Financials

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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...