This commentary looks at the commercial real estate (CRE) sector for banks domiciled in the UK, and is based on publicly available data reported by the large UK banks rated by DBRS Morningstar (HSBC, Lloyds, Barclays, and NatWest) for their CRE portfolios. • The large UK banks’ exposure to UK CRE has decreased over recent years on an aggregate basis, reflective of targeted reductions, while their average share of total CRE lending to total lending is in line with European peers’ average CRE le...
- Elisabeth Rudman
- Maria Rivas Escrigas
- Vitaline Yeterian
UK Banks: Recovery in Outlook Drives Reversals of Covid Provisions But...
DBRS Morningstar has released a commentary discussing large UK banks. The reversal of the high levels of loan loss provisions taken at the beginning of the COVID-19 pandemic drove a jump in reported profits at large UK banks in H1 2021. As economic uncertainty has receded, improved macroeconomic assumptions have driven better credit model outcomes. However, at the same time, banks' core revenues have decreased year-over-year (YoY) as net interest income has been affected by the lower interest r...
- Elisabeth Rudman
- Lito Chousiada
- Vitaline Yeterian
- Elisabeth Rudman
- Lito Chousiada
- Vitaline Yeterian
Lloyds H1 Results Up on Loan Loss Reversals Driven by Improved Model E...
Lloyds Banking Group plc (Lloyds or the Group) reported a statutory profit after tax of GBP 3.9 billion in H1 2021, up from GBP 19 million in H1 2020 thanks to improved model economic assumptions. Return on tangible equity (RoTE) jumped to 19.2% in H1 2021 compared to -1.3% in H1 2020 and 5.9% in H2 2020. On an underlying basis (excluding restructuring, volatility and other items) profit before tax was GBP 4.1 billion in H1 2021, significantly higher on the GBP 281 million loss recorded in H1 20...
- Elisabeth Rudman
- Vitaline Yeterian
- Elisabeth Rudman
- Lito Chousiada
- Maria Rivas Escrigas
- Vitaline Yeterian
- Elisabeth Rudman
- Lito Chousiada
- Vitaline Yeterian
Lloyds Q1 Results Up on Loan Loss Reversals; Operating Income Nonethel...
Lloyds Banking Group plc (Lloyds or the Group) reported a statutory profit after tax of GBP 1.4 billion in Q1 2021, up from GBP 480 million in Q1 2020 and GBP 680 million in Q4 2020. Return on tangible equity (RoTE) was 13.9% in Q1 2021 compared to 3.7% in Q1 2020 and 5.9% in Q4 2020. On an underlying basis (excluding restructuring, volatility and other items, or payment protection insurance charges) profit before tax was GBP 2.1 billion in Q1 2021 up from GBP 558 million in Q1 2020 and GBP 1.3 ...
- Dave Nicoski
- Ross LaDuke
Vermilion Compass: Weekly Equity Strategy
Breakaway Gaps In Place Last week we noted some deterioration in market dynamics, all while reiterating our overall constructive outlook looking weeks and months ahead. The fact is, “perfectly bullish” conditions rarely exist, and a weight of the evidence approach is necessary. To that end, the positives continue to outweigh the negatives and our outlook remains constructive. · S&P 500 Breakaway Gap. The S&P 500 broke out to all-time highs this past Thursday, and yesterday displayed so...
EME EMCOR GROUP
ULH UNIVERSAL LOGISTICS HOLDINGS INC.
UAN CVR PARTNERS LP
QYM SOCIEDAD QUIMICA Y MINERA DE CHILE S.A. SERIES B ADS
SMG SCOTTS MIRACLE-GRO COMPANY CLASS A
SAIA SAIA INC.
PWR QUANTA SERVICES INC.
MOS MOSAIC COMPANY
LYG.. LLOYDS BANKING GROUP PLC ADS
DY DYCOM INDUSTRIES INC.
CVLG COVENANT LOGISTICS GROUP INC
CF CF INDUSTRIES HOLDINGS INC.
BWXT BWX TECHNOLOGIES INC.
BCS BARCLAYS PLC ADS
AVD AMERICAN VANGUARD
FLR FLUOR CORPORATION
ARCB ARCBEST CORPORATION
WERN WERNER ENTERPRISES INC.
PTSI P.A.M. TRANSPORTATION SERVICES INC.
ICL ICL GROUP LTD.
RRTS ROADRUNNER TRANSPORTATION SYSTEMS
USX U.S. XPRESS ENTERPRISES
NWG NATWEST GROUP PLC
IPI INTREPID POTASH
YELL YELLOW CORPORATION
- Elisabeth Rudman
- Lito Chousiada
- Maria Rivas Escrigas
- Vitaline Yeterian
Large UK Banks FY20 Results Down on High Levels of Provisions; Outlook...
The large UK banks generally reported pressure on core revenues and high levels of loan loss provisions (LLPs) in 2020. Lower interest rates resulted in revenue pressure in spite of sound customer activity for residential mortgages and capital market-related activities. The economic impact of the COVID pandemic is not yet visible on NPL ratios but there has been a significant shift towards Stage 2 loans in 2020. The banks maintained solid capital positions, which benefitted from dividend retenti...
- Elisabeth Rudman
- Maria Rivas Escrigas
- Vitaline Yeterian
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