DBRS Morningstar has published a commentary analysing Capital Market Revenues at European firms in Q2. Key highlights include: • Capital Markets revenues at European Firms were weaker in Q2 2023 both annually and sequentially, largely driven by lower Equity and Fixed Income Sales & Trading. • However, we consider these revenues as resilient as they were down from a strong quarter a year ago. • Debt underwriting revenues continued to show some recovery albeit still muted. “For the remaining...
The commentary analyses the H1 2023 results for the five major Italian banks: Intesa Sanpaolo, UniCredit, Banco BPM, BPER, and Banca MPS. Summary highlights from the commentary include: • Italian banks reported an aggregate net profit of EUR 5.7 billion in Q2 2023, up 20% YOY or up 60% YOY excluding provisions for Russia and the badwill from BPER's acquisition of Banca Carige in Q2 2022. For H1 2023, aggregate net profit was around EUR 10.5 billion, up 64% YOY or up 56% YOY excluding the ...
Deutsche Bank (DB or the Bank) reported Q2 2023 results with a number of moving parts. Pre-tax profit of EUR 1.4 billion was down by 9% Year-on-Year (YOY) due to EUR 655 million of litigation and restructuring costs. Excluding these costs, pre-tax profit would have been up by 25% YOY, driven by strong revenues at the Corporate Bank and the Private Bank, partly offset by weaker Investment Banking and Asset Management results.
DBRS Morningstar has released a commentary discussing the results of the latest stress test on the large UK banks published by the Bank of England (BoE). • This is the first cyclical scenario carried out by the BoE since 2019. We note that overall the 2022/23 stress test assumptions are broadly similar to the 2019 exercise and the Global Financial Crisis although generally tougher than current macroeconomic conditions. • The large UK banks demonstrated resilient results with all banks report...
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