The 20 largest banks in Europe by asset size received 103 billion euros of net profit in 2023 and this is a historical record. Bloomberg reports this.
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The increase in income is associated with an increase in interest rates. High profits had a positive impact on the price of shares of the largest banks – over the year they rose in price by 20%.
This year, banks will be able to maintain the dynamics of increasing profits, despite the expected reduction in base interest rates for the central banks of European countries, the agency believes .
Fee income will be the main driver of profit growth.
Bloomberg’s calculations did not include Swiss UBS Group AG, whose profit last year rose to $29 billion as a result of the acquisition of Credit Suisse.
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In 2022, the net profit of the largest European banks amounted to 78 billion euros.
