BofA sees solid Q2 operating trends in Spanish banks, cuts BBVA to 'neutral', Unicaja to 'underperform'

Banco Bilbao Vizcaya Argentaria SA

15/07/2026 12:33

** BofA Global Research sees solid operating trends in Spanish banks in Q2 with NII growing quarter on quarter courtesy of rates and deposits
** The brokerage also sees fees for Q2 +2-3% ahead versus consensus, with fees positively affected by markets and activity; Cost of risk still benign despite macro projections update
** It cuts BBVA BBVA.MC to "neutral" from "buy" with Turkey's normalization delayed which leads to limited visibility on potential outcomes and range-bound valuation
** It downgrades Unicaja UNI.MC to "underperform" from "neutral" as valuation has gone too far and Earnings Per Share (EPS) now offers no scope for further upward revisions
** It adds that Caixabank CABK.MC, the only "buy"-rated in the sector, still offers the best combination of NII gearing, non-interest income growth and use of capital among the domestics

 (Reporting by Tiago Brandao)
 ((Tiago.Brandao@thomsonreuters.com;))