EMEA Banks Dashboard

研报英文原文证据摘录

EMEA Banks Dashboard

catalyst the 24-Jul PST 2Q, SAB 2Q UK, DE manufacturing PMIs

market is underappreciating.

.

ABN: We are confident on FY26 delivery, with replicating portfolio tailwinds now flowing Source: Trading economics, Jefferies

through reported NII (Dutch NII +8% YoY) while costs are tracking ahead of plan with further

optionality via ICS-Worldline partnership. Credit quality is solid & excess capital is ~8% of mkt

cap. Shares trading at 1.3x P/TBV for a 14% 2028e RoTE.

Post 2Q model updates:

DNB: While the NII miss (in line with JEFe) was the focus on the day, we continue to see

the fee engine delivering for DNB. AUMs saw another record quarter of net inflows (greater

than 4Q25/1Q26 combined) while IB fees remained strong in 2Q. We continue to expect NII

to recover in 3Q, benefitting from repricing actions to recover some of the lending spreads

Jefferies EMEA Banks * | Jefferiesin PC. We increase our EPS estimates by 2%, increase our PT to NOK 319, and maintain our

International Ltd.

Hold rating. +44 (0) 20 7029 8309 |

jefferiesemeabanks@jefferies.com

SEBA: SEB reported a solid result which benefitted from high customer activity leading to a

Joseph Dickerson ^ | Equity Analyststrong beat on the day with better costs. The result, was driven by strength in the CIB (strong in

44 (0) 20 7029 8309 | jdickerson@jefferies.com

IB fees and volumes), with SEB also expecting other divisions (BRB and WAM) to support the

business going forward which only started to improve at the end of the quarter. We increase Jonathan Pierce * | Equity Analyst

+44 (0)20 7548 4079 | jpierce@jefferies.com

our EPS estimates by 2%, increase our PT to SEK 205 and maintain our Hold rating.

Inigo Vega ^ | Equity Analyst