MNI China Daily Summary: Thursday, March 13

MNI BRIEF: China Has Been In Communication With U.S. On Trade

MNI BRIEF: China To Enhance Customs Clearance

MNI INTERVIEW2: Policy Lag Justifies Faster CNB Easing - Holub

MNI BRIEF: China Consumer Satisfaction Up

MNI: PBOC Net Drains CNY68.6 Bln via OMO Thursday

EZ/UK Bond Supply Calendar: SlovGB Auction Monday

US EIA:NAT GAS STORAGE -62 BCF TO 1,698 BCF MAR 07 WK

MNI: US FEB FINAL DEMAND PPI +0.0%, EX FOOD, ENERGY -0.1%

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

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FINANCIALS: Arion Bank (ARION) - Q4 Results

FINANCIALS
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Reasonably solid. On balance results are marginally credit positive on NPLs decreasing and a CoR c.40bps. 

  • NII of ISK11,246 is 5.2% lower than Q3 and -0.7% lower than Q4 24.
  • Fee income increases to ISK4,136, up 6.6% on Q3. The insurance service result this quarter is ISK 327m. This has been volatile over recent quarters, but offsets NII weakness this time.
  • Expenses were flat on Q3, coming in at ISK6,876m but this is up 12.7% on Q4 23.
  • OpInc end up 2.8% lower vs Q3 at ISK 9,730
  • Net income is 5.3% higher than Q3 on lower tax expense and no one offs, vs 339m in Q3
  • CET1 falls 0.6% this quarter to 18.2%. Capital generation added 0.6% which was offset buy share buy backs and dividends subtracting 1%. RWA increases subtracted another 0.1%. Requirement is  15.3% - 2.9% buffer.  
  • NPL's declined from 2.4% to 2.3%. Cost of risk was 42bps. This is comforting because NPL's have been rising since Q4 2022, when it reached a low of 1.2%.
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Reasonably solid. On balance results are marginally credit positive on NPLs decreasing and a CoR c.40bps. 

  • NII of ISK11,246 is 5.2% lower than Q3 and -0.7% lower than Q4 24.
  • Fee income increases to ISK4,136, up 6.6% on Q3. The insurance service result this quarter is ISK 327m. This has been volatile over recent quarters, but offsets NII weakness this time.
  • Expenses were flat on Q3, coming in at ISK6,876m but this is up 12.7% on Q4 23.
  • OpInc end up 2.8% lower vs Q3 at ISK 9,730
  • Net income is 5.3% higher than Q3 on lower tax expense and no one offs, vs 339m in Q3
  • CET1 falls 0.6% this quarter to 18.2%. Capital generation added 0.6% which was offset buy share buy backs and dividends subtracting 1%. RWA increases subtracted another 0.1%. Requirement is  15.3% - 2.9% buffer.  
  • NPL's declined from 2.4% to 2.3%. Cost of risk was 42bps. This is comforting because NPL's have been rising since Q4 2022, when it reached a low of 1.2%.