Contents  page
Executive summary 5
Introduction to the Global Banks Analyser 23
Price performance summary 24
Valuation Summary 25
Sector performance and aggregate valuations 27
EPS Changes 39
Tactical investment analysis & company financials 51
—  ANZ Banking Group .................................................................................... 52
—  Banco do Brasil ........................................................................................... 54
—  Banco Popular............................................................................................. 56
—  Bank of China.............................................................................................. 58
—  Bank of Montreal ......................................................................................... 60
—  Barclays ...................................................................................................... 62
—  BB&T........................................................................................................... 64
—  BBVA .......................................................................................................... 66
—  BCOM......................................................................................................... 68
—  BNP Paribas................................................................................................ 70
—  Bradesco..................................................................................................... 72
—  CASA .......................................................................................................... 74
—  CIBC ........................................................................................................... 76
—  CMB............................................................................................................ 78
—  CN Construction Bank ................................................................................. 80
—  Commerzbank ............................................................................................. 82
—  Commonwealth Bank .................................................................................. 84
—  CS Group .................................................................................................... 86
—  Danske........................................................................................................ 88
—  DBS Group Holdings ................................................................................... 90
—  DnB NOR.................................................................................................... 92
—  Deutsche Bank............................................................................................ 94
—  Fifth Third Bancorp ......................................................................................96
—  Hang Seng Bank..........................................................................................98
—  HDFC ........................................................................................................ 100
—  HSBC ........................................................................................................ 102
—  ICICI Bank ................................................................................................. 104
—  Intesa SanPaolo ........................................................................................ 106
—  Itau Unibanco ............................................................................................ 108
—  KB Financial Group.................................................................................... 110
—  KBC........................................................................................................... 112
—  Lloyds Banking Group................................................................................ 114
—  Macquarie Group....................................................................................... 116
—  Mitsubishi UFJ FG..................................................................................... 118
—  National Aust. Bank ................................................................................... 120
—  NBG .......................................................................................................... 122
—  Nordea....................................................................................................... 124
—  PNC Financial............................................................................................ 126
—  RBC Financial Group................................................................................. 128
—  RBS Group ................................................................................................ 130
—  Santander .................................................................................................. 132
—  Santander Brasil ........................................................................................ 134
—  Sberbank ................................................................................................... 136
—  Scotiabank................................................................................................. 138
—  SEB........................................................................................................... 140
—  SHB........................................................................................................... 142
—  Soc Gen .................................................................................................... 144
—  Standard Bank........................................................................................... 146
—  Standard Chart. ......................................................................................... 148
—  State Bank of India .................................................................................... 150
—  Sumitomo Mitsui FG.................................................................................. 152
—  Sumitomo Trust ......................................................................................... 154
—  SunTrust Banks......................................................................................... 156
—  Swedbank ................................................................................................. 158
—  TD Bank .................................................................................................... 160
—  UBI Banca................................................................................................. 162
—  UniCredit ................................................................................................... 164
—  UOB .......................................................................................................... 166
—  US Bancorp ............................................................................................... 168
—  Wells Fargo ............................................................................................... 170
—  Westpac Banking Corp .............................................................................. 172
Appendix 1: Price performance tables 175
Appendix 2: Valuation charts 181
Appendix 3: Valuation tables 197
Appendix 4: DuPont analysis 207