Drop in Euribor causes downward revision of expected profits in Spanish banking sector
Morgan Stanley | Our analyst expects the NII of Spanish banks to fall by 0.9% quarter-on-quarter on average due to seasonality, while the growth in deposits will offset lower rates in the short term. He believes that the guidance for 2024 will remain unchanged. Looking ahead to the numbers for 2025/26 and following the downgrade of the sector this week, he reduces the Euribor estimate from 2.5% to 2.25% on…