Banks

Banks update: looking ahead to H1 results

  • Sectors : Banks
  • Companies : Bank of Ireland | CYBG plc | permanent tsb Group | RBS | AIB Group | Lloyds Banking Group

Ratings

Ratings and price correct at time of issue

Company Rating Date Previous Rating Date Closing Price
AIB Group OUTPERFORM 23/01/19 Neutral 14/08/18 350c
Bank of Ireland OUTPERFORM 11/03/13 Neutral 14/08/12 447c
CYBG plc NEUTRAL 28/05/19 N/A N/A 194p
Lloyds Banking Group OUTPERFORM 28/05/19 Neutral 14/02/18 57.4p
permanent tsb Group NEUTRAL 06/03/19 Outperform 01/08/18 123c
RBS NEUTRAL 11/02/19 N/A N/A 231p

DAVY VIEW

Looking ahead to UK and Irish banks’ interim results – which kick off next week – the focus will be on pressures from the weakening macro and lower rate outlook. This in turn generates scrutiny on banks’ capacity to deliver on, or go deeper with, cost efficiency plans. UK banks have outperformed year-to-date, which is at odds with a weaker UK economy and contrasts with Irish banks’ underperformance despite the continued strong domestic macro.

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Jul 19 2019, 07:55 IST/BST

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