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EIB - 4Q earnings went amiss due to poor core activities - Earnings Flash

EIB released consolidated earnings results for 2012 on Feb 18th. For the full year of 2012, all core activities underperformed vs. 2011 and were below our forecast. Unlike other banks, EIB booked lower provisions than in 2011. EIB is now trading at a PBR of 1.3x, lower than its peer average of 1.5x. Given that we currently see no visible upside catalyst for this bank, we rate EIB as a HOLD.