9th consecutive quarterly result
- with European banks beating analysts' consensus.
- 95% of banks delivered net results in line with or above consensus.
Strong growth in results compared to 2022
- Q1 23 vs. Q1 22: interest income up 35%
- 2023 vs. 2022: expected interest income growth of 20%; net income up 24%.
Results driven by a range of positive factors
- Better than expected interest income
- Commissions more resilient than expected
- No disappointment on costs
- No sign of asset quality deterioration: cost of risk down to 41bps, below 2023 expectations (55bps)
- Lower loan growth results in higher CET1 ratios (+20bps)
- Deposit bases ranged from -5% to +10% over the quarter with a median of -1%
Valuation
- Valuations that contrast with the sector's good performance