European Banks Daily 3 July 2026

Research evidence excerpt

European Banks Daily 3 July 2026

J P M O R G A N Europe Equity Research

03 July 2026

European Banks Daily

3 July 2026

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

Highlights kian.abouhossein@jpmorgan.com

Deutsche Bank:Head of Private Bank Claudio de Sanctis meeting feedback: on J.P. Morgan Securities plc

track to drive consensus upgrades

Specialist Sales contact details:Kian Abouhossein (44-20) 7134-4575

We hosted a Group Meeting with Claudio de Sanctis, Head of Private Bank at DBK Gigi Sparling - Specialist Sales -

European Financialsand came out reassured on the positive trajectory of the business post the significant

(44-20) 7134-0355

turnaround over the last few years with C/I ratio going down from 81% in 2023 to ghislaine.sparling@jpmorgan.com

below 70% in 2025, AuM growing by 19% since 2023 while the division also saw 3%

Revenue growth in 2025. Overall, we see DBK’s Private Bank under Claudio as being

well positioned to continue growing revenues where it is targeting 5-6% p.a. growth

over 2025-28 (company consensus 5.2% p.a., JPMe 5.6%) while improving capital

efficiency and delivering on cost control, leading to an improved C/I ratio and return

profile. DBK expressed confidence in meeting the 2028 ambitions in the Private Bank

division, including 5-6% revenue CAGR over 2025-28, €1tn in client assets, 60% C/I

ratio (JPMe and consensus 63%) and RoTE of 18%+ in 2028. We increase our Group

2027-28E Adj. EPS estimates by 2% p.a. to mainly reflect higher forecasts for the

Private Bank driven by higher revenues as we also incorporate ECB rate hikes (June

and Sept to 2.5%) and lower costs. We now forecast revenue CAGR of 5.6% p.a. (vs.