European Banks: Chart of the week #53: 2Q26 earnings tracker, Week 2

研报英文原文证据摘录

European Banks: Chart of the week #53: 2Q26 earnings tracker, Week 2

Global Research

24 July 2026ab

European Banks Equities

Europe including UKChart of the week #53: 2Q26 earnings tracker,

Week 2 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 Ignacio Cerezo

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 ignacio.cerezo@ubs.com

behind the Chart of the Week. +44-20-7568 4409

Sanjena Dadawala

Chart#53: Banks continue to beat, helped materially by market conditions Analyst

Banks continue to beat expectations in aggregate with the 11 firms under our coverage sanjena.dadawala@ubs.com

which have reported 2Q26 results so far producing on aggregate 3% more PBT than +44-20-7567 0753

consensus had forecast. Within that, this basket of firms produced 1% more NII and 1% Johan Ekblom, CFA

more non NII, missed by costs by 1% and on impairments - which remain low - by 2%. Analyst

johan.ekblom@ubs.com

+44-20-7568 3580

Higher costs are, we think, to a significant extent explained by bumper market-linked

revenues and perhaps to a lesser extent by tech spend. BNP, for example, yesterday Alvaro Fernandez-Garayzabal

reported 43% YoY growth in Equities revenues, for CIB income up 13% YoY and costs Analyst

alvaro.fernandez-garayzabal@ubs.com

+10% YoY for 16% more PPP. Let's hope that across the sector the higher cost prints

+34-91-436 9622

represent some P&L insurance if market-linked revenues normalise in the year ahead.

Joshua Humphreys

Associate Analyst