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Sep 20 2019, 13:15 IST/BST
Banks
Financial site visit: key take-aways
- Sectors : Banks
- Companies : RBS | permanent tsb Group | Bank of Ireland | AIB 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 | 260c |
| Bank of Ireland | OUTPERFORM | 11/03/13 | Neutral | 14/08/12 | 368c |
| permanent tsb Group | NEUTRAL | 06/03/19 | Outperform | 01/08/18 | 116c |
| RBS | NEUTRAL | 11/02/19 | N/A | N/A | 208p |
DAVY VIEW
Controlling the controllables was the overriding theme of this year’s Davy Financial site visit. The uncertainties in the market arising from the interest rate environment and Brexit mean emphasis on costs, non-performing exposure (NPE) reductions and capital efficiency remain at the top of management’s agenda. The mortgage market is trending modestly below expectations in 2019, with pricing moves described as positioning in selected segments — a common theme is that high capital requirements place a floor on absolute pricing moves from here.
