LONDON — It's Q2 earnings season for Europe's biggest banks.
Over the course of the next week or so, lenders from all across the continent will give investors, clients, and the media an update of how they got on during the first half of 2017.
On Thursday, Lloyds was the first major British lender to report, showing an increase in underlying profits of 8% to £4.49 billion, while statutory profits picked up 4% to £2.54 billion. That included the hit taken from one-off charges, including more than £1 billion in charges related to the misselling of PPI in the past.
However, on Friday morning, things ramped up a little with major lenders from the UK, France, Ireland, and Switzerland (as well as Japan), dropping their latest updates.
Earnings were somewhat mixed, so check out Business Insider's round-up below:
Barclays — Big losses thanks to PPI repayments
Barclays made an attributable loss of £1.4 billion in the second quarter, hit by increased PPI costs and losses resulting from the sale of its Africa unit.
Revenue fell 15% to £5.06 billion, while the bank's cost to income ratio rose to 72%, up from 71% in the same period last year.
In a statement, CEO Jess Staley said: "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."
Barclays' stock has hardly moved on the day, gaining around 0.4%.
BNP Paribas — Revenues and profits decline, but beat expectations
BNP Paribas, France's largest bank, beat forecasts on both the top and bottom line, despite seeing declines in both revenues and profits during the quarter.
Income was roughly €2.4 billion — a fall of 6.4% — but had been forecast by analysts at around €1.9 billion. Revenues fell 3% to €10.9 billion, having been expected to drop to €10.8 billion.
"BNP Paribas again delivered a very good performance this quarter. The revenues of the operating divisions were up thanks to the good business drive and operating expenses were down as a result of the implementation of the transformation plan. The cost of risk is under control and was down significantly," CEO Jean-Laurent Bonnafé said in a statement.
Credit Suisse — Rising profits in line with expectations
Swiss banking giant Credit Suisse reported on Friday that its second-quarter profit rose from a year earlier, as revenues increased slightly.
The bank posted net revenues of 10.7 billion Swiss francs in the first half of 2017, up 9% year on year. "We are now midway through the execution of our three-year strategic plan and our strategy is working: we are making good progress against our key objectives," CEO Tidjane Thiam said.
Investors reacted positively to the news, and CS' Zurich-traded shares have climbed strongly in early trade.
See the rest of the story at Business Insider