European Banks: Eurozone Rate & Margin Tracker - May '26

Research evidence excerpt

European Banks: Eurozone Rate & Margin Tracker - May '26

Equity Research

3 July 2026

European Banks

Eurozone Rate & Margin Tracker -

May '26

In May '26, front book loan rates increased for both HH and European Banks

NFC. Aggregate deposit price was flat MoM. Customer NIM POSITIVE

was +1bps MoM / +17bps YoY for EZ, driven by highest MoM European Banks

Dibin Meledath Koruthu, CFA

improvement in Portugal, Spain and Belgium. NIM risks + 91 (22) 6175 2514

highest in Italy and Spain for NFC, in Portugal and Ireland for dibin.meledathkoruthu@barclays.com

Barclays, UK

HH. Flora Bocahut

+33 (0)1 4458 3131

Please contact us if you would like to get the dataset via Excel, which encompasses aggregated flora.bocahut@barclays.com

Eurozone data but also country-by-country. Also find here the link to our European Banks: BBI, Paris

Eurozone Volume Tracker - May '26, which looks at volume evolution (vs. margin). Paola Sabbione

+39 (0)2 6372 2579

Loan rates. At the Eurozone level, ECB data for May-26 shows a slightly higher back book loan paola.sabbione@barclays.com

rate for corporate loans (3.38% vs 3.36% in Apr) and for mortgages (2.49% vs 2.47% in Apr). The BBI, Milan

front book corporate loan rate increased MoM (+3bps MoM to 3.57%), and the front book

Aman Rakkar, CFA

mortgage rate increased MoM +2bps to 3.45%; for corporate loan rates and mortgage the pace of +44 (0)20 3555 1425

change remained positive (positive in April also for both corporate and mortgage). Going to the aman.rakkar@barclays.com

country level, the highest front book increase was in Netherlands (+21bps) for corporates and in Barclays, UK

Germany (+9bps) for mortgages. For the corporate loan back book, Portugal improved most

Cecilia Romero Reyes

(+6bps) and least was Netherlands (-1bps).