(Image: iStock/Tarcisio Schnaider)
A XP met with investors to understand the sentiment of the financial sector. The impressions were good. After all, with the bet on a rise in Selicthere is nothing better than being positioned in some bank.
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“Banks are seen as a safe haven amid rising interest rates and falling interest rates. default“, said the broker.
Despite this, XP highlights that there are certain points of concern with the Bank of Brazil (BBAS3). Unlike other years, the stock is not performing stellarly this year. On the contrary: it has accumulated a drop of 0.51%, that is, it has moved sideways.
“Doubts persist about the Patagonia Bankthe Argentine operation. At the same time, we have noticed a slight increase in concerns about defaults and their impact on provisions,” he says.
The Argentine bank was one of those responsible for the surge in profits, but part of the market believes that the effects are one-off and not recurring. In the case of defaults, there is particular concern about the agricultural sector, the bank's strongest segment.
In the latest balance sheet, BB increased provisions amid the worsening scenario.
On the other hand, investors were surprised by the bank's ability to maintain a ROE (return on equity) very healthy.
“Finally, we note that investors agree that the multiple remains discounted relative to peers, but do not see a trigger for a multiple expansion,” says XP.