European Banks Valuation Weekly: 16 June 2026 edition

Research evidence excerpt

European Banks Valuation Weekly: 16 June 2026 edition

Deutsche Bank

Research

Emerging Europe Industry Date

Europe 16 June 2026

European Banks

Banks Periodical

Banks Valuation Weekly

16 June 2026 edition

Benjamin Goy

European banks outperformed the market by 4% YTD Research Analyst

European Banks Valuation Weekly is our product tracking trends in valuations

Atul Hanamante

across our covered European Banks. DB European bank shares are up 14% YTD,

Research Associate

implying outperformance of c.4% relative to the market. On 2027E, our covered

European banks universe is trading at 1.6x P/TBV and 9.6x P/E (c.32% discount to Robert Noble

the European market) for an RoTE of c.16.4% and total capital-return yield of 8.1% Research Analyst

(o/w 5.4% is in cash dividends and the rest in share buybacks). Alfredo Alonso

Research Analyst

DB product highlights Giovanni Razzoli, CFA

n Margin Monitor: June 2026: loan growth decouples from GDP Research Analyst

downgrades, for now: With April 2026 data now available, we update our

Sharath Kumar

Margin Monitor for the second quarter of 2026, so far. Back-book margins

grew 14bps / c.6.3% YoY and loan growth accelerated again to +3.3% YoY

in April, (Chart of the Month).Euro Area net interest income grew QoQ Marlene Eibensteiner

(+3.7%). For the quarter, momentum remained largely positive across euro Research Analyst

area countries, with an uptick in net interest income in most of the Gunjan Bhatt

countries. Link Research Associate

n Italian Banks: Unpacking The Packs: Intesa SanPaolo (BUY - TP EUR 6.8) Rishika Garg

has confirmed a high single-digit EPS/DPS accretion target from the Research Associate

acquisition of MPS - a scenario which is consistent with our preliminary

calculations.