BBVA : Good Q3 2022 aided by the momentum of NII and a still low CoR
>Neutral opinion reiterated – Target price raised to € 7.0 (vs € 6.3) - The bank reported a net profit ahead of forecasts (+19% vs cons.) but with a fairly uneven mix on the main lines of the P&L (revenues +11%, costs +4% & loan-loss provisions +3% vs cons.), while remaining on track to meet medium-term financial targets (RoTE 14% & C.I ratio 42% in 2024). We are raising our 2022-24 net profit forecasts by 10% on average, in particular after a fresh improvement in the...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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