BBVA : Q4 2021 reassures on the operating front but capital a slight concern
>Outperform rating maintained – target price raised to € 6.9 (vs € 6.7) - BBVA reported better-than-expected profits (+29% vs cons), thanks to a lower CoR level (-2% vs cons), but particularly to a better showing from core revenues (+6% vs cons). All told, we have factored into our updated estimates: 1/ an approach that is broadly unchanged on the cost of risk trend but more favourable on BBVA’s capacity to manage its operating jaws (projected improvement in the outlo...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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