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Cembra; Solid Results, Credit Neutral

FINANCIALS

Cembra Money Bank (CMBN SW), the small Swiss bank, reported 2H23 results which look solid, there’s no buyback here and the dividend payout is up to 75% but, against very little marginal capital consumption, this is credit neutral, we feel.


  • Key credit metrics: credit losses ticked up in 2H23 but, positively, non-performers only rose 10bp (to 0.8%) with a similar move in the 30-day rate. Guidance is for the loss rate to be <1% from here. CET1 is 17.2% (down 0.4% from Jun-22 but still very strong in a European context).
  • Revenues were 3% above consensus with the key margin (NIM) ticking back up, positively. Credit losses ticked up to 0.9% in 2H23 (from 0.7% in 1H23) meaning pre-tax was only in line with expectations but there was a small beat at the net level.
  • Outlook: RoTE expectations for FY24 are being trimmed (to 13-14% from 15%) but consensus only has 13-14% discounted in any case.

Conf call is at 0800 (London time) at https://event.choruscall.com/mediaframe/webcast.html?webcastid=ZDcUyLFJ

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