Banks Top Estimates in Otherwise Mixed European Earnings Season

European banks exceeded expectations in the fourth quarter, buoyed by trading income and cost discipline, standing out in an earnings season marked by tariffs and consumer weakness.

The MSCI Europe Financials index reported aggregate earnings-per-share growth of 18%, twice as strong as expected, Bloomberg Intelligence data shows. Almost 60% of those companies beat estimates, with the likes of BNP Paribas SA, UniCredit SpA and Barclays Plc lifting profitability and returns targets after a strong showing in the last few months of 2025.