European Banks Valuation Weekly: 23 June 2026 edition

Research evidence excerpt

European Banks Valuation Weekly: 23 June 2026 edition

Deutsche Bank

Research

Emerging Europe Industry Date

Europe 23 June 2026

European Banks

Banks Periodical

Banks Valuation Weekly

23 June 2026 edition

Benjamin Goy

European banks outperformed the market by 9% 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 19% YTD,

Research Associate

implying outperformance of c.9% relative to the market. On 2027E, our covered

European banks universe is trading at 1.7x P/TBV and 10.0x P/E (c.30% discount to Robert Noble

the European market) for an RoTE of c.16.4% and total capital-return yield of 7.8% Research Analyst

(o/w 5.2% is in cash dividends and the rest in share buybacks). Alfredo Alonso

Research Analyst

DB product highlights Giovanni Razzoli, CFA

n UK Banks: A wealth of opportunities: Asian Wealth management presents Research Analyst

a compelling opportunity for the Global UK banks. AUM is growing faster

Sharath Kumar

than other regions, a trend we anticipate would endure as households shift

from deposits to more sophisticated investments. Standard Chartered

grown faster than peers in the last three years and we expect further wealth Marlene Eibensteiner

growth to fuel 19% CAGR group EPS growth in the next 3 years. We upgrade Research Analyst

Standard Chartered to BUY with 2,400p price target and maintain HSBC at Gunjan Bhatt

HOLD with 1,520p price target. Link Research Associate

n Nordic Banks: 2Q26 results preview: Nordic banks are set to report 2Q26 Rishika Garg

results from 14 July onwards. In aggregate we expect net interest income Research Associate

to still marginally decline from a YoY perspective, yet to slightly increase