Nine Takeaways From European Banks’ Results And The Future Role Of Central Bank Refinancings

Mid-year results from European banks indicate most remain confident about their earnings 2024-2025, but net interest margins and operating expenses are increasingly coming into focus. We see nine key takeaways from their recent results reports, and we’re closely watching the future development of their pre-provision earnings, an area of potential divergence across banks in our base-case scenario.  
     
European central banks have communicated their intention to maintain ample central bank reserves and to mainly use standard bank refinancing operations to deploy these reserves in the banking system. This means that central banks could play a central role in European banks’ funding and liquidity plans on a permanent basis, though operational challenges and the potential stigma attached to use central bank facilities would need to be overcome. 
      
Please join S&P Global Ratings’ senior European analysts for a live interactive webinar on Tuesday, September 17, 2024 at 2:30 p.m. BST / 3:30 p.m. CEST, to discuss these topics and address your questions.
             
Speakers:
Nicolas Charnay, Managing Director and Sector Lead, European Financial Institutions
Giles Edwards, Managing Director and Sector Lead, European Financial Institutions
Richard Barnes, Senior Director and Lead Analyst, European Financial Institutions
Elena Iparraguirre, Director and Lead Analyst, European Financial Institutions
Anna Lozmann, Director and Lead Analyst, European Financial Institutions
Mirko Sanna, Director and Lead Analyst, European Financial Institutions
Anastasia Turdyeva, Director and Lead Analyst, European Financial Institutions
    
Moderator:
Salla von Steinaecker, Director & Lead Analyst, European Financial Institutions
              
We invite you to submit your questions early via the registration page to allow greater scope for them to be addressed by our speakers. You are also welcome to submit questions live during the webinar.