Bankinter S.A. - Santander, Sabadell, Bankia, BBVA, Caixabank y Liberbank (SAN, BBVA, CABK, BKIA, LBK, SAB) The Spanish banks 2Q17 results: Surfing the low revenue generation

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Bankinter S.A.

The Spanish banks 2Q17 results: Surfing the low revenue generation

We expect that Spanish banks will post €3.7bn in 2Q17e aggregated net profit, implying a +16.2% increase yoy. Operating trends will be similar to those of 1Q17: (a) weak net interest margin, (b) positive evolution of fee income, (c) cost control and (d) asset quality improvement. As we do not expect major surprises, the focus of this reporting season will be (a) the impact on capital of the first implementation of IFRS 9 and (b) the update of the two consolidation processes agreed this quarter: Santander–Popular and Bankia–BMN.

25/07/2017 22 EN

Underlying

Santander, Sabadell, Bankia, BBVA, Caixabank y Liberbank

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Spain

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Bankinter S.A.

Bankinter S.A. is a Spanish brokerage firm established in 1989. The company's line of business includes the provision of market research and trading services for Equity and Fixed Income products.

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The Spanish banks 2Q17 results: Surfing the low revenue generation

Reig Jofre: EBITDA maintains its growth in 1H20 (+40%) driven by sales (+25%) and cost efficiencies

Reig Jofre: EBITDA increased +43% in 1Q20 fuelled by sales (+26%) and a higher EBITDA margin

Reig Jofre: EBITDA (adj.) +17% in 2019 and guidance is 2x in a five-year plan

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