Contents page 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