BID - Q3 validates turnaround in operations; Reiterate BUY - Earnings Flash
Summary – BID released Q3 2017 results with a robust core business performance. The bank undertook very aggressive and prudent provisioning to continue resolving its legacy NPL problem. NIM continued to expand to 3.32% in Q3 2017 (+55 bps Q-o-Q and +47 bps Y-o-Y) as asset yields continued to rise while funding costs fell. BID’s loan growth (14% YTD) was pretty much at the same pace as its deposit base growth (13% YTD).