European banks have recently reported their first half of 2024 and Q2 2024 earnings, with Deutsche Bank, BNP Paribas, Banco Santander, Lloyds, and UniCredit among those updating investors. While Deutsche Bank’s profits were somewhat lagging, BNP Paribas and Santander posted better-than-expected results.
Deutsche Bank reported a moderately robust performance in the first half of the year, with profit before tax coming in at €2.4bn. However, there was a slight decrease compared to H1 2023, which was attributed to a Postbank provision. On the other hand, BNP Paribas reported strong earnings in Q2 2024, particularly in areas like equity trading and prime brokerage services, although its retail business saw weaknesses due to a plunge in net interest income.
Banco Santander reported a surge in attributable profit of 16% from H1 2023, driven mainly by growth in net interest income and an increase in the number of customers. Revenue also saw a significant jump to a record of €31.05bn. UniCredit saw its net profit increase 5% from the previous quarter, meeting or exceeding market expectations for Q2 2024.
Overall, these major European banks have shown various levels of performance in the first half of 2024, with some banks outperforming expectations while others faced challenges. The banks continue to navigate economic cycles and implement strategies to maintain growth and profitability as they move forward in the year.
Source
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