European Banks Chart of the week #52: 2Q26 earnings tracker, Week 1

Research evidence excerpt

European Banks Chart of the week #52: 2Q26 earnings tracker, Week 1

Global Research

17 July 2026ab

European Banks Equities

Europe including UKChart of the week #52: 2Q26 earnings tracker,

Week 1 Banks

Jason Napier, CFA

Analyst

jason.napier@ubs.com

By Friday, in markets like these, sometimes a picture or two is all you need +44-20-7568 5037

In markets driven by geopolitics, macro prints and basket trading, we get the sense that Ignacio Cerezo

by Friday sometimes investors just want to be shown the one thing that matters, driven Analyst

by data and not opinion, with minimal text and fanfare. Show, don't tell, is the idea ignacio.cerezo@ubs.com

behind the Chart of the Week, brought forward to Thursday afternoon this week to help +44-20-7568 4409

deal with the large number of results out today and to get ahead of tomorrow's Sanjena Dadawala

widespread public holidays. Analyst

sanjena.dadawala@ubs.com

Chart#52: Transfixed by US IB numbers, European banks to beat in 2Q, we think +44-20-7567 0753

Four Nordic banks under our coverage have reported 2Q26 results so far. Combined Johan Ekblom, CFA

these produced 4% more PBT than consensus forecasts despite a slight NII miss with Analyst

non NII 4% higher, costs 1% better and impairments nearly a third below expectations. johan.ekblom@ubs.com

Three of the four beat on PBT, with as many ahead on non NII and costs, and all better on +44-20-7568 3580

impairments. NII was more mixed, with two misses, one in line and one beat. Alvaro Fernandez-Garayzabal

alvaro.fernandez-garayzabal@ubs.com

A reminder from past earnings trackers: the Nordic banks have been a pretty poor guide

+34-91-436 9622

as to how the overall season is likely to turn out. As discussed in Wednesday's 'Into the