1517 GMT - The performance of BBVA and Santander's main profit drivers lead Jefferies to lift its profit estimates for both banks, the brokerage says in a research note. "The upgrades are driven by resilient profitability in Spain, a constructive view on Mexico despite the noise, higher contribution from Turkey at BBVA, and an improvement in profitability at Santander US on the back of lower funding costs, [operating expenses] and asset quality dynamics," analysts write. Both groups will be able to return one third of their current market capitalization to shareholders over the next two years, compared with the average 27% for European banks, they note. BBVA shares have risen 34% since the start of the year while Santander's are up 36%, and both and have more room to go, Jefferies says. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
February 25, 2025 10:17 ET (15:17 GMT)
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