Banking sector: Results at major US banks: Overview of Apr–Jun 2026 results at major US banks

研报英文原文证据摘录

Banking sector: Results at major US banks: Overview of Apr–Jun 2026 results at major US banks

Global Markets Research

Banking sector: Results at major US banks 16 July 2026

EQUITY: JAPAN BANKS

Overview of Apr–Jun 2026 results at major US Research Analysts

banks Japan banks Ryotaro Terazawa - NSC

ryotaro.terazawa@nomura.com

Trading revenues and investment banking revenues both strong +81 3 6703 1037

Ken Takamiya - NSC

Profits up sharply y-y ken.takamiya@nomura.com

Combined profits attributable to common shareholders at the six major US banks rose by +81 3 6703 1140

a steep 40% y-y to $53bn (Figure 1)—the highest level yet in the post-pandemic era

(since 2021). Trading revenues and investment banking revenues both drove topline

growth, coming in stronger than the market had been expecting. Net interest income (NII)

was solid, with an increase in volume (among other factors) making up for the negative

impact that US rate cuts had on net interest margins (NIM). In terms of credit costs, net

charge-off ratios at all six banks held at low levels, either declining or rising only slightly on

a q-q basis.

The expectation expressed by all of these banks in their earnings calls was that the

historically high levels of trading revenues are likely to revert to something more normal

going forward, but it also looks as though banks think there is room for more growth in

their investment banking businesses. Banks also expressed confidence in the robustness

of the US economy, including with respect to economic activity among consumers and

SMEs. The view out of these banks is that growth in lending and capex is not limited to AI

investment but is in fact in good shape more broadly. The pipeline of incoming business

was also said to be well stocked.