"Открытие Капитал": "NOMOS Bank": stronger core revenues but pressing costs // ПОКУПАТЬ
7 сентября 2011 года
NOMOS Bank’s 2Q11 IFRS results revealed a solid improvement in all of its core business lines, with loans growing 14% YtD, NIM expanding from 5,1% to 5,3% in 1Q11, and fees income growing 29% QoQ. The one disappointment came from the 31% QoQ growth on the cost side, which was partially explained by one-offs. We adjust our forecasts with a better outlook on NIM, but also with higher costs. The impact of our adjustments on our 2011-13E net profit is +3% on average. We also increase our target price from $20,3 to $21/GDR, maintaining our BUY rating.
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