Santander's underlying profit rose 19% but it booked charges and lower Brazil earnings; UBS matched estimates and sped up its buyback; Deutsche Bank and BNP Paribas beat. Investors split by bank in early trading.
Earnings | FinancialMarkets.com | October 28, 2026
Tickers: SAN, UBS, DB, BNP.PA, EUFN
Europe's banks had a strong third quarter on paper. The market's response was selective.
Santander: a beat with two catches
Santander reported underlying attributable profit of 3.85 billion euros, up 19% from a year earlier and above the 3.75 billion euros analysts polled by Reuters expected. Reported profit was 3.43 billion euros, down 2%, after 416 million euros of impairment and restructuring charges mainly linked to Webster. Loan-loss provisions rose 22% to 3.49 billion euros, and profit in Brazil was lower. The bank said it is "comfortably on track" to meet its 2026 targets.
The shares fell 3.4% to 10.888 euros in early Madrid trading, after a 3% drop on Monday that followed Brazil's election. Santander is the group's most direct link to this week's sell-off in Brazilian assets.
UBS: in line, with capital back sooner
UBS reported net profit of $2.69 billion, up 8% and roughly in line with the $2.71 billion company-compiled consensus. Its CET1 capital ratio was 14.7%, its wealth management unit took in $55 billion of net new assets, and it now expects to complete its $3 billion buyback by February 2027, earlier than the mid-2027 it had planned. The shares fell 1.9% to 38.11 francs.
Deutsche Bank and BNP Paribas: clear beats, different reactions
Deutsche Bank reported net profit attributable to shareholders of 1.59 billion euros, up 2% and above the 1.44 billion euros analysts expected, even though investment bank revenue fell 2%. Its shares rose 3.2% to 29.795 euros.
BNP Paribas reported net income of 3.46 billion euros, up 14% and above the 3.23 billion euros in the bank's own analyst poll, on revenue of 13.76 billion euros, and announced a 1.3 billion euro buyback starting in November. Its shares were essentially flat at 86.86 euros.
What separated them
The pattern suggests investors were looking past the headline beats to what each bank carries. Santander's Brazil exposure and rising provisions weighed despite a strong underlying number. UBS gave capital back faster but did not beat. Deutsche Bank's beat was rewarded. BNP's buyback was not enough to move the stock.
The sector question
The optimistic view is that European bank profits are holding up better than feared, with three beats, one in-line result and more capital returned.
The cautious view is that the quarter's details point to where the cycle is turning: provisions rising at Santander, emerging-market risk returning through Brazil, and flat or falling share prices on good numbers, which suggest much of the good news was already priced.
What to watch
Santander's Brazil segment detail and provisioning commentary, UBS's capital plans for 2027, further European bank results this week, and the European Central Bank's decision on Thursday.