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Oct 5 2022, 07:10 IST/BST
Banks
Bright notes (on a rainy day)
- 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 | 269c |
| Bank of Ireland | OUTPERFORM | 11/03/13 | Neutral | 14/08/12 | 733c |
| permanent tsb Group | OUTPERFORM | 04/02/21 | Neutral | 06/03/19 | 164c |
DAVY VIEW
Key messages from our annual bank site visit were consistent with those provided with H1 results: upside leverage to rates together with acquisitions are key drivers to income and profitability growth; costs focus remains against inflationary pressure; and caution on asset quality against an uncertain macroeconomic backdrop. Higher profitability is supportive of distribution normalisation. Quelle surprise – it rained, c’est la vie!
