Eurobank: Εκτιμήσεις για το 3μηνο που θα δημοσιεύσει μετά την λήξη της συνεδρίασης

Εκτιμήσεις για το 3μηνο που θα δημοσιεύσει μετά την λήξη της συνεδρίασης

Eurobank (Results Q1:21 preview):

Eurobank will announce Q1 21 results today after market hours followed by a conference call at 18:00 GR-Time.

  • We expect a satisfactory quarter y-o-y in terms of core profitability and €64m bottom line in the absence of significant one-offs. We see also improvements in OpEx (-3%) courtesy of lower stuff costs.

Further down, loan impairments will stand at 133m reflecting CoR of 130bps following guidance in FY:20 call. IFRS9 phased in is expected to burden capital by 110bps while part of it is expected to offset by quarterly profitability.

  • Finally, we expect a positive formation of NPEs on Moratoria expiration defaults. In the conference call we would look for more color regarding €3.3bn Mexico securitization which will lead to single digit NPE ratio in 2021.

Eurobank has guided for a €200m hit on capital as the perimeter consists primarily mortgage loans. Eurobank trades at 0.59x its T/BV. 

The following table summarise our estimates: 

Eurobank

Act.

Act.

Est.

Overview

(In Million Euro)

1Q20

4Q20

1Q21

QoQ

YoY

NII

339.4

329.3

330.0

0.2%

-2.8%

Fee income

92.3

108.8

100.0

-8.1%

8.3%

Trading

5

201

10

-95.0%

84.5%

Other Income

-3

-4

5

Total income

434.4

635.1

445.0

-29.9%

2.4%

Operating costs

-220.2

-222

-215

3.0%

2.4%

Pre-provision-profits

214.2

413.4

230.0

-44.4%

7.4%

Provisions

-126.0

-146

-133

8.8%

-5.5%

Other results

-14

-18

-7

62.0%

49.6%

PBT

74.3

249.2

90.0

-63.9%

21.2%

Corporate taxes

15

53

26

-51.0%

78.3%

Net profit

60

195.9

63.9

-67.4%

7.2%

 

Conference call Details (18:00 GR-Time)

§   Greece:                                + 210 9460 800

§   UK (local & International)       + 44 (0) 203 059 5872

§   UK (TF)                                + 44 (0) 800 368 1063

§   US:                                      + 1 516 447 5632

 

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