2Q26 - clean quarter drives 2% EPS upgrades, deposit cost trajectory still key structural debate

研报英文原文证据摘录

2Q26 - clean quarter drives 2% EPS upgrades, deposit cost trajectory still key structural debate

Global Research

23 July 2026ab

Bankinter Equities

Spain2Q26 - clean quarter drives 2% EPS upgrades,

deposit cost trajectory still key structural debate Banks, Ex-S&L

12-month rating Neutral

12m price target €16.602Q26 review - clean quarter drives 2% EPS upgrades

Prior : €16.00

Though upgrades will likely be moderate, BKT's print can qualify as a beat and raise

quarter, with positive sequential NII progression, strong fees (even ex €23mn oneoff) Price (23 Jul 2026) €15.65

and solid cost/LLP trends. With our base case giving the bank credit on this front despite RIC: BKT.MC BBG: BKT SM

lingering competition risks, the key debate still revolves around BKT's capacity to

preserve its c270bp customer spread, insofar as that would imply any potential funding Trading data and key metrics

cost pressures remain manageable, which remains the main area of downside in an 52-wk range €15.85-12.16

otherwise solid narrative backed by secular operating leverage/asset quality support. Market cap. €14.0b/US$15.9b

With interest rate volatility losing relevance as UBSe/consensus/guidance is based on a Shares o/s 896m (ORD)

realistic 2.0-2.5% Euribor range, we see BKT's quality compounder profile and premium Free float 71%

valuation compromised only in a scenario where funding cost pressures visibly escalate. Avg. daily volume ('000) 1,419

Avg. daily value (m) €20.6

Commercial momentum - a tale of two (balance sheet) sides? Common s/h equity (12/26E) €7.01b

As flagged in our initial take, the only aspect of results with a more negative skew relates P/BV (12/26E) 2.0x

to BKT's domestic private sector loan momentum slowing further (1.5% vs c3% in Tier 1 ratio 15%