Weekly Bank Briefing

Research evidence excerpt

Weekly Bank Briefing

Equity Research

20 July 2026

U.S. Large-Cap Banks

All 15 Large-Cap Banks reporting to date beat 2Q26

consensus EPS, driven by fees (market-driven) and lower

provisions (NPA, NCO each -3bps). NII performance was more U.S. Large-Cap Banks POSITIVE

mixed, though two-thirds exceeded loan and deposit U.S. Large-Cap Banks

forecasts (w/ stable NIBD costs). Despite higher expenses, all Jason M. Goldberg, CFA

beat PPNR estimates. +1 212 526 8580 jason.goldberg@barclays.com

BCI, US

Over four days last week, 15 large-cap banks reported 2Q26 EPS, representing more than Inna Blyakher

$3trn in market capitalization. Below, we examine the median bank's results relative to +1 212 526 3904

1Q26, unless otherwise noted. inna.blyakher@barclays.com

Vs. expectations: Every bank reporting to date has exceeded consensus EPS and revenue

John Hotchkiss III

expectations. Nearly every bank beat fee income forecasts, aided by elevated market activity

+1 212 526 2687

and client engagement. Net interest income (NII) and net interest margin (NIM) performances john.hotchkissiii@barclays.com

were more mixed, despite roughly two-thirds of the banks exceeding loan and deposit forecasts. BCI, US

Nearly every bank reported lower-than-expected provisions for credit losses, as both NPA and

Matthew Kesselhaut

NCO ratios generally improved. While two-thirds experienced higher-than-expected expenses,

+1 212 526 0181

every bank exceeded its PPNR projection. Higher tax rates and slower share repurchase activity matthew.kesselhaut@barclays.com

also tempered further earnings upside. BCI, US

Overview: Operating revenues increased 14% y-o-y, the fastest pace since 1Q23, up from 12% in Brian Morton, CFA

1Q26 and 6% to 7% in each of the prior three quarters.