BRD-GSG Company News - 1Q 10 results (positive)
Raiffeisen Capital&Investment - 3 Mai 2010
The first quarter results (RAS, un-consolidated) of the bank beat our expectations and market consensus in terms of net profit. While net interest income came mostly in line with our estimates, RON 555 mn, -2% vs our estimates and 23% up yoy, and the non-interest income was 4% above our projection and flat yoy (RON 381 mn), both non-interest expenses and provisions came below our estimates.
Provisions, RON 344 mn, were 6% below what we expected and 7% up on Dec-2009 level. While we projected the non-interest expenses to stay flat in comparison with 1Q 2009, they were 5% lower, which had a positive impact on the cost/income ratio. Thus, better cost control led to a dramatic improvement of cost/income ratio to 37.1% versus 43.6% in 1Q 2009. Loan portfolio stood almost flat yoy, while deposits recorded a 4% increase yoy. Net profit came in at RON 199 mn, 16% above our expectations and 5% down yoy.
We regard the news as positive since the bank showed a better cost control under difficult economic environment. We will provide more details in our first impression report, but for the while we maintain our buy recommendation and target price.
Sursa: http://www.rciro.ro
Tags: positive
brd
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