Download full report with analyst certification and important disclosures
May 27 2020, 07:15 IST/BST
Banks
COVID-19 clouds outlook but balance sheets well positioned
- Sectors : Banks
- Companies : permanent tsb Group | AIB Group | Bank of Ireland
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 | 105c |
| Bank of Ireland | OUTPERFORM | 11/03/13 | Neutral | 14/08/12 | 168c |
| permanent tsb Group | NEUTRAL | 06/03/19 | Outperform | 01/08/18 | 44.1c |
DAVY VIEW
Irish banks have suffered over the last number of years – bounced by Brexit, roiled by low interest rates, discomfited by politics and awaiting credit growth that never materialised – thus detracting from significant restructuring efforts. COVID-19 presents indiscriminate threats and shrouds the outlook with uncertainty. Yet Irish banks face the pandemic from positions of capital, funding and liquidity strength. The phased re-opening of the economy is progressing successfully thus far but further supports, particularly for businesses, will be required to ensure losses are limited and the economy is rebooted from its period of hibernation.
