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Analysts are all in agreement: Ubi Banca's accounts they almost matched expectations. The cost reduction that offsets the increase in the tax rate has positively surprised. "The decline in credit write-downs offset the decline in operating performance: in fact, total third-quarter revenue decreased 5.6% year-over-year to 808 million euros, or down 1.5% As expected, net interest income was € 452.5 million compared to our estimate of € 448 million, while net fee income decreased by 2.4% on an annual basis to reach 380.5 million euros compared to our expectations.a falt given, "reads the note today from Banca Akros.
Trading revenues, on the other hand, were negative by -59 million euros due to losses related to sales of Npl. However, according to Banca Akros, operating costs fell by nearly 4% to 607 million euros, but they were 1.2% higher than expected ", which resulted in a gross result operating income of € 201 million, down 11% from the previous year and 8.5% below our forecasts, with a cost / income ratio above 75%, "the experts say. Banca Akros, which badessed the value adjustments to borrowings, decreased by 8% to € 124 million, 13% higher than expected.
The Fidentiis badysts also point out that, from an operational point of view, the quarter was roughly in line with their expectations in terms of net interest income, net commissions and opex. Only trading was much lower: 6 million against the 19 million expected. At the same time, says Fidentiis, provisions for loan losses improved by 4% to 124 million euros and Cet1 remained unchanged at 11.42% despite widening spreads.
All brokers however maintained cautious views on the stock: Equita confirmed the note of maintenance and the target price of 4.5 euros, the same note of Fidentiis, neutral Banca Akros with a target price of 3.6 euros. The title of Ubi Banca currently traded down 1.37% to 2,743 euros, after a morning high to 2,864 euros.
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