The difference is striking.
European banks, and in particular the Italian and Spanish ones (Santander, UniCredit, etc.), sparked last year thanks to the rise in interest rates which propelled their results to the top and boosted their profitability.
In these countries, establishments lend at variable rates, which means that the monthly payments paid by households for their property loan have been increasing for two years.
Conversely, French banks have not yet really benefited from the increase in the cost of money.
Certainly, their annual results were overall rather good: BNP Paribas, Crédit Agricole, Crédit Mutuel Alliance Fédérale, BPCE and Société Générale generated a total of nearly 28.5 billion euros in net income last year, 6 .5% more than in 2022.
But, in all these establishments, retail banking activities (personal banking, loans, etc.) continued to suffer from the very rapid rise in interest rates.
"France…
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