Global Banks Research Highlights

Research evidence excerpt

Global Banks Research Highlights

J P M O R G A N Global Equity Research

11 July 2026

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Week Ending Jul 10, 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

• Julius Baer: CFO appointment a positive; upgrading forecasts for positive gr_publications@jpmorgan.comJ.P. Morgan Securities LLC

MtM

• BAWAG Group: Increasing forecasts on higher NII, 1H CET1 ratio on track

to reach c.17% pre transaction

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

stress test, consultation on standardised risk weights

• U.S. Mid- and Small-Cap Banks: VC and Exit Markets Bi-Weekly: U.S.

VC Investments Totaled $146B in 2Q26, -46% Q/Q, but +69% Y/Y; Sub-$1B

Deals -11% Q/Q, +18% Y/Y

• Forbright, Inc.: Initiate at Neutral: Superior Balance Sheet Growth but Lack

of Near-Term Catalysts Keeps Us On Sidelines

• Cholamandalam Investment & Finance: Growth re-acceleration, benign

asset quality trends to drive consensus upgrades; U/G to OW, place on Positive

Catalyst Watch

• India Financials: 1QFY27 pre-quarter updates: Loan growth healthy, focus

on NIMs/NII growth

• South African Financials: Takeaways from our 2nd annual fintech/insurtech

call series: Execution at scale will be the key

• South African Financials: Banks are winning in life—driving a 15% surge in

SA life-insurance industry policies and capturing 26% of the profit pool