Antes de ir para férias focar 2 acções em destaque hoje uma na qual estive investido recentemente Caixabank e essencialmente RBS edit que sobe 10,77% ontem
caixa
Caixabank gave fresh evidence of the upswing in Spain’s banking market on Friday, unveiling a rise in quarterly profits and the second consecutive drop in the group’s bad loan ratio.
Investors sent Caixabank’s shares up sharply in response, with the stock gaining almost 4 per cent to €4.56 in midday trading.
Like its main rivals, Banco Santander and BBVA, Caixabank has emerged as one of the main beneficiaries of the broader turnround in the Spanish economy, which is bouncing back from recession faster than expected.
The recovery means banks are setting aside fewer provisions for their crisis-scarred loan portfolios and can once again focus on their core lending business.
Caixabank reported second-quarter net interest income, the profit a bank makes on its lending operations, of €1.01bn, up from €967m in the same period last year. Net income more than doubled, from €73m in the second quarter of 2013 to €153m this year.
The group’s bad loan ratio fell from 11.36 per cent at the end of March to 10.78 per cent at the end of June. Caixabank’s progress towards a full clean-up of its loan portfolio also showed up in the sharp fall in impairment losses, which declined 54 per cent in the first six months of the year, to €1.31bn.
Analysts at Citibank described the results as “solid”, and argued that consensus estimates for the Barcelona-based lender’s full-year results should be lifted by 1-2 per cent" sai do cabk e ja nao tenciono reentrar ainda tem potencial mas o catalunya ja la era... um dos drivers era os m&a protegi um pequeno ganho e nao me arrependo muito de o ter feito pode valer entre 5,25 a 5,5 mas nao muito mais a meu ver, se surgir mais perto dos 4 euros pode ser de considerar a este preço aproximadamente no qual sai a margem e menor...
RBS
Last updated: July 25, 2014 6:54 pm
RBS shares jump on better than expected trading update
By Martin Arnold and Andy SharmanAuthor alerts
Sir Philip Hampton showed off his mastery of the understatement on Friday when the Royal Bank of Scotland chairman said: “We haven’t exactly been overburdened with positive results recently.”
The 81 per cent state-owned bank, which has made six consecutive years of losses, sent analysts scrambling to upgrade their forecasts after releasing first-half results a week early because they were well ahead of consensus analysts’ estimates
The bank spent much of Friday trying to rein in expectations that the rate of improvement in the first half of the year would be maintained, warning that “significant” conduct and litigation issues would hold it back for the rest of the year.
Yet some analysts speculated that RBS could close the gap with Lloyds Banking Group, which was also bailed out by the taxpayer during the crisis but now trades at a much higher multiple than RBS and hopes to restart its dividend soon.
Pre-tax profits at RBS almost doubled in the second quarter from a year earlier to £1bn, well above analyst expectations. That takes pre-tax profits to £2.65bn for the first six months of the year, double the same period of last year.
RBS is in the midst of a sweeping restructuring plan aimed at refocusing the bank on its core UK retail and corporate lending franchise, as it seeks to turn itself round six years after being bailed out.
Ross McEwan, the New Zealander appointed as chief executive in October, said the update showed “progress on all of our key priorities – capital is stronger, costs are lower and customer activity is gradually improving”.
RBS: reasons to be cheerful – and cautious
With the UK economy back to pre-financial crisis size and Ireland’s picking up too, it took only a little good news from state-controlled Royal Bank of Scotland to lift the market’s spirits further. The bank may be top of the leader board this morning, but can – and should – the euphoria last?
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He said the bank had benefited from both a rise in the value of assets in its RBS Capital Resolution unit – the bad bank set up last year to house toxic assets from its balance sheet – as well as a sharp improvement in the UK and Irish economies.
Gross new small business lending at RBS increased by almost a third in the second quarter to £5bn. Loan applications from small businesses increased 11 per cent in the first half of the year.
Mr McEwan said small business lending activity had picked up, adding to the existing recovery in consumer borrowing. Together they indicated “a more general recovery coming in the marketplace”. He added that there had been a 40 per cent drop in the number of struggling businesses being moved into its restructuring unit.
This helped RBS to take a £258m reduction of provisions that led to a positive £93m net release for impairments in its quarterly results – something the bank said had not happened since it started quarterly reporting five years ago.
Shares in RBS rose almost 11 per cent to to 364p. However, the shares remain below the 500p price that the government paid to bail out the bank during the financial crisis.
Mr McEwan said RBS had enjoyed “a good wind in the sails” for disposing of assets in its bad bank, many of which were sold above book value. He forecast £1bn of bad debt impairments for the full-year, which is half of what analysts were expecting.
The bank cut its estimate of the overall cost of winding down its bad bank from £4bn-£4.5bn to £2.5bn-£3bn, adding that it would take “another couple of years” to reach a point where the bad bank would be completely wound down.
However, Mr McEwan sought to rein in expectations by warning of “bumps in the road ahead of us” particularly the “significant conduct and litigation issues” that it expects to hit its future profits.
RBS has settled over the high-profile Libor rate-rigging investigation. But it still faces a number of claims over the alleged manipulation of the foreign exchange market; the sale of US mortgage-backed securities; small business lending in the UK; and the mis-selling of interest-rate swaps and payment protection insurance.
Mr McEwan said a settlement of the US mortgage-backed securities investigation was not likely for another 18-24 months.
RBS said litigation and conduct costs had fallen from £650m in the first half of last year to £250m. This included an additional provision of £150m for PPI redress and a further £100m relating to interest-rate hedging product claims.
“The capital is building earlier than expected,” said Joseph Dickerson, analyst at Jefferies. “I see this relative gap between RBS and Lloyds closing.” He added that RBS was on the way to being one of the best-capitalised banks in the UK and could restart dividend payments as early as next year.
Analysts at Citi said: “The beat is mainly due to loan loss reversals, which is not sustainable. We therefore view today’s share price reaction as overdone.”
RBS said that impairment losses fell sharply from £2.1bn to £269m. Total income in the first half declined 6 per cent to £9.97bn.
Its common equity tier one capital ratio – a key measure of financial strength – rose to 10.1 per cent at the end of June, up from 8.6 per cent in December – which Mr McEwan said made it well placed to pass this year’s stress tests by UK and European regulators.
se a posição de capital em face dos desafios de litigancia fosse melhor teria entrado..... margem financeira acelera, imapridades melhoram e de que maneira ( atenção pode nao ser para sempre ainda assim tao cor de rosa custos caiem, produto bancario se retirados os ganhos de trading melhora.. ponto fraco volume de emprestimos ainda em queda, apesar do bom sinal das pme e riscos de litigancia mais info
http://investors.rbs.com/~/media/Files/R/RBS-IR/results-center/preliminary-results-2014.pdf, quanto as acções subirem muito os indicadores recorrentes melhoraram todos.... é logico....