April 30, 2024 05:53 GMT
Erste 1Q24: Profit Beat, CET1 Small Miss, Guidance Appears Unchanged
FINANCIALS
Erste Bank 1Q24 headlines (ERSTBK: A1/A+/A) look positive (revenues 4% above expectations, profit 12% above) but CET1 has missed. Spreads have performed well YTD but market was looking for a revenue upgrade, we feel and this is not immediately evident.
*ERSTE CET1 RATIO FULLY-LOADED 15.2%, EST. 15.6%
*ERSTE 1Q NET INEREST INCOME RISES 4.7% TO EU1.85 BILLION (cons: 1.82bn)
*ERSTE 1Q NET INCOME EU783M, EST. EU696.3M
*ERSTE STILL SEES FY COST OF RISK BELOW 0.25%
*ERSTE GROUP STILL SEES ABOUT 3% DECLINE THIS YEAR IN NII
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