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BID - Deterioration in NPAT saved by strong core business - Earnings Flash

Summary – BID released Q2 2017 results with improvement in important ratios, such as NIM and CIR, but a sharp reduction in NPAT due to a loss in equity investments. We do not foresee any change to our BUY rating for BID. 1./ NIM – BID’s NIM has expanded from 2.1% in Q2 2016 and 2.75% in Q1 2017 to 2.81% in Q2 2017 thanks to strong growth in net interest income (5.8% Q-o-Q). 2./ Asset yields – Asset yields rose by 100 bps Y-o-Y and 30 bps Q-o-Q to reach 7.43% in Q2 2017, thanks to a deep focus