Mar 8 2024
Financials
Recent Research
FBD Holdings, Better outcome for 2023
Feb 14 2024
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FBD Holdings
Strong 2023; €1 per share ordinary dividend
2023 was a strong year for FBD with the company executing on its strategic objectives. Growing policy numbers and strong retention resulted in growth in gross written premiums. Profit...
AIB Group
FY 2023: modestly ahead; €1.7bn total distribution
AIBG has reported FY 2023 results and a 2024 outlook that are broadly in line with Davy and consensus expectations. Distributions of €1.7bn are materially ahead, including a €1bn...
Banks
PTSB rating upgrade; banks’ balance sheets; mortgage approvals
The upgrade of PTSB to BBB- by Fitch results in PTSB having two agencies with investment grade. This should attract further fixed income investors, some of whom require two...
Bank of Ireland
FY 2023: weaker profit and outlook; strong distributions
Bank of Ireland’s (BIRG) 2023 profitability and a conservative 2024 outlook are behind both Davy and market expectations. We are likely to lower our forecast underlying profit before...
FBD Holdings
Better outcome for 2023
FBD will report a strong FY 2023 outcome based on a favourable prior year development, providing further evidence of its conservative approach to claims. This increases the capital...
Harworth Group
2023 outturn to be ahead of expectations
Harworth has remained active through the rest of 2023 and into 2024. The market should take confidence from management’s ability to deliver consistently. For 2023, the group expects...
Banks
Primed to deliver
Irish banks are primed to deliver across earnings, return on tangible equity (ROTE) and capital distributions in the coming years. Earnings will remain resilient, even as rates fall,...
Banks
Subdued Q4 mortgage activity
The seasonal pick-up, typically seen in mortgage activity in Q4, did not fully materialise in 2023 – resulting in lower new lending for house purchase compared to our forecast. On first...
Harworth Group
Strong residential sales rate to finish 2023
The sale of just under 1,000 plots in December proves that Harworth’s ready-to-go residential product is being demanded by the market at a time of low liquidity. The fact that sales...
Banks
Deposit churn remains muted
As noted earlier this week, further evidence that deposits are not migrating at significant rates from current and notice accounts to term deposit account despite the higher rates...