Half-yearly accounts: US competition outpaces Europe's major banks
Europe's ten largest banks have recently made good profits. However, their competitors in the US remain unrivalled: JPMorgan Chase makes more than twice as much profit as Europe's leading bank HSBC.
European banks' profits rose 21% in the first half of the year, reaching €58.7 billion, while their US counterparts saw a 42% increase, reaching $110.6 billion, according to an EY analysis. JPMorgan Chase remained the top performer, with a pre-tax profit of €42 billion and a net gain of €33 billion. The HSBC was the highest-earning European bank, with a pre-tax profit of €17.1 billion and a net gain of €13.4 billion, while the Deutsche Bank reported a half-year profit of €3.6 billion.
European banks' return on equity increased to 12.3% from 10.5%, while US banks' rose to 15% from 11.3%.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
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