Announcements
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18/9/2023 Research EN
SG strategy update: it doesn’t have to be fancy
We view Société Générale’s strategy update as a realistic and comprehensive focus on the group’s existing challenges. It lacks big surprises because some of the target metrics are just the ones to be expected today from a leading European bank.

12/9/2023 Research EN
The Wide Angle: Digital payments revolution threatens banks’ comfort zone
The digital payments revolution suggests that banks, particularly slow technology adapters, will face growing challenges to their role. The surging presence of non-bank Payment Institutions represents a rising problem for ill-prepared incumbent banks.

4/9/2023 Research EN
Government proposal could inflict significant collateral damage on Italian NPL market
Italian government proposal AC 843, aimed at supporting borrowers in financial difficulty by giving them the option to buy back exposures already sold to third parties through ABS or loan disposals, has created significant turbulence in the NPL market.

30/8/2023 Research EN
Norwegian banks: material CRE exposure manageable despite pressures
Norwegian bank asset quality is underpinned by a resilient and wealthy economy and a high proportion of residential mortgages with low default rates. Commercial real estate accounts for almost half of corporate lending but this should be manageable.

10/8/2023 Research EN
Spanish Bank Quarterly: earnings solid but limited room for growth from here
Spanish bank earnings continued to improve in Q2, driven by margin expansion and low credit impairments. Liquidity and funding metrics confirm the strength of balance sheets. We see limited room for further improvements from here, though.

9/8/2023 Research EN
Italian Bank Quarterly: record Q2 results will be hard to repeat as windfall tax looms
The positive momentum for Italian banks continued in Q2, resulting in an excellent set of results, driven mainly by wider interest margins and low loan-loss provisions. But the proposed windfall tax will curtail profitability in the second half.