Following the publication of the Fitch Ratings league table of the top 100 European banks in 2004 in terms of pre-tax return on equity (RoE, see IE8907), EUROPE is today publishing an analysis of their performance in terms of cost/income ratios. The league tables were published by French business paper Les Echos, dated 11/12 July 2005, based on Fitch Ratings. European banks in general had virtually record profits in 2004, through historically low risk costs and better cost management. The improvements are noticeable even among banks at the bottom of the table, since 22 banks have RoE above 70%, compared with 26 last year. The type of bank and banking influence profit levels, with small banks featuring at the top of the list: MEDIOBANCA (3rd, Italy), which makes a large proportion of its income from commission payments and portfolio. Swiss giants UBS (89th) and CREDIT SUISSE (95th), both investment banks involved in fortune management at global level, are towards the bottom of the league. But they are in the top third in terms of RoE. In more detail, by language: 1) 8 of the 11 listed British banks are in the Top 50, as are the 4 Irish banks; 2) 7 of the 8 Scandinavian banks are in the Top 50; 3) Spain also has excellent placings, with 9 of the 10 Spanish banks in the Top 50. Two Spanish banks are listed for the first time, both in the Top 30 (BANKINTER (19th) and CAJA DE AHORROS DEL MEDITERRANEO (21st)); 4) French banks have slipped down the table. Some have seen lower operating ratios (BNP PARIBAS, SOCIETE GENERALE, BANQUE POPULAIRE, CREDIT AGRICOLE), others do not (CAISSE D'EPARGNE and CREDIT MUTUEL); 5) In Germany, and to a lesser extent in Italy, banks are still having problems to boost growth and have gone in for huge cost cutting, but this is not reflected in the league table. 4 big German banks are in the Bottom 5 (see above). Of the 14 Italian banks listed, 4 have operating ratios of more than 70% (BANCA MONTE DEI PASCHI DI SIENA (83rd), CAPITALIA (85th), BANCA POPOLARE DI MILANO (90th), and BNL (92nd). Last year, 8 Italian banks had operating ratios of more than 70%.