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FINANCIALS: BP Sondio: Pre-Tax Miss On Loan Losses; Spread Negative

FINANCIALS
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BP Sondrio (BPSOIM: BBB-/BBB-) 2Q24 results look like a headline beat on revenues (3%) but a miss at the pre-tax level (EUR177m, cons: 192m). Loan losses are up to nearly 70bp of loans (from 51bp at 1Q24) which appears to be the key reason for the miss. Non-performers are stable at least. CET1 is 15.8% (+60bp from Mar-24). Looks like a spread negative event, in our view.

  • “*POP. SONDRIO 2Q TOTAL INCOME EU403.7M, EST. EU390.5M” – BBG
  • Spreads have outperformed over the last month and this kind of miss does not appear to have been discounted so we see these as spread negative at first look.

Conf call is 1500 (London time) at: https://87399.choruscall.eu/links/bpds240806.html

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BP Sondrio (BPSOIM: BBB-/BBB-) 2Q24 results look like a headline beat on revenues (3%) but a miss at the pre-tax level (EUR177m, cons: 192m). Loan losses are up to nearly 70bp of loans (from 51bp at 1Q24) which appears to be the key reason for the miss. Non-performers are stable at least. CET1 is 15.8% (+60bp from Mar-24). Looks like a spread negative event, in our view.

  • “*POP. SONDRIO 2Q TOTAL INCOME EU403.7M, EST. EU390.5M” – BBG
  • Spreads have outperformed over the last month and this kind of miss does not appear to have been discounted so we see these as spread negative at first look.

Conf call is 1500 (London time) at: https://87399.choruscall.eu/links/bpds240806.html