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Euro Banks Report Q2 Earnings

July 29, 2017


CREDIT SUISSE.    Q2 net profits rose 78% to $313 million, on revenues of $5.4 billion - both figures in line with expectations. The growth fueled largely wealth management, which achieved record levels of assets under management. CEO Tidjane Thiam, who was tasked with overhauling the bank and reducing its exposure to market movements, said that the bank's 3-year restructuring program (now entering the 2nd phase) is starting to pay off.


UBS GROUP.    Q2 net profits rose 14% to $1.2 billion, on revenues of $7.3 billion - both figures in line with expecctations. CEO Ermotti said he was "very happy" with the bank's overall business mix, although geopolitical uncertainty was likely to put the most pressure on investors and clients in the near term. He added: "We are highly concentrated of course in the FX (foreign exchange), we are one of the leaders in the FX business and volatility levels on all major currencies has been extremely low so we are suffering on that side." 


BARCLAYS.    Q2 losses of $1.8 billion on $6.6 billion in revenues. Analysts expected profits of $950 million on $6.9 billion in revenues. Barclays took a $2.3 billion hit on the sale of a 33% stake in its African operations. Of course, CEO Jes Staley issued this uplifting statement: "Our business is now radically simplified, the restructuring is complete, our capital ratio is within our end-state target range, and while we are also working to put conduct issues behind us, we can now focus on what matters most to our shareholders: improving group returns." 


DEUTSCHE BANK.   Q2 net profits of $543 million on $7.7 billion in revenues. Analysts expected profits of only $318 million, though on revenues of $8.4 billion - so DB's earnings surprise came with disappointing revenue numbers. While the results were an improvement on last year, CEO John Cryan said they were not good enough:  "(The results) give a good summary of where we stand today. Profitability is significantly better than a year ago. We made good progress in bringing costs down and continued to attract net money inflows from clients."