科尔尼：2026年欧洲零售银行业雷达：盈利增速回归至红利前水平（英文版）

Overall, European banks have managed to absorb the more challenging conditions. Despite pressure on interest income, they have largely continued to deliver strong profits, supported by resilient fee income and careful cost control: cost-to-income ratios are at their lowest level in nearly two decades despite costs increasing for most banks. This is due to productivity gains, operational discipline, and scalable business models. Here are a few highlights: — Banks have generated more value from