2Q26 in review; outlook for 2H26 and beyond

Research evidence excerpt

2Q26 in review; outlook for 2H26 and beyond

Equity Research

24 July 2026 | 5:00AM EDT

AMERICAS BANKS

Large banks delivered stronger core 2Q26 EPS, in growth to remain at elevated levels heading into H2 Richard Ramsden

+1(212)357-9981 |

aggregate coming in 8% higher than Visible Alpha although most expect a slowdown in growth rates richard.ramsden@gs.com

Goldman Sachs & Co. LLC

Consensus Data. Heading into 3Q26, the focus remains on relative to H1 levels. Overall, better than expected loan

James Yaro

the outlook for NII for the balance of 2026, sustainability growth, and to some extent continued fixed rate asset +1(212)902-1913 | james.e.yaro@gs.com

of the elevated levels of fee income (driven by capital repricing (since the long end of the curve remains high), Goldman Sachs & Co. LLC

markets), operating leverage, as well as the timing and have resulted in 2026E Street NII growth YoY Divyam Harlalka +1(332)245-7818 |

magnitude of capital returns. Further details within. expectations increasing to +9% YoY, from +5% YoY in divyam.harlalka@gs.comGoldman Sachs India SPL

the beginning of the year (Exhibit 2, Exhibit 3, Exhibit Matthew Weng

4). +1(212)902-8484matthew.weng@gs.com|2Q26 earnings: Strong revenue print, driven by Goldman Sachs & Co. LLC

n Banks’ BS growth has been increasingly debt funded,

Lokesh Kumar Sangewarcontinued balance sheet expansion and much better | +1(332)245-7846 as hyperscaler capex drives continued financing

Goldman Sachs India SPLfee income, resulting in better margins and EPS demand: Top 5 banks’ balance sheets have grown lokesh.sangewar@gs.com

~25% since 2Q21, primarily driven by expansion in the

repo and loan portfolios, especially in the marketsn Continued loan growth acceleration in C&I: The strong