BBVA : Solid start to 2023
>Neutral opinion reiterated – target price raised to € 8.2 (vs € 7.7) - BBVA has reported net profit ahead of forecasts (+11% vs cons), mainly driven by lower provisions (-8%) and a slightly better top line (+2%), as costs were a touch higher (+2%). The group remains on track to meet its medium-term financial targets (RoTE of 14% & C/I ratio of 42% in 2024), even though we are a little more conservative (C/I ~44% 2024e). We are raising our 2023-2025 net profit forecas...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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