j.p.摩根-jpmorgan-拉美股市-银行业概览和2017q2预览-2017.7-latin american banks overview of the sector and previewing 2q17

《j.p.摩根-jpmorgan-拉美股市-银行业概览和2017q2预览-2017.7-latin american banks overview of the sector and previewing 2q17》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、Completed16Jul201711:07PMEDTDisseminated16Jul201711:07PMEDTLatinAmericaEquityResearch16July2017LatinAmericanBanksOverviewoftheSectorandPreviewing2Q17ThisquarterweexpectdifferentdynamicstounfoldacrossthedifferentbankingLatinAmericanFinancialssystemsinLatAm.InBrazil,weareconcerned

2、thattoplineweaknessmaystartACDomingosFalavinapointingtocompromisedearningsgrowthin2018,asNIMscompressandloan(1-212)622-3602booksdon’texpand.InMexicotheoppositeshouldhappen,Banorteanddomingos.falavina@jpmorgan.comSantanderMexicoarelikelytocontinueenjoyingmarginimprovementsastheir

3、BloombergJPMAFALAVINAloanportfoliocontinuestorepricewithhigherlocalrates.InPeru,againweJ.P.MorganSecuritiesLLCexpectsomeloangrowthdecelerationbutalsosomegoodnewswithloweffectsYuriRFernandesofElNiño.MonthlybankdataforChileindicatesSantanderChiletobebattinga(55-11)4950-3711tho

4、usand,BCHalreadyreportedsummarizedearningsandlookslikeasolidyuri.r.fernandes@jpmorgan.comquarter.InColombiaquestionsremainonassetqualitytrendsfortheshorttermBancoJ.P.MorganS.A.andmargintrendsinthelongterm.ThesearesomeofthetopicstobeaddressedGustavoLoboin2Q17.(55-11)4950-2901gust

5、avo.lobo@jpmorgan.comInBrazil–WehavejustbecomemorecautiousonBrazilianBanksduetoBancoJ.P.MorganS.A.concernsoverNIIgrowthin2018.For2Q17weexpectBradescotoprinttheGuilhermeGrespanbetterresults,asassetqualityshouldstartshowinglateimprovements.Forlong(55-11)4950-3058term,wecontinueto

6、haveapreferenceforItausaoverbanks,duetodivyield.guilherme.grespan@jpmorgan.comBancoJ.P.MorganS.A.InMexico–CNBVfiguresforApril-MayarepointingtoagoodquarterforSanMex(helpedbytradingandlowertax)andvirtuallyinlinewithourTable1:EarningsReleaseDatesestimatesforBanorte.WebelieveGenter

7、ashouldhaveachallenging(buthighlyCompanyDatesexpected-link)quarterandwefine-tuneourestimatesforBanregio.OverallweBanorte20-JulAMCremainoptimisticwithearningstrendsinMexico.Bladex21-JulBMOInChile–Weexpectabold2Q17forChileanbanks.WithSBIFdataoutforBanregio24-JulAMCApril/Maywedeci

8、dedtoreviewourSanChile2Q17earningsestimates.WeB