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Erste 1Q24 Results Good, Guidance Not Upgraded, Yet.

FINANCIALS

Erste Bank 1Q24 results (ERSTBK: A1/A+/A) are ahead of expectations but mgmt haven’t put guidance upgrades through ahead of its expectation of 2H24 rate cuts. Spreads have performed well YTD which these results appear to support. The positive performance across CEE is positive for Unicredit and Raiffeisen (though the latter has idiosyncratic issues).


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Erste Bank 1Q24 results (ERSTBK: A1/A+/A) are ahead of expectations but mgmt haven’t put guidance upgrades through ahead of its expectation of 2H24 rate cuts. Spreads have performed well YTD which these results appear to support. The positive performance across CEE is positive for Unicredit and Raiffeisen (though the latter has idiosyncratic issues).


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