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Free AccessFINANCIALS: Financials On Friday - Solid Earnings
A week of broadly good earnings (12 of 16 financials beat) which have dominated the newsflow.
- Earnings – obviously a big week with 7 major banks, 1 card company (so 8 lenders) and 8 other financials reporting. A rough breakdown as follows:
- Revenues – 7 of 8 lenders hit/beat expectations. Average beat: 2%.
- Loan losses – 5 of 8 beat on loan. Average beat: 36%.
- Non-performers – only COF missed here with most broadly flat or marginally better. US cards a stress point.
- Capital levels – CET1 ratios were more mixed with 4 beats and and 4 misses.
- Pre-tax profit – 6 beats (NWG leading) with COF a big miss and DBK a more marginal miss.
- Outside of results, only three events of any note:
- Unicredit & Russia: the bank (UCGIM: Baa1/BBB/BBB) got guidance from the ECB, withdrawing part of its lawsuit. Raiffeisen (RBIAV: A1) is, perhaps, the most affected European bank.
- Finecobank (FINBAN: BBB) was rumoured to be being bought by Zurich – who denied it. The equity did a sharp 10% roundtrip. This does at least highlight the M&A theme and the market’s keenness to buy into it.
- Revolut (private company, no issued debt) also received a limited banking licence in the UK, another direct competitor there.
- Price action saw banks tighten 1.2bp but with Deutsche (disappointing earnings) and a range of CEE banks all selling off. Lloyds tightened following solid results, too. Insurers were a marginal 0.5bp tighter without particular pattern. Chubb was 1.4bp wider even after consensus-beating results.
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Why MNI
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