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Bargain hunters dig in to 'cheap' European banks
  + stars: | 2023-10-16 | by ( Naomi Rovnick | ) www.reuters.com   time to read: +4 min
Just before earnings season kicks off, European bank shares are sporting a dividend yield of almost 8%, making them cheaper on this basis than during the 2008 global financial crisis. European banks, which struggled during 2014 to 2022 as the ECB kept rates below zero, have had a major boost from hiking their loan costs in line with central bank rates. Analyst forecasts collated by European asset manager Amundi show European banks are expected to grow adjusted earnings per share by 25% this year, followed by a 6% gain in 2024. Generali's Morganti said he has moved his position on European banks from negative to neutral and was likely to add more. He did not forecast quick gains for European banks ahead, however.
Persons: Guy de Blonay, Sebastiano Pirro, Roger Lee, Amundi, LSEG, Michele Morganti, Italy's Unicredit, Banks, Pirro, Generali's Morganti, Naomi Rovnick, Joice Alves, Dhara Ranasinghe, Hugh Lawson Organizations: Reuters Graphics Banks, Jupiter Asset Management, Algebris Investments, European Central Bank, Reuters, ECB, Bank, Generali Investments, Monetary Fund, Thomson
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