Jefferies | 3% PBT beat vs. consensus in 2Q24, driven by better NII, fees and costs, only offset by a small miss on impairments. The print confirms NII trends are still positive, with 1% quarter-on-quarter growth (while cons was expecting a step down), as margin dynamics still prove supportive (cost of deposits flat in the Q). Costs were 1% lighter than cons. and trending better than the LSD-MSD year-on-year growth guidance. CoR trending at 40bp (versus FY24 guidance of 35-40bp).
Bankinter reported net income of €272 million, which was 2% above consensus of €268m. PBT was a 3% beat, with pre-prov profits also a 3% beat. Income was a 1% beat and costs a 1% beat.
- NII was 1% above consensus, up 1% quarter-on-quarter and up 7% year-on-year. Loan yields expanded 3bp versus 1Q24 levels, with the cost of deposits staying flat during the quarter.
- Net fee income was a 5% beat. Trading income of €8m compares with consensus of €11m. Other income was a €3m miss versus consensus.
- Total costs were 1% lighter than consensus.
- Total impairment charge (including gains/losses on asset disposals) of €114m compares to consensus of €100m charge. The 1H24 annualised cost of risk is 40bp, at the higher end of the FY24 guidance of 35-40bp. The NPL ratio was down 6bp in the quarter to 2.17%.
- Customer loans were in line with consensus and up 2% quarter-on-quarter. Deposits were 6% higher than consensus and up 5% quarter-on-quarter
- Capital: CET1 ratio of 12.4% 10bp lighter than consensus, with CET1 in line and RWAs 1% higher.
- Last 12m RoTE of 18.8% in 2Q24, sequentially up from 18% in 1Q24.
BKT SM | €7.82 | PT: €7.10 | % to PT: -9%
