Davy Research

Banks

Monthly update: Countercyclical capital buffer (through the cycle)
Banks
AIB Group | permanent tsb Group | Bank of Ireland

DAVY VIEW

It was another month of mixed performance for the Irish banks against the backdrop of a flat sector that recovered from a poor start. PTSB outperformed while Bank of Ireland (BOI) reversed its year-to-date (ytd) gains following its strategic update, which prioritises investment over near-term dividend increases. The main domestic newsflow was the introduction of the countercyclical capital buffer (CCyB), which is a statement of intent from regulatory authorities to ensure the “resilience” of the Irish system, adding to capital requirements arising from above average Pillar 2 buffers and risk weighted assets (RWAs).

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  • RATINGS AND PRICE CORRECT AT TIME OF ISSUE


  • AIB Group

    Closing Price: 482c

  • RATING 28/03/18

  • PREVIOUS RATING 03/08/17

    Neutral

  • Bank of Ireland

    Closing Price: 664c

  • RATING 11/03/13

  • PREVIOUS RATING 14/08/12

    Neutral

  • permanent tsb Group

    Closing Price: 198c

  • RATING 03/08/17

  • PREVIOUS RATING 03/10/16

    Outperform

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