Insights on the Global Financials


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Déjà vu? European Bank Credit Recovery Continues to Track U.S. Bank Recovery (2010)

Déjà vu? In this 3 slide presentation, we highlight how the recovery in European banks continues to closely mirror the recovery of U.S. banks at the same stage of the credit cycle (i.e., 2010). In particular, the experience of the HCP European Bank Fund LP, has been very similar to the U.S. bank experience from a few years ago – i.e., a substantial recovery of pre-cycle profitability in just over a year, during which stock prices remained relatively unchanged (slide #2). However, in the following four years, the ongoing normalization of U.S. bank profitability was a catalyst for a multi-year recovery in stock prices (slide #3).

EBF-Euro-Bank-Earnings-vs.-Stock-Prices-2015-10-21

 

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