European Banks Chart of the week #54: 2Q26 earnings tracker, Week 3

Research evidence excerpt

European Banks Chart of the week #54: 2Q26 earnings tracker, Week 3

Global Research

31 July 2026ab

European Banks Equities

Europe including UKChart of the week #54: 2Q26 earnings tracker,

Week 3 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 Sanjena Dadawala

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 sanjena.dadawala@ubs.com

behind the Chart of the Week. Also good with coffee, helpful this week in particular +44-20-7567 0753

given the deluge of results. Ignacio Cerezo

Chart#54: Banks still outperforming consensus, EPS being upgraded. ignacio.cerezo@ubs.com

Banks continue to beat expectations in aggregate with the 26 firms under our coverage +44-20-7568 4409

which have reported 2Q26 results so far producing an aggregate 5.4% more PBT than Johan Ekblom, CFA

consensus forecasts. Within that, this basket of firms produced 1% more NII and 3% Analyst

more non NII, marginally missed on costs and beat on impairments by 3%. johan.ekblom@ubs.com

+44-20-7568 3580

While aggregate costs disappointed this quarter, bank beats outnumbered misses 2:1, Alvaro Fernandez-Garayzabal

with higher costs in banks like Barclays and BNP linked to bumper market-linked Analyst

alvaro.fernandez-garayzabal@ubs.com

revenues and, perhaps to a lesser extent, by tech spend. With 25 of 26 firms beating on

+34-91-436 9622

PPP and 23 outperforming on PBT, we continue to see the sector as attractive and expect