1129 GMT - European banks reported an aggregate 8% pretax profit beat in their third-quarter results, Jefferies says in a research note, reviewing the 32 lenders in its coverage. Stronger revenue drove results, while lower provisions and costs also provided support, analysts say. While net interest income slightly missed views on average, income from fees, commissions and trading continued to surprise positively, they say. "European banks have now outperformed consensus expectations for no less than 17 quarters in a row," the analysts say. This confirms the sector's earning momentum. The Stoxx Europe 600 banking index has gained 21% year to date. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
November 14, 2024 06:29 ET (11:29 GMT)
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