European banks have received a €100bn windfall from rising interest rates over the past two years, but the long-awaited boost has failed to close a persistent valuation gap.
Net interest income (NII) climbed from €270bn in 2021 to an estimated €378bn this year, according to data from UBS, after central banks began rapidly raising rates. Loans have grown only 2 per cent in that time, meaning most of the gains are from wider margins between what banks charge for loans and pay out on deposits.
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