BBVA : Solid end to 2023 and prospects for 2024 and the medium term
>Outperform rating reiterated – Target price lifted to € 11.7 (vs € 10.8) - BBVA reported Q4 2023 net profit of € 2.06bn (+5% vs css), driven by almost in-line growth in revenues (+2% vs css, but an uneven mix with -7% on NII, +9% on commissions and +77% on trading), costs (-1% vs css) and loan-loss provisions (+3% vs css). The group is confident in its guidance for 2024 (net profit > 2023 and a 'high teens' RoTE), against a backdrop of continued robust momentum in th...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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