Dublin (aktiencheck.de AG) - Emer Lang, Analyst von Davy Research, stuft die Aktie der Bank of Ireland (ISIN IE0030606259 / WKN 853701 ) unverändert mit "outperform" ein. Beim am 14. November anstehenden Bericht würden vor allem die Zinsspanne, Impairments und der Abbau der Verschuldung im Mittelpunkt des Interesses stehen. Die Wiederherstellung der Zinsspanne sei ein Kernelement der Strategie, um in 2014 wieder signifikante Gewinne schreiben zu können. Eine flache Zinskurve reduziere die Zinsen, die für Spareinlagen gezahlt werden müssten. Das zuletzt genannte mittelfristige Margenziel der Bank von mehr als 2% in 2014 erscheine ambitioniert. Beim letzten Update habe man die Prognose daher auch schon von 1,8 auf 1,68% reduziert.
Die Q3-Berichte von Wettbewerbern würden die anhaltende Belastung durch Impairments verdeutlichen. Die Hypotheken-Zahlungsrückstände der Bank of Ireland dürften aber weiterhin unter dem Marktdurchschnitt liegen. Im Hinblick auf die Entschuldung scheine die Bank of Ireland angesichts der jüngsten Äußerungen gute Fortschritte zu machen.
Vor diesem Hintergrund lautet die Einschätzung der Analysten von Davy Research für die Aktie der Bank of Ireland weiterhin "outperform". -_________________________________________________ DUBLIN, NOV 11 - Bank of Ireland said on Friday its deposits rose 3 percent in the four months to end-October, improving its funding position, although the country's largest lender said trading was still tough. The bank said its profit margins should stabilise in the second half versus the first, but further margin recovery would face headwinds in a prolonged period of low interest rates. "We have made good progress on restructuring and strengthening our balance sheet, nevertheless trading conditions remain challenging," the bank said in a statement. "Continued intense competition for deposits in the Irish market, the elevated cost of wholesale funding pending further deleveraging of the balance sheet, along with the high cost of the Government guarantee have maintained ongoing pressure on the group's cost of funding." Shares in the bank, which traded at almost 10 euros at the height of Ireland's "Celtic Tiger" economy four years ago, were 5.8 percent higher at 0.09 euros by 1330 GMT. The sole domestic lender to avoid falling into state hands following fresh investment in July, Bank of Ireland is one of only two Irish banks to have so far refused to bow to political pressure and pass on European Central Bank (ECB) interest rate cuts. Ireland's bank chiefs were hauled in front of Ireland prime minister this week over their refusal to pass on the ECB's recent 25 basis point rate cut and the government has threatened to pass legislation forcing them do so. However, local lenders have been increasing rates on standard variable mortgages to compensate for losses on tracker mortgages that automatically follow changes in the ECB rate. Such tracker products account for over half of all Irish mortgages and are a strain on the banks due to their high cost of funding and the low ECB rate. Bank of Ireland also partly blamed another politicised issue -- the speculation over potential wide ranging measures to tackle home loan arrears -- for further deterioration in the arrears of its Irish mortgage book in August and September. "SOLID STATEMENT" Ireland has pledged to shrink radically its domestic banking sector after a disastrous binge on property loans, and Bank of Ireland has to sell 10 billion euros in loans and accept repayment of another 20 billion euros worth by the end of 2013. After announcing last month that it had sold or accepted repayment of 5 billion euros ($6.94 billion) of loans, the bank said on Friday that it was in advanced talks on further sales. Its loan to deposit ratio has improved by 9 percentage points to 153 percent since the end of June as a result of the deleveraging and a rise in its Irish and UK deposit book to 67 billion euros from 65 billion at end-June. The June figure included 3 billion euros of deposits tempo |
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