ProCredit Holding (PCB) reported Q320 profit after tax of €11.7m (down from €21.5m profit from continued operations in Q319), which was primarily due to higher loss provisions and lower net fee and commission income year-on-year (y-o-y) driven by the COVID-19 crisis. However, we note that both gross loan book and deposit base growth remain strong, while the year to date run-rate for PCB's cost of risk (56bp annualised) and its cost income ratio (66.5%) are slightly better than management's expectations. Furthermore, its net interest margin (NIM) remained stable vs Q220 at 2.9%, which together with the robust lending activity resulted in a net interest income close to Q319 levels (€50.8m vs €51.0m last year).Den vollständigen Artikel lesen ...