AIBG - Positive Catalyst Watch; First Glances - SEB, SHBA, STO, ICG; US IBs - Positive Read; OW Bankinter

Research evidence excerpt

AIBG - Positive Catalyst Watch; First Glances - SEB, SHBA, STO, ICG; US IBs - Positive Read; OW Bankinter

Gigi Sparling - Specialist Sales - European Financials AC (44-20) 7134-0355 Europe Specialist Sales J P M O R G A Nghislaine.sparling@jpmorgan.com

J.P. Morgan Securities plc 15 July 2026

AIBG - Positive Catalyst Watch; First Glances - SEB, SHBA, STO, ICG;

US IBs - Positive Read; OW Bankinter

Gigi Sparling

+44 207 134 0355

ghislaine.sparling@jpmorgan.com

Today: Spanish CPI (8am); US MBA mortgage applications (midday); US PPI (1.30pm)

7 Key Highlights Today:

1. IRISH BANKS - In defence of the deposit base. AIBG on Positive Catalyst Watch.

2. SEB: First glance: First Glance - Better NII, cost guidance higher for FX

3. Handelsbanken: First Glance - Look weak

4. Storebrand: First Glance - Positive

5. ICG: First glance positive- business very much on track.

6. US IBs - Positive Readacross

7. Overweight Bankinter - Unloved and undervalued

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IRISH BANKS - In defence of the deposit base. Sheel places AIBG on Positive Catalyst Watch where we think fears of a

change in the competitive landscape are overstated. On the surface, the number of sector participants has increased (Monzo &

Marcus joining Revolut, BAWAG, Avant) however, feedback from our Irish banks tour indicates still-limited deposit leakage to

competitors and we believe the market underestimates behavioural anchors such as customer trust and a preference for liquidity

which keep Irish betas low.