【摩根大通证券-2025研报】英国银行-关注存款利润率；安本-评级上调至中性；爱尔兰银行；交易所.pdf

GigiSparling-SpecialistSales-EuropeanFinancialsAC(44-20)7134-0355EuropeSpecialistSalesJPMORGAN

ghislaine.sparling@

J.P.MorganSecuritiesplc17June2025

UKBanks-focusondepositmargins;NinetyOne-UpgradetoNeutral;

IrishBanks;Exchanges

GigiSparling

+442071340355

ghislaine.sparling@

Today:GermanZew(10am);Retailsales(1.30pm)

5KeyHighlightsToday:

1.UKBanks:Epsupgrades,focusondepositmargins

2.LegalGeneral(JPMCorporateBroker):Assetmanagementday,expectsomesmalldisappointment

3.NinetyOne(JPMCorporateBroker):Signsofaninflectionpoint;upgradingtoNeutralwithupsidecappedbyEM

geopoliticalrisks.

4.IrishBanks:Returntofullprivatisation,Irishbankstripupcoming

5.EuropeanExchanges:EnricoupdatesonQ2exchangesvolumessofar.

Usethelinksbelowtojumpstraighttoeachsection:

TheDetailedHighlights

Postresults,NewswiresAwayfromUs

GlobalFinancialswrap,TradingRecapandColour

GlobalFinancialsResearchLinks

GlobalMacroResearchLinks

SavetheDate:J.P.MorganEvents

J.P.MorganFinancialsContacts

TheDetailedHighlights

UKBANKS:SheelisoutwithadeepdiveontheUKbanksthismorningwiththekeypointthatincreasingdepositmargins

drivenbystructuralhedgesshoulddriveNIICAGRof8-10%24-27andremainakeycompetitiveadvantageforthelargerbanks.

Sheelnowexpectsmoreresiliencyindepositgrowthnowassuming3%growth26/27vs1%beforehandwhichdrives2-4%eps

upgradesatLloydsandNatwestand1%inBarclays.Largerbankswithfundingadvantagesare,inourview,bestpositionedto

benefitfromthesemargindynamics,whichweexpectwillleadtofurthersectorconsolidation(headlinesonthisovernight),

especiallyasmortgagemarginshaveweakenedtoc50bpsin2Qdownfromc70bpsin1Q.Overallwecontinuetoli