BBVA : Good set of Q2 figures but limited re-rating potential vs sector
>Neutral rating maintained – target price raised to € 6.3 (vs € 5.9) - The group reported net profit ahead of expectations (+72% vs cons), thanks to a better performance from the main P&L items (revenues +17% and loan-loss provisions -19% vs consensus), and confirmed its medium-term financial targets (RoTE 14% & C/I ratio 42% in 2024). Note that the quarter was marked by a negative one-off linked to the with the repurchase of branches in Spain from the Merlin real est...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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