Nov 12 2019
Financials
Recent Research
AIB Group, Capital accretive portfolio sale
Nov 1 2019
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Irish banks
Mortgage market reflection following Q3 developments
Mortgage market lending continues to grow and is on track to meet our 11% growth forecast for 2019 despite Brexit uncertainty and weakening house price growth. The market recovery...
AIB Group
Capital accretive portfolio sale
The non-performing loan (NPL) sale puts AIB on track to achieve its c.5% target by end-2019 as the Q2 2019 pro-forma ratio falls to c.6.2% (from 7.5%). The overall net 20bps CET1...
Lloyds Banking Group
A miss on other income and impairments but resilient NIM
This was a somewhat disappointing update given lower other income and higher impairment charges. However, and in contrast to peers, net interest margin (NIM) remains resilient at 2.88%....
Bank of Ireland
Lending up, costs down and robust capital
Bank of Ireland’s (BOI) Q3 IMS demonstrates ongoing progress against its 2021 strategic targets, with continuing loan growth and cost reduction evident in the quarter and year-to-date...
FBD Holdings
CEO to step down in 2020
The announcement that Fiona Muldoon is to step down as CEO in 2020 comes as a surprise to us. During her time as CEO, Muldoon has helped to steer the company towards a recovery in...
REITS
Fed policy considerations: Part 3
The U-turn in monetary policy by the US Federal Reserve (Fed) is now complete. After abandoning quantitative tapering and then lowering interest rates, the latest development is the...
Bank of Ireland
Myles O’Grady appointed Group CFO, subject to regulatory approval
Myles O’Grady brings significant experience to the position of Group Chief Financial Officer (CFO) and his appointment will be welcomed. Delivering Bank of Ireland’s (BOI) strategic plan,...
Banks
Strategic updates the main catalyst for re-ratings
On a year-to-date basis, Irish banks and CYBG continue to significantly underperform the SX7P index; in contrast, Lloyds Banking Group (LLOY) and RBS have modestly outperformed the...
Irish economy
Brexit extension should benefit Irish government bonds and equities
The strong performance of Ireland’s economy and Irish asset prices (banks, homebuilders, government bonds) have diverged in 2019, reflecting Brexit fears. This provides an opportunity...
Bank of Ireland
Extends UK Post Office partnership until 2026
Bank of Ireland’s (BOI) renegotiation and extension of the exclusive partnership with the UK Post Office is a further incremental step towards improving the returns generated in the...
