Dutch Banks EPS upgrades ahead of Q2 - Rates and fees strengthen the earnings outlook

研报英文原文证据摘录

Dutch Banks EPS upgrades ahead of Q2 - Rates and fees strengthen the earnings outlook

J P M O R G A N Europe Equity Research

17 July 2026

Dutch Banks

EPS upgrades ahead of Q2 – Rates and fees

strengthen the earnings outlook

For both ING and ABN AMRO, we lift our EPS forecasts primarily on higher net European Banks

ACinterest income – reflecting a higher path for ECB rates in our models – and still Delphine Lee

strong fee momentum, with Q2 setups also looking slightly better than consensus (44-20) 7134-3971

on the top line, with also good cost control. Against this, we see limited offsets from delphine.x.lee@jpmorgan.com

modestly higher deposit remuneration (at ING) and provisions, leaving the balance Kian Abouhossein

of risks skewed to the upside on near-term prints and to higher through-the-cycle (44-20) 7134-4575

profitability. Note, however, that shares have performed well since Q1, and the kian.abouhossein@jpmorgan.com

J.P. Morgan Securities plc

positive outlook for NII should have been largely anticipated. We continue to

prefer ING at 8.5x PE 2028e which offers more earnings surprises in our view – Specialist Sales contact details:

whilst the liability margin debate is moving in the right direction, commercial NII

Gigi Sparling - Specialist Sales -

growth in the medium term is still underestimated with the market not fully European Financials

appreciating the size of the tailwinds from the replicating income and the stickiness (44-20) 7134-0355

of ING’s retail deposit franchise. ghislaine.sparling@jpmorgan.com

• ING: We upgrade our EPS by 4%/5%/2% in 2026/27/28e, mainly driven by

higher revenues, both Net Interest Income and fees & commissions. Our NII

upgrades are driven by higher rates as we now assume ECB rates of average