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Banks Put Europe Profit Growth Above U.S. for 1st Time Since ’08

Overcoming a drag by commodity and food producers, this quarter’s results are on track to beat analyst estimates by the most in five years, UBS wrote in a report on July 29.

Overcoming a drag by commodity and food producers, this quarter’s results are on track to beat analyst estimates by the most in five years, UBS wrote in a report on July 29.

Photographer: Luke Sharrett/Bloomberg
Updated on

Thank the banks.

Lenders are by far the biggest contributors of gains in European corporate earnings this year, sending profit growth in the region above that of the U.S. for the first time since the financial crisis, according to data from UBS Group AG.