Banking – Note – [OVERWEIGHT] – 2Q24 sustained recovery

Aggregated 2Q24 PBT (27 banks) surged +22.6%yoy thanks to an improvement in total operating incomes (+15.8%yoy) for higher net interest incomes (+19.3%yoy) and OPEX management (2Q24 CIR’s 32% vs 2Q23 CIR’s 34%). Aggregated 1H2024 PBT (25 banks) completed 48% of 2024 target.