FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Bankinter Conf Call: Good Margin Guidance, Not Enough To Drive Spreads

FINANCIALS

Bankinter equity is one of the best performers in SX7P today, credit streaming broadly in line with index following results, which we felt were credit neutral. Positive margin guidance appears to be the equity driver whilst the credit view remains neutral on the lack of incremental positives, we feel. Credit trends look to be a solid lateral for Sabadell, Caixabank and BCP, we feel.


  • Key reason for equity performance appears to be positive margin guidance with March deposit costs trending back down and mgmt seeing it as having more firepower to drive that trend than some of the Spanish peers.
  • On capital, mgmt indicated it still saw organic growth opportunities, hinting that equity payouts will not necessarily rise in the same way as we’ve seen from some lower-growth peers.
  • The move up in non-performers is, largely, attributed to growth in SME lending and mgmt indicated much of this is covered by government guarantees (ICO-based). Guidance is for loan losses to continue at 1Q24’s level through the year.

(BKT SM) (SAB SM) (CABK SM) (BCP PL)

Credit BulletsBulletHomepagemarkets-real-timeCredit
Credit BulletsBulletHomepagemarkets-real-timeCredit

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.