Today’s Headlines
· Greek CPI up by 2.4% y-o-y in October (ELSTAT)
· Industrial production up in September (ELSTAT)
· Optima bank | 3Q24 results beat estimates, strong growth rates, on track to meet FY Guidance
· Eurobank increased its stake in Demetra Holdings Plc
· OTE Share Buyback
· Papoutsanis to distribute EUR 0.03026/ share interim dividend
Macro Headlines
Greek CPI up by 2.4% y-o-y in October (ELSTAT)
According to ELSTAT, CPI (national index) increased by +2.4% y-o-y and by 0.6% m-o-m in October 2024, while the annual average rate of CPI increased by +2.9% over the trailing 12 months. The sectors with the most notable y-o-y movements were Clothing and Footwear (+5.0%) and Hotel – Cafes – Restaurants (+6.1%). Additionally, the harmonized CPI in October 2024 rose by 3.1% y-o-y (down from the 3.2% flash estimate released earlier this month) and increased by 0.1% m-o-m.
Industrial production up in September (ELSTAT)
According to ELSTAT, the Industrial Production Index (IPI) rose by 2.5% y-o-y in September 2024, due to the 9.6% YoY increase in the Mining and Quarrying sub-index. In January-September 2024, Greek industrial production rose by 6.2% y-o-y.
Company Headlines
Optima bank || Restricted | CP: EUR 12.72 | TP: Restricted
3Q24 results beat estimates, strong growth rates, on track to meet FY Guidance
3Q24 results: Net profit came in at EUR 39.2m in 3Q24 (+8% q-o-q, +40% y-o-y), 3% above consensus estimate of EUR 38.1. Net interest income reached EUR 49.6m in 3Q24 (+6% q-o-q, +30% y-o-y), 1% above consensus estimate of EUR 49.1m and fee income came in at EUR 10.1m (+9% q-o-q, +24% y-o-y) in 3Q24, in line with consensus estimate of EUR 10.2m. NIM narrowed to 4.20% vs. 4.37% in 3Q24, the highest in the Greek universe. Core income came in at EUR 59.8m (+6% q-o-q, +29% y-o-y) and non-core revenues reached EUR 6.8m (+11% q-o-q, +33% y-o-y). Hence, total revenues stood at EUR 66.5m (+7% q-o-q, +29% y-o-y) and OpEx at EUR 14.5m (+16% q-o-q, +1% y-o-y). Pre provision income landed at EUR 52.0m (+4% q-o-q, +40% y-o-y) in 3Q24, 2% above consensus estimate of EUR 50.8m. LLPs stood at EUR 3.6m (+49% q-o-q) in 3Q24, 19% above consensus estimate of EUR 3.0m.
9M24 results: Net profit reached a new record of EUR 108.2m (+50% y-o-y) in 9M24, higher than 2023 net profit of EUR 103.0m and RoTE was shaped at 26.8% in 9M24, the highest among Greek banks and one of the highest in Europe. Net interest income came in at EUR 141.1m (+43% y-o-y), fee income at EUR 29.3m (+30% y-o-y) and total revenues at EUR 188.0m (+39% y-o-y). Pre-provision income reached EUR 146.9m (+52% y-o-y) and loan loss provisions stood at EUR 10.7m (+23% y-o-y).
Balance sheet: Gross Loans reached EUR 3.31bn (+8% q-o-q, +48% y-o-y), deposits at EUR 4.1bn (+11% q-o-q, +32% y-o-y) and assets at EUR 4.9bn (+9% q-o-q, +34% y-o-y). Group NPEs narrowed to EUR 30.3m from EUR 31.6m in 2Q24 and the NPE ratio squeezed to 0.92% from 1.03% in 2Q24. Tangible equity increased by EUR 40.8m q-o-q to EUR 577.7m. FL CET1 and CAD ratios stood at 15.58% vs. 15.82% in 2Q24.
2024 Guidance: Management stated that the bank is on track to meet FY 2024 guidance of net profit in excess of EUR 134m and RoTE of >24%.
Conference call: A conference call will follow today at 18:00 Athens/16:00 London Time. Dial-in numbers- GR: +30 210 94 60 800 or +30 213 009 7000, UK & INTL:+44 (0) 800 368 1063,+44 (0) 203 059 5872, US: +1 516 447 5632.
|
(EUR m) |
3Q24 |
2Q24 |
QoQ |
3Q23 |
YoY |
vs Cons |
|
Net Interest Income |
49.6 |
47.0 |
6% |
38.3 |
30% |
1% |
|
Fee income |
10.1 |
9.3 |
9% |
8.2 |
24% |
0% |
|
Core income |
59.8 |
56.3 |
6% |
46.5 |
29% |
0% |
|
Non-core Revenues |
6.8 |
6.1 |
11% |
5.1 |
33% |
36% |
|
Total revenues |
66.5 |
62.5 |
7% |
51.6 |
29% |
2% |
|
Operating Expenses |
(14.5) |
(12.5) |
16% |
(14.4) |
1% |
3% |
|
Pre Provision Profit |
52.0 |
49.9 |
4% |
37.2 |
40% |
2% |
|
Loan impairments |
(3.6) |
(2.4) |
48% |
(3.4) |
6% |
19% |
|
Net Profit |
39.2 |
36.3 |
8% |
28.0 |
40% |
3% |
source: Company Median consensus estimate, Optima bank
|
(EUR m) |
9M24 |
9M23 |
YoY |
|
Net Interest Income |
141.1 |
99.0 |
43% |
|
Fee income |
29.3 |
22.5 |
30% |
|
Core income |
170.4 |
121.5 |
40% |
|
Non-core Revenues |
17.7 |
13.5 |
30% |
|
Total revenues |
188.0 |
135.0 |
39% |
|
Operating Expenses |
(41.2) |
(38.5) |
7% |
|
Pre Provision Profit |
146.9 |
96.6 |
52% |
|
Loan impairments |
(10.7) |
(8.7) |
23% |
|
Net Profit |
108.2 |
72.1 |
50% |
source: Optima bank
Eurobank increased its stake in Demetra Holdings Plc
Following the announcement on 7.11.24, Eurobank announced the completion of the acquisition of 17,152,353 shares in Demetra Holdings Plc.
OTE Share Buyback
The company announced that during 4/11/2024 – 8/11/2024, it purchased 393,835 own shares at an average price of EUR 15.2463 per share and now holds 4,909,137 own shares or 1.190% of the total shares outstanding.
Papoutsanis to distribute EUR 0.03026/ share interim dividend
Following the 25.10.24 announcement, regarding the interim dividend distribution, Papoutsanis announced that the gross amount per share now amounts to EUR 0.03026 (vs. EUR 0.03/sh), excluding the 231,341 own shares held by the company. (DY: 1.29%, ex-date: 11 November).
Calendar of Events
Macros
14/11/24 | Import Price Index in Industry SEP (ELSTAT)
15/11/24 | Evolution of Turnover of Enterprises 3Q24 & SEP (ELSTAT)
20/11/24 | Current Account Balance SEP (BoG) & Turnover Index in Industry SEP (ELSTAT)
22/11/24 | Fitch – Greek sovereign credit review
Market
25/11/24 | MSCI Index rebalancing (Aft-mkt)
3Q/9M24 Results Release
11/11/24 | Optima bank (Bef-mkt)
12/11/24 | Bank of Cyprus (Bef-mkt)
13/11/24 | PPC (Aft-mkt), LAMDA Development (Aft-mkt)
14/11/24 | HELLENiQ ENERGY (Aft-mkt), OTE (Bef-mkt), Aegean Airlines (Aft-mkt), Austriacard Holdings, Lavipharm
18/11/24 | Cenergy Holdings
20/11/24 | Motor Oil (Aft-mkt), OPAP (Aft-mkt), ElvalHalcor (Aft-mkt), QUEST Holdings (Aft-mkt)
21/11/24 | Ideal Holdings (Bef-mkt)
25/11/24 | Hellenic Exchanges
26/11/24 | Fourlis (Aft-mkt)
12/12/24 | Attica Bank
EGM / AGM
15/11/24 | BriQ Properties (EGM), Intercontinental International REIC (EGM)
19/11/24 | Intrakat (EGM)
22/11/24 | ILYDA (EGM)
24/12/24 | MED (EGM)
Ex-Dividend
11/11/24 | Papoutsanis (interim dividend EUR 0.0302605421)
02/12/24 | CNL Capital (interim dividend EUR 0.25)
23/12/24 | Motor Oil (interim dividend EUR 0.30)
Initiation of trading of new shares
13/11/24 | Attica Bank (from SCI)
Warrants – Attica Bank
08/11/24-28/11/24 | Exercise Period
04/12/24 | Commencement of trading of the warrant exercise shares
Research Department
Equity Research
Τ: 210 8173 383 F: 210 3279 287 E: [email protected]
32 Aigialeias & Paradissou str., 15125, Maroussi optimabank.gr
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