Alberni, Marta

State guarantees and latent non-performance

1 junio 2022

Spain´s public guarantee scheme has served to ease the effects of the pandemic and now
of the war on the country´s business segment, thus containing the materialisation of nonperforming
loans. Going forward, while a potential increase in the incidence of business
non-performance is expected in the near-term, the increase in NPL coverage should be
mitigated by the strong provisioning efforts of the banks, together with their limited exposure
thanks to the state guarantee scheme.

Los avales y la morosidad bancaria latente

26 mayo 2022

En este artículo se analiza el papel desempeñado por los avales en la contención de efectos de la guerra en Ucrania, así como una estimación del deterioro latente en las operaciones avaladas, que puede actuar como indicador adelantado de la morosidad a aflorar en el siguiente ejercicio.

Cost of equity for Spanish and European banks

6 abril 2022

The banks’ earnings recovery in 2021, and the prospect of rate normalisation in the relatively near future, drove significant growth in the Spanish and European banks’ share prices up until the outbreak of the crisis between Russia and Ukraine injected fresh market volatility. Nevertheless, the perception remains that the banks’ return on equity (ROE) does not sufficiently cover the estimated cost the market attributes to that capital (COE); however, if recent favourable ROE performance is sustainable over time, there could be significant room for upside in bank stock valuations.

Coste de capital en la banca española y europea

31 marzo 2022

El artículo lleva a cabo una estimación del coste de capital, mediante el contraste entre la rentabilidad obtenida en 2021 y las valoraciones en mercado.