BBVA : Début d’année 2023 solide
>Opinion Neutre réitérée – OC porté à 8.2 € (vs 7.7 €) - BBVA a publié un RN supérieur aux attentes (+11% vs cons), essentiellement drivé par des provisions inférieures (-8%) et une topline un peu meilleure (+2%) alors que les coûts étaient un peu au-dessus (+2%). Le groupe reste en phase avec ses objectifs financiers MT (RoTE 14% & ratio C/I 42% en 2024) même si nous ressortons un peu plus prudents (C/I ~44% 2024e). Nous ajustons à la hausse nos anticipations de RN 2...Banco Bilbao Vizcaya Argentaria is an international financial group, engaged primarily on providing banking services and consumer finance to private individuals and businesses in Spain and Portugal; providing real estate activity in Spain; providing services to international companies and investment banking, capital markets and treasury management services to clients; and providing the banking, insurance and pension businesses in Mexico and the U.S., as well as in South America.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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