ProCredit Holding (PCB) continues to make good progress in building the scale of its loan book, with 7.2% growth in H125 at constant currency (on track to meet management's FY25 guidance of c 12%). In line with management's strategic objective, growth was supported by good momentum across all client segments and a continued high contribution from lower-volume clients (micro and small enterprises, and private clients) of more than 70%. Deposit growth was more constrained though at 1.5% (fx adjusted) in H125. While private client deposits exhibited robust growth, there was a slowdown in business deposits, possibly due to macroeconomic uncertainty. This was accompanied by continued slow downward repricing across PCB's broad deposit base and headwinds from asset repricing (including central bank deposits). Despite a levelling off in PCB's operating expenses (following a period of extensive investments to execute the company's updated strategy), this led to a 9.3% y-o-y decline in net profit in Q225 to €21.8m and, in turn, an annualised return on equity (ROE) of 8.3% in the quarter.Den vollständigen Artikel lesen ...
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