2Q17 results confirm full-year outlook

Eurobank has reported 2Q17 numbers that are in line with both our estimates and the consensus. Pre-tax profits came in at EUR 52m vs. our forecast of EUR 51m. Better NII (due mainly to higher loan spreads and the calendar effect) was offset by higher “other” impairments. On the positive side, we also highlight the solid improvement in the CET1 (+50bps qoq to 14.3%) and liquidity (L/D ratio at 114%).