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Top 20 European banks by market cap, Q3'22

UniCredit SpA recorded the highest increase in market capitalization among large European banks in the third quarter, a period marked by persistent global inflationary pressures and market volatility.

Access an S&P Global Market Intelligence ranking of Middle East and Africa banks by market capitalization.

The market value of the Italian bank rose 12.11% to €21.15 billion in the three months to Sept. 30, making it the 15th largest bank in Europe by that measure, according to S&P Global Market Intelligence data.

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UniCredit recently signaled optimism about its revenue prospects amid the economic downturn, with CEO Andrea Orcel saying the bank would substantially upgrade its 2022 guidance when it reports its third-quarter results in October. The lender already raised its outlook in July, projecting full-year revenues, excluding Russia, of at least €16.7 billion.

UniCredit, which aims to distribute more than €16 billion to shareholders by 2024, recently kicked off its second buyback for 2022 for up to €1 billion, having completed an earlier tranche worth €1.58 billion.

In the red

HSBC Holdings PLC remained the largest European bank by market cap even after registering the steepest decline in the sample of 12.01%. U.K.-based peers Standard Chartered PLC, Barclays PLC, Lloyds Banking Group PLC and NatWest Group PLC also fell in value.

Shares in British banks took a dive in September after the new British government unveiled a radical economic plan to slash £45 billion in taxes and increase borrowing. The announcement, which came as U.K. inflation hovered around 10%, sparked mayhem on financial markets and sent the pound to historic lows, prompting the government to abandon proposals to scrap the 45% income tax for high earners, a key part of the tax-cut plan.

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Shares in Spanish banks also took a hit during the quarter after the Spanish government announced plans to raise a total of €3 billion in tax revenues from lenders' 2022 and 2023 earnings. In the third quarter, the market cap of Banco Santander SA dropped nearly 11%, while CaixaBank SA's dipped 0.18%.

The market value of UBS Group AG also fell significantly in the third quarter. The Swiss bank recently warned about growing client risk aversion — particularly in Europe and Asia — amid the global economic slowdown, Reuters reported.

It also suffered a setback in early September after the collapse of its planned $1.4 billion acquisition of U.S. robo-adviser Wealthfront Corp., which was expected to fast-track its plans to penetrate the mass affluent market in the U.S.