ProCredit Holding's (PCB) net income came in at a strong €20.7m in Q221 (versus €8.0m in Q220), translating into an annualised return on equity (ROE) of 10.2% (and 9.1% in H121). This was assisted by a favourable cost of risk development (with a net positive P&L impact of €0.9m), solid loan book growth (4.5% quarter-on-quarter in Q221) and stable year-on-year net interest margin (NIM) of 2.9%. Despite the improved FY21 earnings outlook (as illustrated by the increased management guidance), PCB's shares continue to trade at a considerable discount to its book value with a FY21e P/BV of 0.5x (based on our forecasts).Den vollständigen Artikel lesen ...