Sep 18 2020
Financials
Recent Research
Banks, Credit Guarantee Scheme now live
Sep 8 2020
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Banks
Ulster Bank exit could provide opportunities for rival banks
Speculation that Natwest might consider a wind-down of Ulster Bank (UB) comes as a surprise to us. It does, however, highlight the profitability challenge for the sector – particularly...
FBD Holdings
Mixed read-across from UK test case ruling
The outcome of the UK’s business interruption (BI) test case has been eagerly awaited given FBD’s test case this October. Overall, the outcome was mixed; although the FCA claimed...
Banks
Irish banks - Avant Money launches new mortgage market offering
Avant Money has today launched its new mortgage rate offering, adding further competition to the Irish mortgage market. The lender is not cherry-picking any particular niche segment...
FBD Holdings
Phase 1 of review on differentiated pricing published
While the Central Bank of Ireland (CBI) is indicating that differential pricing may not be banned on an outright basis, quantifiable rationale (risk and cost to serve) is required to...
Banks
Credit Guarantee Scheme now live
The launch of the Credit Guarantee Scheme will be welcomed as providing cashflow and working capital support to SMEs. The interest costs reflect the 80% guarantee and an annual...
permanent tsb Group
Forecast update post H1
PTSB adopted a conservative approach to H1 with front-loaded higher impairment charges and a cautious treatment of uniquely higher risk-weights on loans subject to payment breaks....
Yew Grove REIT
Interim results
Yew Grove released its interim results this morning with the majority of the key information already disclosed in a pre-release in July. EPRA NAV/share has declined slightly due to...
AIB Group
Front-loading drives greater FY20 loss but a stronger profit outlook
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...
Bank of Ireland
Improved outlook; dividend reinstated with FY 2021 results
Proactive action on impairments in 2020, together with an improved outlook and better capital position, provides a more constructive foundation for Bank of Ireland (BOI) for the...
Hibernia REIT
Share buyback announced
Hibernia has announced a €25m share buyback, which represents around 3% of the market cap. This follows a similar buyback previously. We expect this to be both NAV and EPS accretive...
