0854 GMT - European banks continued to surprise with their fourth-quarter revenue and preprovision profit beating estimates and confirming the sector's earnings momentum, Jefferies says in a research note. The pretax profit of the 28 lenders in the broker's coverage surpassed market estimates by around 5% thanks to higher income, in-line provisions and despite slightly higher costs, analysts write. They note that consensus might have had become too bearish on net interest income after a third-quarter sector miss. The analysts flagged that the sector beat pretax profit views for no less than 18 quarters in a row, but that the overperformance had decelerated against Q2 and Q3 of 2024. The Stoxx 600 banking subindex has gained 18% since the start of the year.(elena.vardon@wsj.com)
(END) Dow Jones Newswires
February 24, 2025 03:56 ET (08:56 GMT)
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