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FINANCIALS: Three Hits, One Miss

FINANCIALS

Busy day of results for financials but, in summary, three hits (StanChart, Intesa, Raiffeisen), one miss (Unicaja) with Scor and Finecobank somewhere in the middle.

  • Standard Chartered (STANLN: A3/BBB+/A) beat on revenues, loan losses and CET1 and also upgraded guidance. A new share buyback was announced but tone on call was positive enough on credit quality for us to remain positive on spreads. Positive for HSBC.
     
  • Intesa Sanpaolo (ISPIM: Baa1/BBB/BBB) was another wide-ranging beat with upgraded guidance and a hint at further equity distribution. Russian exposure shrank.
     
  • Raiffeisen Bank (RBIAV: A1) is a volatile situation but results beat expectations and new ex-Russia figures look better than at Mar-24 stage. Conf call is 1301 (London time).

    Unicaja Banco (UCAJLN: BBB- pos) missed on loan losses and CET1 – when you’ve bid speculation in the price, this is not a great outcome. Begs questions of SABSM results.
     
  • Scor (SCOR: A-/BBB+) also missed but had issued a profit warning earlier this month so was largely in the price.
     
  • Finecobank (FINBAN: BBB) results headlines look positive but expectations were already relatively high.
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