Flash | 21 Jul 2026 01:50:49 ET │ 11 pages Al Rajhi Bank (1120.SE) 2Q26 Results First Take – Profit Narrowly Miss Citi Est but Ahead vs. Consensus; Muted Loans CITI'S TAKE Al Rajhi Bank has reported 2Q26 preliminary results. Overall, we estimate headline attributable profits (post AT1 payments) of SAR 6.6bn is 2% below our estimates (+5% vs. Consensus, +14% yoy, +4% qoq). The 2Q26 narrow miss vs. Citi est. appears to be driven by higher CoR and lower NII, offset partly by stronger non-II. Refer to Figure 1 ...

J P M O R G A N Global Markets Strategy 21 July 2026 EM Sovereign Credit Strategy At this rate, spreads can stay quite tight See page 29 for analyst certification and important disclosures. Emerging Market Research Ben Ramsey AC (1-212) 834-4308 benjamin.h.ramsey@jpmorgan.com J.P. Morgan Securities LLC Nishant M Poojary, CFA AC (44 20) 3493-3859 nishant.m.poojary@jpmorgan.com J.P. Morgan Securities plc Leonardo Tiago AC (1-212) 834-2479 leonardo.tiago@jpmorgan.com J.P. Morgan Securities LLC Fariha R Ahmmed ...

July 21, 2026 07:57 AM GMT Saudi Awwal Bank | Europe 2Q26 earnings beat: SAB reported 2Q26 profit of SAR2.3bn (EPS: SAR1.02), +12% QoQ and +10% YoY. Earnings were 10% ahead of our estimate and 12% ahead of consensus on lower than expected provisioning. The bank reported an ROTE of 14.7% for 2Q26. SAB's 1H26 profit was SAR4.4bn (EPS: SAR1.96), +4% YoY, on lower provisioning. Stable NIM, lower Non-II despite likely fee pick-up: Revenue was up 1% QoQ with NII up 3% and Non-II down 4%. NIM was stable QoQ at 2.5 ...

Vi e w p o i n t | 21 Jul 2026 03:46:31 ET │ 28 pages Asia FX and Rates Strategy Singapore Chart Pack CITI'S TAKE The combination of strong growth and inflation risk underpins our economics team's call for another 50bp slope increase in July. We agree that there are significant chances of another slope increase, especially as we are witnessing another round of Middle East tensions led oil price increase. Current FX pricing in forwards space implies a close call between the two scenarios. SORA remains low du ...

J P M O R G A N Asia Pacific Equity Research 21 July 2026 SCB X PCL NIM expanded 5bps q/q after over a year of compression. The bank delivered another strong trading quarter with FVTPL gains at Bt4.3bn from Bt2.3bn in 1Q26. Wealth management income grew 7% q/q (+57% y/y). Key Negatives/Question Marks Costs came in slightly higher than expectations (+3% q/q). NPL formation appears to have moved up, with bank-only data suggesting increases across categories (corporate, SME, housing, auto). Likely Changes to C ...

CEEMEA Equity Research 21 July 2026 J P M O R G A N 2Q26 First Take: NIM stabilizes while ultra-low cost of risk supports the bottom line Sukanya Khan (91-22) 6157-3377 sukanya.khan@jpmchase.com J.P. Morgan India Private Limited Saudi Awwal Bank See page 4 for analyst certification and important disclosures, including non-US analyst disclosures. Our Take: 2Q26 net income of SAR2,331mn came in 14%/10% ahead of BBG consensus/JPMe, up +12% QoQ / +10% YoY, with the beat mainly driven by low provisions. Pre-prov ...

J P M O R G A N Europe Credit & Securitized Products Research 21 July 2026 International ABS Daily Wrap 21st July 2026 Macro News [Bloomberg Finance L.P.] UK • Asking prices of houses in the UK fell 1.0% MoM and 0.4% YoY in July [Rightmove]. • No bond news yesterday. Eurozone • Construction output in the Euro area rose 0.4% MoM and 1.2% YoY in May [Eurostat]. Spain ABS Primary Activity [Concept ABS, Bloomberg Finance L.P.] Priced • No new deals were priced yesterday. Pipeline • No new deals were added to th ...

July 21, 2026 07:11 AM GMT Al Rajhi Bank | Europe M Update 2Q26 Results: Strong Non-II compensates for lower NIM, high provisioning AlphaSignals Earnings Reaction Unchanged In-line Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research 2Q26 earnings in-line: Al Rajhi Bank (Rajhi) reported a profit of SAR7.0bn (EPS: SAR1.11) for 2Q26, +4% QoQ and 14% YoY. Earnings were in line with our and consensus esti ...

July 21, 2026 07:40 AM GMT Alinma Bank | Europe M Update 2Q26 results: High provisioning and lower Non-II drive slight miss AlphaSignals Earnings Reaction Unchanged Modest shortfall Modest revision lower Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research 2Q26 earnings: Alinma's 2Q26 profit was SAR1.59bn, -5% QoQ and +1% YoY. Earnings were 5% below MSe, 4% below consensus, due to higher than expected provisioning and ...

July 21, 2026 06:46 AM GMT BAWAG Group AG | Europe M Update 2Q26 First Take: PPOP & Capital Beat AlphaSignals Earnings Reaction Unchanged Modest upside Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Key Takeaways 2Q26 results overview: NII was broadly in line with company-compiled consensus (2% above Visible Alpha), and fees were +3% better than company consensus (+5% better than Visible Alpha), ...