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    Azzurra Guelfi

    Research Analyst at Citigroup

    Azzurra Guelfi is an Equity Research Analyst at Citigroup, specializing in European banking sector research with coverage of major institutions such as UniCredit, Natixis, and Societe Generale. She has been responsible for providing in-depth analysis and recommendations for these companies, including high-profile calls like the downgrade of Societe Generale with detailed price targets. With a career at Citi dating back to 2004, Guelfi has established herself as a longstanding analyst in the European financials space, though there is no public data available on TipRanks rankings or specific performance metrics. Her professional background is anchored by extensive sector expertise and tenure at Citigroup, but there is no verifiable information on FINRA registrations or additional securities licenses.

    Azzurra Guelfi's questions to CREDIT AGRICOLE S A (CRARY) leadership

    Azzurra Guelfi's questions to CREDIT AGRICOLE S A (CRARY) leadership • Q1 2024

    Question

    Azzurra Guelfi questioned if the upgraded 2024 net profit target of 'above €6 billion' was conservative given the strong Q1 results and acquisition benefits. She also asked for the outlook on French retail Net Interest Income (NII) amid margin pressures.

    Answer

    Executive Jerome Grivet stated that while the target might seem conservative, the company is sticking to the 'above €6 billion' guidance for 2024, which is already one year ahead of the original plan. He noted potential headwinds and integration costs. For French retail NII, he explained the Q1 decline was due to subdued new loan production, a slight increase in liability costs, and fewer days in the quarter, leading to a prudent outlook for the rest of the year.

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    Azzurra Guelfi's questions to BNPQY leadership

    Azzurra Guelfi's questions to BNPQY leadership • Q1 2024

    Question

    Inquired about French retail, asking for the outlook on NII margin development and fee momentum. Also asked if the Q1 PBT for Personal Finance is the new base for future growth, and requested details on the 15 basis point capital impact from model changes.

    Answer

    In French retail, margins are holding well and volumes may pick up in the summer. For Personal Finance, the division is on a trajectory to return to pre-crisis profit levels, with Q1 being a step in that direction. The capital impact is from updating models in anticipation of upcoming CRR 3 regulations.

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    Azzurra Guelfi's questions to BNPQY leadership • Q3 2023

    Question

    Asked about the sustainability of results in the Security Services business, the performance of COVID-era guaranteed loans, and the potential to expand the new digital division across the entire European franchise.

    Answer

    The executive explained that Security Services has a diversified model where lower rates would likely be offset by higher transaction volumes. There is no difference seen in the asset quality of guaranteed loans versus others. The rollout of the digital division to other countries will be done opportunistically based on the competitive environment.

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