Unicredit; BNP; Bankinter; DB1 - First Glances; UK Fiscal rules

Research evidence excerpt

Unicredit; BNP; Bankinter; DB1 - First Glances; UK Fiscal rules

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 23 July 2026

Gigi Sparling

+44 207 134 0355

ghislaine.sparling@jpmorgan.com

Today: UK CBI (11am); ECB rate decision (1.15pm); ECB press conference (1.45pm); Initial jobless claims (1.30pm)

5 Key Highlights Today:

1. Unicredit First Glance - In line numbers, better guidance on profitability, capital and synergies. Positive CW.

2. BNP: First Glance - Look good, CET1 10bps ahead of expectations

3. Bankinter: First Glance - 6% pre provision profit beat, customer spread in line

4. Deutsche Boerse: First Glance - A 3% beat but expect a few questions on the slowdown in SaaS.

5. UK: Flexibility in the fiscal rules won’t help that much.

Use the links below to jump straight to each section:

The Detailed Highlights

Post results, Newswires & Away from Us

Global Financials wrap, Trading Recap and Colour

Global Financials Research Links

Global Macro Research Links

Save the Date: J.P. Morgan Events

J.P. Morgan Financials Contacts

Unicredit: On numbers themselves – a 1% operating profit beat driven by in line NII, a 4% beat on fees, and total revenues 1%

ahead of consensus. Costs are in line and operating profit is 1% ahead. Loan losses are 6% better. CET1 at 14.3% is in line with

consensus. The positive news today is that Unicredit are guiding for an end 26 CET1 ratio of 15% (consensus is 14.6%) meaning

that the pro forma Commerzbank CET1 (including the cancellation of the FY25 buyback which was known) is at 13% ‘and

expected to strengthen quickly over time’. We had 12.5% so that’s helpful. On profitability guidance - UCG are guiding for FY26