Download full report with analyst certification and important disclosures
Jan 13 2020, 07:00 GMT
Ratings and price correct at time of issue
|Company||Rating||Date||Previous Rating||Date||Closing Price|
|Bank of Ireland||OUTPERFORM||11/03/13||Neutral||14/08/12||481c|
|permanent tsb Group||NEUTRAL||06/03/19||Outperform||01/08/18||104c|
Irish banks’ performance in 2019 was particularly impacted by their heightened sensitivity to the lower-for-longer rate environment alongside Brexit-related volatility. For 2020, we expect the backdrop to be dominated by scrutiny over capital requirements and a possible uplift in credit demand on reduced Brexit concerns and politics. Strategic updates are due from all three banks in Q1, which should prove supportive. At Davy’s annual New York conference, each of the banks pointed strongly towards cost efficiency as a focus.