European Banks Daily

Research evidence excerpt

European Banks Daily

J P M O R G A N Europe Equity Research

25 June 2026

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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

Global Investment Banks:Stress test results a helpful signal overall, although not J.P. Morgan Securities plc

impacting capital requirements

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

We see the 2026 Fed stress test results announced yesterday as a helpful overall signal Gigi Sparling - Specialist Sales -

European Financialsfor Global IBs in our coverage, although they do not change the capital requirements

(44-20) 7134-0355

from current levels. Post the stress test results, GS announced its intention to ghislaine.sparling@jpmorgan.com

increase its common DPS from $4.50 to $5.00 beginning July 1, 2026, which

implies an annualized dividend yield of 1.9%. MS also announced that it will

increase its quarterly common stock DPS to $1.15 from the current $1.00,

beginning with the common stock dividend expected to be declared in 3Q 26, which

implies an annualized dividend yield of 2.1%. In addition, MS said that its Board of

Directors reauthorized a multi-year common equity share repurchase program of up

to $20bn, without a set expiration date, beginning in 3Q 26.

Research

EMEA

Nedbank Group Ltd:Trading update: Positive operational performance despite