Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 1 (14 lettori)

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Cat XL

Cat XL

Shizuka Minamoto
Risultati BES 2010

La cosa piu' importante dei risultati e' la diminuzione dal funding ECB. Il cost of credit e' in diminuzione.

Mi sembra di vedere la BES 854 leggermente in salita su Bloomberg.

Se il Portogallo non salta questa e' uno strong buy per me.
 
Zorba

Zorba

Bos 4 Mod

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Zorba

Zorba

Bos 4 Mod
Cat XL ha scritto:
La cosa piu' importante dei risultati e' la diminuzione dal funding ECB. Il cost of credit e' in diminuzione.

Mi sembra di vedere la BES 854 leggermente in salita su Bloomberg.

Se il Portogallo non salta questa e' uno strong buy per me.
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BANCO ESPÍRITO SANTO GROUP ACTIVITY AND RESULTS IN 2010
(Unaudited financial information under IFRS as implemented by the European Union)
(BES; Bloomberg: BES PL; Reuters: BES.LS)
Lisbon, 31 January 2011
• FY10 Net income reached EUR 510.5 million (-2.2% YoY), corresponding to ROE of 8.6 % and to earnings per
share (EPS) of EUR 0.41 (2009: EUR 0.42). Excluding non recurrent items, net income would have been
EUR 421.4 million, down from EUR 462.1 million comparable in FY09 (-8.8%).
• The results of the international area confirm the success of the Group’s internationalisation strategy:
commercial banking income grew by 53.2%, and the area’s contribution to the Group’s net income reached
40% (FY09: 34%), or 48% on a recurrent basis.
• Strong solvency levels: Core Tier I of 7.9%, Tier I of 8.8% and total capital ratio of 11.3%. In 4Q10 BES Group
placed EUR 320 million in capital instruments eligible as Tier I.
• The deleverage process reduced the transformation ratio (credit / deposits) from 192% in Dec. 09 to 165% on
Dec. 10.
• Prudent liquidity management reduced BES Group’s reliance on ECB funds by EUR 2.1 billion (from net EUR
6.0 billion in 2Q10 to net EUR 3.9 billion at 2010YE). The Group has a EUR 16.5 billion portfolio of repoable
securities, o.w. EUR 10.8 billion eligible for rediscount with the ECB.
• Customer loans grew by 4.1%, decelerating when compared to 9M10 (+7.6%). Corporate loans remained the
fastest growing component of credit, rising by 4.7%, or EUR 1.7 billion.
• Deposits increased by 21.1%. However, the sovereign risk increase had a negative impact on certificates of
deposits placed with international clients, causing total customer funds to decrease by 7.6%
• Commercial banking income increased by 2.7%, underpinned by 53.2% growth from the international
business.
• Operating costs were 10.8% higher, driven by a 27.7% increase in the international area’s costs, due to
international expansion. Cost to Income, although increasing, remained below 50% (48.6%).
• The credit provision charge in FY10 was 67 bp (FY09: 107 bp or 86 bp on a comparable basis), raising total
provisions for credit to EUR 1.78 billion, or 3.38% of the credit portfolio (Dec. 09: 3.07%). Prudent provisioning
policy: 43% of the year’s gross earnings was allocated to the reinforcement of provisions (54 % in 4Q10)
• The overdue loans ratio (>90 days) was 1.95% (Sep. 10: 1.90%), with a corresponding provision coverage of
173.0% (Sep. 10: 172.5%).
• Main equity exposures of the AFS portfolio show a potential gain of EUR 120 million (Dec. 09: EUR 391 million)
• The Board of Directors will propose at the AGM a dividend of EUR 0.126 per share, which represents a
dividend yield of 4.38% relative to the share price on 31 Dec. 10 and a payout ratio of de 28.8% (2009: 31.3%).
Total dividends payable in 2010, in the amount of EUR 147 million, represent a decrease of 10% compared to
the total paid in 2009.
 
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