European Banks Daily 23 June 2026

Research evidence excerpt

European Banks Daily 23 June 2026

J P M O R G A N Europe Equity Research

23 June 2026

European Banks Daily

Daily Valuation Sheet | Banks Analyser & Global Banks and Fintech Valuation European Banks

ACWeekly sheet | European Banks 2026 Outlook - PODCAST Kian Abouhossein

(44-20) 7134-4575

Research kian.abouhossein@jpmorgan.com

J.P. Morgan Securities plc

EMEA

Specialist Sales contact details:

Gigi Sparling - Specialist Sales -

Standard Bank Group Ltd:Trading update: Q2 earnings slowdown is priced in; European Financials

unchanged FY26 guidance is a positive (44-20) 7134-0355

Baron Nkomo (27-11) 507-0385 ghislaine.sparling@jpmorgan.com

Our Take: Standard Bank has released a 5-month operating update, citing a resilient

performance supported by franchise momentum, balance sheet and revenue growth,

and disciplined cost and credit risk management. Overall earnings growth in 5M26

moderated relative to the 12% recorded in Q1, which we believe is priced in

(Bloomberg consensus looking for +9% in FY26, JPMe +10%). Balance sheet growth

was driven by strong Investment Banking origination and higher Business &

Commercial Banking disbursements, while Personal and Private Banking grew

moderately (home loans low single digits). Income rose on higher client activity and

transaction volumes, partly offset by lower endowment/average rates and competitive

SA home-loan pricing. Costs grew broadly in line with revenue and credit impairment

charges declined, reducing the credit loss ratio. FY2026 guidance is unchanged at this

point (8–12% earnings growth and 18–22% ROE) and management says the Middle

East conflict–related uncertainty and inflation/monetary policy have temporarily

weighed on client confidence to transact, invest and borrow, but they expect