Global Banks Research Highlights

Research evidence excerpt

Global Banks Research Highlights

J P M O R G A N Global Equity Research

03 July 2026

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Week Ending Jul 03, 2026

This report provides a summary of research produced by J.P. Morgan Global Bank Global Equity Research

ACEquity Research. Key highlights from the past week: Global Equity Research

• Australian Banks: Tax matters: Lessons on house prices and credit growth gr_publications@jpmorgan.comJ.P. Morgan Securities LLC

from across the ditch

• APRA May-26 Banking Stats: Business acceleration offsets slight slowdown

in mortgages … Budget impacts still to come

• Margin Drivers Monthly (Jun-26): Funding cost drivers a little negative,

watching for deposit competition signals

• Australian Banks: APRA Mar-26 property stats, inaugural system-wide

stress test, consultation on standardised risk weights

• U.S. Mid- and Small-Cap Banks: M&A Bi-Weekly Report: Nine Bank

Deals; Colony (GA) to Acquire First Reliance for ~$163mm in Cash-and-

Stock; YTD Deals: 78

• U.S. Mid- and Small-Cap Banks 2Q26 Earnings Preview: With Headwinds

Including Deposit Cost Competition Still At Play for Regional Banks, We

Remain Cautious

• India Financials: Credit card additions accelerate in May, but spends growth

remains soft

• India Financials: 1QFY27 Preview: Growth and NIMs in focus with AQ

benign; NBFCs positioned for a strong quarter

• Bajaj Finance Ltd: Stronger-than-expected growth delivery in 1Q; raising

forecasts, PT

• Absa Group Ltd: Trading update: 1H26 earnings tracking slightly below