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    Sofie Peterzens

    Research Analyst at JPMorgan Chase & Co.

    Sofie Peterzens is an Executive Director and Senior Equity Analyst at J.P. Morgan, specializing in coverage of European banks and the broader general sector. She covers 21 companies across her specialty, analyzing leading institutions and providing research populated in high-profile investment reports. Peterzens has demonstrated notable performance, including top calls such as a buy rating on SAB generating a 77.9% return, and maintains a success rate of 33.96% with variability in reported returns. Her career at J.P. Morgan Securities plc has spanned several years, with industry expertise documented at least since 2016, following prior roles within equity research. She holds advanced professional credentials required for her position, including FCA and FINRA registrations, supporting her recognized standing in European financial analysis.

    Sofie Peterzens's questions to CaixaBank/ADR (CAIXY) leadership

    Sofie Peterzens's questions to CaixaBank/ADR (CAIXY) leadership • Q1 2025

    Question

    Sofie Peterzens of JPMorgan Chase & Co. asked about the outlook for fee income amid recent market volatility and questioned the intensity of mortgage competition in Spain and CaixaBank's participation.

    Answer

    Gonzalo Gortázar Rotaeche (executive) confirmed that mortgage competition is very intense, but CaixaBank competes while ensuring overall client relationships remain profitable, even if standalone mortgage margins are tight. Javier Pano Riera (executive) added that the fee income quarter was strong, and while market corrections in April have had a minor impact on AUMs, the company would have considered upgrading its guidance if not for the volatility. He noted strong momentum in protection insurance and CIB fees.

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    Sofie Peterzens's questions to CaixaBank/ADR (CAIXY) leadership • Q2 2024

    Question

    Sofie Peterzens of JPMorgan Chase & Co. inquired about the drivers behind the recent decline in lending rates, the source of market share gains, and how the bank will ensure it can meet its remaining EUR 3.3 billion shareholder remuneration target given its current capital level.

    Answer

    CEO Gonzalo Gortázar explained that market share gains are broad-based and reflect a return to the bank's organic growth DNA, not targeting a specific competitor. He affirmed confidence in meeting the remuneration goal through accruals and profit generation. CFO Javier Pano attributed the lending rate decline to repricing from lower market rates and the impact of new fixed-rate mortgage production in an inverted yield curve environment.

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    Sofie Peterzens's questions to CaixaBank/ADR (CAIXY) leadership • Q2 2024

    Question

    Sofie Peterzens of JPMorgan Chase & Co. inquired about the drivers of the 3 basis point decline in lending rates, the source of market share gains, and how the bank will ensure it has sufficient Core Equity Tier 1 (CET1) capital to deliver its EUR 3.3 billion shareholder remuneration target.

    Answer

    CEO Gonzalo Gortázar explained that market share gains are broad-based and reflect the bank's historical DNA of organic growth, rather than targeting a specific competitor. He affirmed confidence in meeting the remuneration target through strong profitability and capital generation. CFO Javier Pano added that the lending rate decline is expected, due to repricing on lower market rates and a higher mix of new, lower-yield fixed-rate mortgages.

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    Sofie Peterzens's questions to CaixaBank/ADR (CAIXY) leadership • Q1 2024

    Question

    Sofie Peterzens asked about the bank's view on inorganic growth opportunities versus share buybacks and what to expect from the upcoming Investor Day in November, questioning if it would be revolutionary or an evolution of the current strategy.

    Answer

    CEO Gonzalo Gortázar emphasized that the bank's focus is on organic growth and that M&A is not being actively pursued, viewing past deals as rare opportunities. He described the upcoming Investor Day as an 'evolution, not a revolution,' centered on leveraging the current business model for more organic growth rather than a dramatic strategic shift.

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    Sofie Peterzens's questions to CaixaBank/ADR (CAIXY) leadership • Q4 2023

    Question

    Asked for clarification on the Euribor rate assumption for NII guidance, details on the bank's hedging strategy, and the rationale behind introducing an interim dividend alongside share buybacks.

    Answer

    The Euribor assumption is an average for 2024 based on the year-end curve. The bank has existing hedges but made no new ones in Q4, though it may use more derivatives in the future. The interim dividend was introduced to split the large payout into two, separate from the strategy of conducting more frequent, smaller share buybacks to return excess capital.

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    Sofie Peterzens's questions to Banco Santander (SAN) leadership

    Sofie Peterzens's questions to Banco Santander (SAN) leadership • Q1 2025

    Question

    Sofie Peterzens inquired about the net interest income (NII) outlook for Santander's core markets and the bank's strategy regarding potential asset disposals, specifically referencing discussions around its Polish subsidiary.

    Answer

    Executive Hector Blas Grisi Checa confirmed discussions for a potential sale of a 49% stake in Santander Polska but declined to offer more details. He reiterated confidence in the group's 16.5% ROTE target and stated the NII guidance remains intact despite lower rate expectations. CFO José Antonio García Cantera added that the bank has successfully reduced its NII sensitivity to interest rate changes.

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    Sofie Peterzens's questions to Banco Santander (SAN) leadership • Q1 2024

    Question

    Sofie Peterzens of JPMorgan Chase & Co. questioned the feasibility of the flat cost guidance for 2024 given the Q1 increase. She also asked for an update on interest rate sensitivity for core markets and inquired about the progress towards the 75 million new customer target set at the Investor Day.

    Answer

    CEO Héctor Grisi explained that while growing customers, the bank is also cleaning its customer base. On costs, he reiterated the target of a cost-to-income ratio below 43% for the year, driven by simplification and automation from the One Transformation program. CFO José García Cantera detailed rate sensitivities, noting a significant reduction in euro sensitivity due to hedging actions in Spain.

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    Sofie Peterzens's questions to Banco Santander (SAN) leadership • Q3 2023

    Question

    Asked for details on deposit betas in Spain, the U.K., U.S., and Portugal. Also questioned the low U.S. tax rate in the quarter and any future capital headwinds.

    Answer

    Executives provided specific deposit beta figures: Spain at 13% (ex-CIB), U.K. at 35%, Portugal at 9%, and the U.S. at 32%. They expect gradual increases. The low U.S. tax rate was attributed to benefits from electric vehicle leasing, which may continue. The main capital headwind identified is the final Basel III implementation, with an expected impact of 50-55 basis points when fully loaded.

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    Sofie Peterzens's questions to BANCO BILBAO VIZCAYA ARGENTARIA (BBVA) leadership

    Sofie Peterzens's questions to BANCO BILBAO VIZCAYA ARGENTARIA (BBVA) leadership • Q1 2025

    Question

    Sofie Peterzens of JPMorgan Chase & Co. asked for details on BBVA's FX hedging policies for both capital and P&L, specifically for Mexico and Turkey. She also inquired about the drivers behind the strong performance in the 'Rest of Businesses' segment and whether more details on Italy would be provided.

    Answer

    CEO Onur Genç provided specific hedging levels, noting they hedge 60-70% of excess capital and 40-50% of expected 12-month profit, with current levels at 56% (capital) and 62% (P&L) for Mexico, and lower for Turkey due to hedging costs. CFO Maria Gomez Bravo attributed the 'Rest of Businesses' strength to the CIB business in Europe and the U.S., driven by recurring client activity in investment banking and project finance, and expects its contribution to continue growing.

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    Sofie Peterzens's questions to BANCO BILBAO VIZCAYA ARGENTARIA (BBVA) leadership • Q1 2025

    Question

    Sofie Peterzens from JPMorgan Chase & Co. asked for a reminder of BBVA's FX hedging policies for both capital and P&L, particularly for Mexico and Turkey. She also requested more detail on the drivers behind the strong performance in the 'Rest of Businesses' segment.

    Answer

    CEO Onur Genç detailed the hedging policy: 60-70% of excess capital and 40-50% of the next 12-month profit. He provided current hedge levels for Mexico (56% capital, 62% P&L) and Turkey (24% capital, 30% P&L), noting Turkey's was lower due to cost. CFO Maria Gomez Bravo explained that the 'Rest of Businesses' strength comes from CIB activity in Europe, the UK, Asia, and New York, driven by strong loan growth (23% YoY), fees from investment banking, and recurring client activity in Global Markets.

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