Financials

Meet your Financials Research team

Irish banks

Monthly update: April showers

The agreed six-month Brexit extension, while removing the near-term risk of a catastrophic hard-Brexit scenario for Irish SMEs, does little to facilitate medium-term financial planning...

UK banks

Focus on capital returns given uncertain macro backdrop

Both Lloyds Banking Group (LLOY) and RBS continue to deliver towards their stated management ambitions – resulting in meaningful capital returns. The prospect of a ‘no deal’ Brexit...

FBD Holdings

Underwriting discipline and greater risk asset allocation to sustain returns

We reiterate our ‘Outperform’ rating given that FBD is well placed to achieve its targeted return to premium growth, while our channel-checking suggests that the rural AXA threat is...

Irish banks

Monthly update: letters from Frankfurt

FY 2018 demonstrated strong progress in reducing non-performing exposure (NPE) balances but also highlighted that this will be an ongoing focus in the coming years. The Single...

IRES REIT

Acquisition in Baldoyle

IRES has announced that it has closed the purchase of 52 residential units at The Coast in Baldoyle for €14m. The gross yield on the transaction is estimated at 6.1%, which is in line...

FBD Holdings

FY2018 results preview

FBD reports 2018 results on February 27th, which we expect to provide support against an unjustified de-rating. Despite a positive refinancing of the convertible bond, a greater tilt...

IRES REIT

FY 2018 results preview

IRES will report its full year results on Friday, February 22nd at 07.00 GMT. We expect NAV of 136.5c/share, reflecting gains from rent growth. We are particularly focused on EPRA EPS,...

permanent tsb Group

FY 2018 results preview

2018 results will demonstrate a c.70% reduction in non-performing exposures (NPEs), assuaging any lingering solvency concerns. With a ratio just below 10%, NPEs will be a continued focus;...

AIB Group

FY 2018 results preview

AIB will report FY 2018 results on March 1st with loan growth, non-performing exposure (NPE) reduction and capital requirements the key focus in our view. Focus on the magnitude and...

Bank of Ireland

FY 2018 results preview

Bank of Ireland reports FY 2018 results on February 25th with net interest margin (NIM), loan growth and progress on transformation the key areas of focus in our view. Initial...