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Market Extra: Why European bank earnings aren’t the car crash you’d expect

European banks have had a rough ride this year, giving investors ample reason to worry about their performance. But the embattled sector has actually come out of earnings season a lot better than expected.

According to Citigroup, the sector has beaten the analyst consensus forecast by 12% in the second quarter, when looking at underlying operating profit. Citi’s analysts crunched the numbers from all the financial statements from the region’s biggest banks in that quarter to come up with that verdict.

“At a sub-sector level, profit beats vs. consensus were driven by better revenues (for retail banks) and lower costs (for investment banks).

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