Research by R&S (Mediobanca) on international banks is a veritable mine of information but also a severe judge of the performance of individual institutions. Here is what emerges from the 2010 financial year with reference to the main European and Italian banks.
With reference to individual European R&D institutes, he reports in 2010:
– those that achieved the highest trading profits (European average 12,6%): Crédit Suisse (32,8%), Barcalys (26,5%), UBS (23,7%) and SocGen (20,2% ); the contribution for the major Italian institutes was modest (1,3%/1,4%);
– those that recorded the highest write-downs (European average 18,3%): Lloyds (44%), RBS (35,9%), Danske Bank (30,2%) and Unicredit (25,9%); the average of Italian institutions is 21,6%, with lower values for Intesa Sanpaolo (16,7%);
– those with the highest cost/income ratio (European average 62,5%): Deutsche Bank (81,6%), UBS (77,9%), Credit Suisse (76,4%) and Crédit Agricole ( 74,3%); in line with the European average Unicredit (65,8%) and Intesa (64,7%); the values of the Spanish banks were contained: BBVA 46,7%, BSCH 45,9%;
– those with the highest roe (European average: 7,2%): UBS (19,2%), Crédit Suisse (18,1%), BBVA (14,7%), BSCH and Nordea (both at 12,2. 3,6%); negative Lloyds and RBS; average value of Italian institutions (XNUMX%) equal to half the European average;
– those with the highest leverage (European average 27,5x): Dexia (66,8x), Deutsche Bank (54,3x) and Crédit Agricole SA (50x); the lowest values are recorded by Rabobank (17,5x), BBVA (18,5x) and HSBC (19,2x); the average for Italian institutions is equal to 21,5x;
– those with the highest incidence of doubtful loans on tangible equity (European average 29,4%): Lloyds BG (92,8%), Unicredit (81,5%), Intesa Sanpaolo (65,4%), and Commerzbank (49,8%); the average for Italian banks is 81,6%, Intesa Sanpaolo is 65,4%;
– those with the highest core tier1 (European average 10,2%): UBS (15,3%), Rabobank (14,2%), Crédit Suisse (12,2%) and Dexia (12,1%); the average of Italian institutions was 10,2% (before the 2011 recapitalisations);
– those with the lowest weighted assets to total assets ratio (European average 32,3%): UBS (15,1%), Deutsche Bank (18,2%), Crédit Suisse (21,2%) and Crédit Agricole ( 23,3%); the values of Italian (Intesa Sanpaolo 50,4%, Unicredit 48,9%) and Spanish (BSCH 49,7% and BBVA 56,7%) institutions were high;
– those with the highest incidence of assets at fair value on tangible equity (European average 11,9x): Deutsche Bank (33,4x), Crédit Agricole SA (21,1x), Danske Bank (20,8x) and Crédit Suisse (17,1x); the values of Italian (Intesa Sanpaolo 6,2x, Unicredit 5,1x) and Spanish (BBVA 4,3x and BSCH 5,2x) institutions are contained; the major Italian banks account for around half of the European panel;
– those with a higher incidence of “Level 3” assets on tangible equity (European average 41,8%): Dexia
(618,8%), Deutsche Bank (134,1%), Crédit Suisse (122,9%) and UBS (58,3%); Intesa Sanpaolo is at 12,4%, on values double Unicredit (24,8%);
– those with the highest incidence of “Level 1” assets on assets at fair value (European average 32,6%): Intesa Sanpaolo (60,9%), BBVA (58,1,1%), ING Group (57,6, 51,5%), and Lloyds (38,6%); Unicredit is at 11,8%; the smallest incidences are of Deutsche Bank (11,9%) and Barclays (XNUMX%);
– those with the highest percentage of derivatives on assets (European average 16,7%): Deutsche Bank (34,5%), UBS (33,3%), RBS (29,4%) and Barclays (28,2 %); the incidences for Intesa Sanpaolo (7%) and Unicredit (9,3%) are contained, those of the Spanish institutions are even more modest (BBVA 6,7%, BSCH 6%).
