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European Banks European Banks High Grade Credit | Europe | Banks 01 August 2011 Data & drivers Richard Thomas +44 20 7996 0128 Research Analyst MLI (UK) Bi-annual data set; all investment cases updated [email protected] We publish our bi-annual data set on the banks. Financial statistics are updated to end-2010, the last available full data set. We have attempted to update all bank investment cases to Friday 29th July, however. We provide comparative charts for key income statement and balance sheet metrics and ratios, as well as country by country comparative analysis. We present our updated 1-pagers of our coverage universe. We have changed the format of this to make it more (we hope) user friendly. Hard copies of this publication will also be available. Please contact us or your salesperson if you would like a hard copy. How we classify the banks in terms of fundamental strength A List B List Grey List Watchlist Barclays ABN AMRO ↑ Banca MPS Alpha Bank BNP Paribas BBVA Banco Pastor Anglo Irish Bank Credit Suisse BPCE ↑ Banco Popolare Bank of Ireland HSBC Deutsche Bank Banco Popular Espanol BayernLB Nordea Deutsche Postbank ↑ Banco Sabadell EFG Eurobank Rabobank DNB NOR Bankinter Eurohypo Standard Chartered Erste Bank ↑ BES Millennium BCP ↓ Svenska Handelsbanken Intesa Sanpaolo BP Milano National Bank of Greece Lloyds Banking Group Caixa Geral ↓ Piraeus Bank RBS Commerzbank Spanish savings banks RZB ↑ Credit Agricole ↓ Santander Danske Bank SEB ↑ KBC Swedbank Societe Generale UBS ↑ UBI Banca Unicredit Source: BofA Merrill Lynch Global Research c58da9b710df662c BofA Merrill Lynch does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Refer to important disclosures on page 216 to 220. Analyst Certification on Page 215. Link to Definitions on page 215. 11074055 TM2 European Banks 01 August 2011 2 TM2 European Banks 01 August 2011 Sector Comparison Charts 3 TM2 4 TM2 5 Market Capin €bn Source: Bloomberg Bloomberg Source: 100,000 120,000 140,000 20,000 40,000 60,000 80,000 - Banca Popolare di Milano Scarl 619 Banco Pastor SA 816 Piraeus Bank SA 1,029 Allied Irish Banks PLC 1,225 EFG Eurobank Ergasias SA 1,498 Alpha Bank AE 1,635 Bankinter SA 2,021 Banco Popolare SC 2,347 Governor & Co of the Bank of I 2,560 Unione di Banche Italiane SCPA 2,963 Banco Espirito Santo SA 2,993 Banco de Sabadell SA 3,614 National Bank of Greece SA 4,522 Deutsche Postbank AG 5,008 Deutsche Postbank AG 5,008 Banco Popular Espanol SA 5,041 Banca Monte dei Paschi di Sien 5,730 Raiffeisen Bank International 6,737 KBC Groep NV 8,775 Skandinaviska Enskilda Banken 11,517 Danske Bank A/S 12,516 Erste Group Bank AG 12,535 Commerzbank AG 13,367 Svenska Handelsbanken AB 13,565 Swedbank AB 13,979 DnB NOR ASA 16,416 Credit Agricole SA 21,328 UniCredit SpA 23,655 Intesa Sanpaolo SpA 25,823 Societe Generale SA 26,713 Nordea Bank AB 29,725 Credit Suisse Group AG 29,929 Barclays PLC 30,806 Lloyds Banking Group PLC 33,852 BBVA 34,903 Deutsche Bank AG 35,530 Standard Chartered PLC 42,278 UBS AG 43,605 Royal Bank of Scotland Group P 44,693 BNP Paribas SA 54,372 Banco Santander SA 61,513 HSBC Holdings PLC 121254 2011 August 01 European Banks Banks European TM2 6 6 Source: Company reports,BofA Lynch Merrill Global Research 2010 Total Assets in €mn 1,000,000 1,500,000 2,000,000 2,500,000 500,000 - BNP Paribas 1,998,158 Deutsche Bank 1,905,630 HSBC 1,833,898 Barclays 1,737,522 RBS 1,695,451 Credit Agricole 1,593,529 Santander 1,217,501 Lloyds Banking Group 1,156,572 Societe Generale 1,132,072 UBS 1,053,007 BPCE 1,048,442 Unicredito 929,488 Credit Suisse 824,985 Commerzbank 754,299 Intesa Sanpaolo 658,757 Rabobank 652,536 Nordea 580,839 BBVA 552,738 Danske Bank 431,304 Standard Chartered 385,909 ABN Amro 379,599 BayernLB 316,354 KBC Bank 276,723 Banca Monte dei Paschi 244,279 SEB 242,679 Svenska Handelsbanken 239,752 Median 239,299 DnB NOR 238,846 Eurohypo 229,010 Deutsche Postbank 214,684 Erste Bank 205,938 Swedbank 191,007 Caja Madrid 186,517 Bank of Ireland 167,473 AIB 145,222 Banco Popolare 135,156 Raiffeisen Bank International 131,173 Unione di Banche Italiane 130,559 Banco Popular 130,140 Caixa Geral 125,862 National Bank of Greece 120,745 Millennium bcp 100,010 Banco Sabadell 97,099 Bancaja 87,852 Eurobank EFG 87,188 Banco Espirito Santo 83,655 Anglo Irish Bank 72,183 CAM 70,667 Alpha Bank 66,798 Piraeus Bank 56,591 Bankinter 54,152 Banca Popolare di Milano 41,795 Banco Pastor 31,135 2011 August 01 European Banks Banks European TM2 7 Source: Company reports,BofA Lynch Merrill Global Research 2010 Risk Weighted Assets in €m 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000 - HSBC 824,136 RBS 666,131 Santander 604,885 BNP Paribas 601,000 Lloyds Banking Group 473,992 Barclays 464,263 Unicredito 454,850 BPCE 399,016 Credit Agricole 371,700 Deutsche Bank 346,204 Societe Generale 334,795 Intesa Sanpaolo 332,158 BBVA 313,327 Commerzbank 267,500 Rabobank 219,568 Nordea 215,000 Standard Chartered 183,097 Credit Suisse 174,830 UBS 158,981 DnB NOR 131,944 BayernLB 124,107 ABN Amro 116,328 Danske Bank 113,293 KBC Bank 111,711 Banca Monte dei Paschi 109,238 Erste Bank 103,950 Median 101,359 AIB 98,768 Banco Popolare 94,878 Unione di Banche Italiane 94,361 Banco Popular 93,856 SEB 89,042 Bank of Ireland 79,045 Caixa Geral 76,989 Raiffeisen Bank International 75,601 Banco Espirito Santo 68,802 National Bank of Greece 68,198 Deutsche Postbank 66,363 Eurohypo 62,300 Banco Sabadell 60,525 Swedbank 60,266 Millennium bcp 59,564 Svenska Handelsbanken 59,243 Alpha Bank 49,000 Eurobank EFG 47,968 Piraeus Bank 37,900 Anglo Irish Bank 36,668 Bankinter 30,964 Banca Popolare di Milano 30,412 Banco Pastor 18,407 2011 August 01 European Banks Banks European TM2 8 8 Source: Company reports,BofA Lynch Merrill Global Research 2010 Gross Customer Loans in €m 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 - Santander 735,318 HSBC 730,999 Lloyds Banking Group 712,635 BNP Paribas 711,357 RBS 668,715 Unicredito 588,672 BPCE 573,807 Barclays 513,596 Rabobank 459,786 Deutsche Bank 411,025 Intesa Sanpaolo 398,245 Credit Agricole 397,240 Societe Generale 386,621 BBVA 348,253 Commerzbank 336,872 Nordea 316,709 ABN Amro 280,041 Danske Bank 253,384 UBS 211,013 Standard Chartered 181,502 Credit Suisse 175,755 Svenska Handelsbanken 165,578 Banca Monte dei Paschi 165,238 BayernLB 155,414 DnB NOR 151,661 KBC Bank 148,975 Median 141,787 Swedbank 134,600 Erste Bank 132,729 SEB 121,307 Caja Madrid 119,832 Eurohypo 119,493 Bank of Ireland 119,432 Deutsche Postbank 111,783 Unione di Banche Italiane 104,807 Banco Popolare 98,560 Banco Popular 98,389 AIB 93,637 Caixa Geral 84,517 National Bank of Greece 80,823 Millennium bcp 76,411 Banco Sabadell 76,191 Raiffeisen Bank International 75,657 Bancaja 67,932 Eurobank EFG 58,597 CAM 53,035 Banco Espirito Santo 52,606 Alpha Bank 51,074 Bankinter 43,387 Piraeus Bank 39,682 Anglo Irish Bank 33,941 Banca Popolare di Milano 30,503 Banco Pastor 23,436 2011 August 01 European Banks Banks European TM2 9 Source: Company reports,BofA Lynch Merrill Global Research 2010 Non-performing Loans in €m 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 - Lloyds Banking Group 75,356 Unicredito 67,336 RBS 45,021 Intesa Sanpaolo 37,245 Barclays 37,187 BNP Paribas 35,600 Santander 28,522 Societe Generale 23,100 Credit Agricole 21,769 Commerzbank 21,682 HSBC 20,987 BPCE 20,003 AIB 17,493 Bank of Ireland 16,874 Anglo Irish Bank 16,564 BBVA 15,472 Danske Bank 13,836 Banco Popolare 12,895 Banca Monte dei Paschi 11,381 Erste Bank 10,486 Caja Madrid 10,225 Rabobank 9,284 ABN Amro 8,808 Eurohypo 8,460 Unione di Banche Italiane 7,465 National Bank of Greece 7,142 Median 6,966 Raiffeisen Bank International 6,790 KBC Bank 6,531 Deutsche Bank 6,265 Banco Popular 6,055 Alpha Bank 5,379 BayernLB 5,146 Nordea 4,816 Eurobank EFG 4,534 Banco Sabadell 4,074 Swedbank 3,863 Deutsche Postbank 3,819 Bancaja 3,689 DnB NOR 3,552 UBS 3,352 Standard Chartered 3,090 SEB 2,609 Caixa Geral 2,478 Piraeus Bank 2,383 Millennium bcp 2,290 Banca Popolare di Milano 1,821 Banco Pastor 1,543 Credit Suisse 1,489 Bankinter 1,330 Svenska Handelsbanken 1,213 CAM 1,135 Banco Espirito Santo 1,107 2011 August 01 European Banks Banks European TM2 10 10 Source: Company reports,BofA Lynch Merrill Global Research 2010 Loan Loss Reserves in €m 10,000 15,000 20,000 25,000 30,000 35,000 5,000 - Unicredito 33,019 BNP Paribas 26,671 Lloyds Banking Group 21,430 RBS 21,059 Santander 19,697 Intesa Sanpaolo 19,010 HSBC 15,004 Societe Generale 14,723 Barclays 14,445 Credit Agricole 13,994 BPCE 11,242 Anglo Irish Bank 9,577 BBVA 9,396 Commerzbank 9,117 Banca Monte dei Paschi 9,000 AIB 7,287 Erste Bank 6,119 Danske Bank 5,323 Bank of Ireland 4,975 Caja Madrid 4,923 KBC Bank 4,910 Raiffeisen Bank International 4,756 ABN Amro 4,286 Banco Popolare 4,098 Rabobank 3,845 National Bank of Greece 3,562 Median 3,429 Deutsche Bank 3,296 Eurohypo 3,194 Unione di Banche Italiane 2,992 BayernLB 2,979 Caixa Geral 2,610 Bancaja 2,573 Millennium bcp 2,506 Nordea 2,498 Swedbank 2,426 Banco Popular 2,356 Eurobank EFG 2,329 Alpha Bank 2,220 Banco Sabadell 2,210 CAM 2,185 Standard Chartered 1,931 Banco Espirito Santo 1,777 Deutsche Postbank 1,764 SEB 1,640 DnB NOR 1,506 Piraeus Bank 1,196 UBS 869 Bankinter 861 Credit Suisse 813 Banco Pastor 749 Svenska Handelsbanken 623 Banca Popolare
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