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Aug 13 2020, 06:45 IST/BST
AIB Group
Front-loading drives greater FY20 loss but a stronger profit outlook
DAVY VIEW
Front-loading of credit losses dominated H1 results; however, looking through the approach and AIB’s guidance, we keep cumulative 2020-22 credit losses unchanged. Annual pre-provision profit forecasts are relatively unchanged, but the earlier return to profit in 2021, due to front-loading, results in an earlier reinstatement of the dividend. Our 12-month price target is €1.60.
