Comment reporting bank Keycorp for IV quarter 2009
Quarterly reporting was slightly better than expected; Positive surprises have been demonstrated on EPS and revenues of the bank; The main positive point in favor some improvement in the quality of the loan portfolio, the Bank has shown robust growth in net interest margin; We raise our target price for shares of the bank on the horizon of 12 months at $ 0.8 to $ 8.0 per share; Recommendation lowered to “hold”.
Comment on reporting U.S. bank Comerica for IV quarter 2009
Quarterly reporting bank was better than expected both in terms of profits, and in terms of income; The quality of bank assets in the IV quarter of 2009 improved; Bank has substantially i1000ncreased the net interest margin - the growth in the IV quarter amounted to 27 bp. And during 2010 the bank has every opportunity to increase the NIM by 25 bps; Thanks to a significant increase in NIM showed a positive surprise and figure NII; adequacy of bank capital has increased, most likely due to “narrow” bank balance; we neutrally evaluate CMA prospects on the horizon of 12 months. The target price remains unchanged at $ 30 per share.
Commentary reporting bank PNC Financial
On the main figures of the bank accounts was better than expected, but the details of disappointing investors; Despite the positive surprise on earnings, it was achieved through a one-time transaction, an exception which would have a nasty surprise; Unlike most others, already-reporting banks, the quality of loan portfolio has not shown significant signs of improvement; Thanks to the good work with problem debt has increased substantially the level of net interest margin, which allowed to show a positive surprise on the NII; Indicators of capital adequacy, except for Tier 1 common ratio, at a relatively high level; We appreciate the neutral perspective bank on the horizon of 12 months. Target price - $ 60 per share.
Comments on the accounts of U.S. banks
Comment reporting bank Keycorp for IV quarter 2009
Quarterly reporting was slightly better than expected;
Positive surprises have been demonstrated on EPS and revenues of the bank;
The main positive point in favor some improvement in the quality of the loan portfolio, the Bank has shown robust growth in net interest margin;
We raise our target price for shares of the bank on the horizon of 12 months at $ 0.8 to $ 8.0 per share;
Recommendation lowered to “hold”.
Comment on reporting U.S. bank Comerica for IV quarter 2009
Quarterly reporting bank was better than expected both in terms of profits, and in terms of income;
The quality of bank assets in the IV quarter of 2009 improved;
Bank has substantially i1000ncreased the net interest margin - the growth in the IV quarter amounted to 27 bp. And during 2010 the bank has every opportunity to increase the NIM by 25 bps;
Thanks to a significant increase in NIM showed a positive surprise and figure NII;
adequacy of bank capital has increased, most likely due to “narrow” bank balance;
we neutrally evaluate CMA prospects on the horizon of 12 months. The target price remains unchanged at $ 30 per share.
Commentary reporting bank PNC Financial
On the main figures of the bank accounts was better than expected, but the details of disappointing investors;
Despite the positive surprise on earnings, it was achieved through a one-time transaction, an exception which would have a nasty surprise;
Unlike most others, already-reporting banks, the quality of loan portfolio has not shown significant signs of improvement;
Thanks to the good work with problem debt has increased substantially the level of net interest margin, which allowed to show a positive surprise on the NII;
Indicators of capital adequacy, except for Tier 1 common ratio, at a relatively high level;
We appreciate the neutral perspective bank on the horizon of 12 months. Target price - $ 60 per share.
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