(CercleFinance.com) – Crédit Agricole SA will publish its results for the second quarter of 2023 on August 4.
Oddo BHF expects revenues of 5,891 ME, down 6.9% compared to a very high base in the 2nd quarter of 2022 with very high revenues in Large Customers. ‘Our forecast is close to the consensus (5,911 ME)’.
‘ By business line, we forecast: 1/ a 2.0% increase in asset gathering revenues, 2/ a 7.8% drop in retail banking revenues in France (LCL) 3/ a sharp rise (+19.4%) in revenues in international retail banking 4/ a 5.2% increase in revenues from specialized financial services; 5/ a 9.5% drop in revenues in Large Customers’ indicates Oddo BHF.
‘We expect costs to fall by 4.3%, which leads us to forecast gross operating income of 2,579 ME (-10.1%), marginally higher than the consensus (2,561 ME)’ indicates Oddo BHF.
‘ In total, we are thus forecasting an operating result of 2,093 ME (-21.5%) in Q2 2023, very slightly higher than the consensus (2,064 ME, -22.6%). We are expecting a net result of 1,428 ME (-27.7%) also very slightly above the consensus (1,391 ME, -29.6%) ‘ adds the analysis office.
Oddo BHF reiterates its outperformance advice on the stock, with a price target of €13.6.
‘ The current level of valuation of the share does not reflect the quality of the group’s business mix and in particular its strong exposure to insurance and AM, which generate strong profitability and retain attractive growth potential in the medium/long term. ‘ explains the analyst.
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