Eurozone banks had a strong earnings season with some raising full-year forecasts

From Morningstar: 2024-08-14 07:03:00

Eurozone banks had a solid half-year earnings season, with some raising full-year forecasts. Banking stocks are ranked by capitalisation. Morningstar Key Metrics show BNP Paribas as a top pick with a 26% discount to fair value. Banco Santander reported a 20% increase in profit, with a strong performance in Brazil and Spain. Intesa Sanpaolo’s exceptional results include a record net income of 12%. UniCredit achieved another quarter of record results with low cost/income ratio. BBVA reported an excellent second quarter, outperforming analyst expectations with an increase in revenue guidance. ING Group exceeded consensus estimates with a 10% increase in net profit. Deutsche Bank was affected by litigation charges, but had a decent quarter. ABN Amro reported stable earnings, primarily due to releases from loan-loss provisions. CEO Robert Swaak’s departure is not expected to change the bank’s strategy.



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