J P M O R G A N Europe Equity Research 21 July 2026 Julius Baer First Take 1H 26: Strong cost discipline and improved flows; remains a show-me story Our Take: Adjusted PBT in 1H 26 of CHF 814mn is 3% above Vara consensus CHF 791mn (JPMe CHF 784mn), while Adjusted Net Profit is 5% ahead at CHF 673mn vs. consensus CHF 642mn. Group AuM was slightly ahead at CHF 547bn vs. consensus CHF 546bn, increasing further from CHF 528bn at the end of Apr- 26. 1H Net new money was CHF 5.7bn (consensus CHF 5.2bn) or 2.2% an ...

21 Jul 2026 01:42:27 ET │ 16 pages Zions Bancorporation (ZION.O) 2Q26 Review - Lackluster Deposit Trends Take Centerstage CITI'S TAKE Results this quarter likely embolden both the bullish and bearish narratives... While the positive loan growth trends, healthy credit quality, and better capital base likely support the "glass half full" investor base, we believe concerns for negative deposit flows (and pricing headwinds) likely take centerstage for the next quarter or two; which in turn likely limits valuati ...

Saudi National Bank (1180.SE) 2Q26 Results First Take – Better Non-II and Low Credit Costs Drive Beat; Muted Loan Momentum Flash | 21 Jul 2026 01:34:22 ET │ 11 pages CITI'S TAKE OpEx Miss; Credit Cost Beat Citi Est — SNB's 2Q26 OpEx was +3% vs Citi Est (+1% YoY, +0% QoQ, +8% vs. Cons). Provisions reported for 2Q26 were -30% vs. Citi est. (-252% YoY, -145% QoQ, -34% vs. Cons). 2Q Credit cost at 14bps (Citi est: 20bps, Cons est.: 21bps). Loan Volumes Subdued — Loans were +1% qoq (-1% vs. Citi est) while depos ...

J P M O R G A N Asia Pacific Credit Research 21 July 2026 APAC Cross Regional Credit Weekly Spreads stabilizing with yields remaining at high levels Asia Pacific Credit Research Matthew Hughart AC (852) 2800-6518 matthew.hughart@jpmorgan.com J.P. Morgan Securities (Asia Pacific) Limited Emma Xing (852) 2800-8727 emma.xing@jpmorgan.com J.P. Morgan Securities (Asia Pacific) Limited Soo Chong Lim (852) 2800-7387 soochong.lim@jpmorgan.com J.P. Morgan Securities (Asia Pacific) Limited North America Credit Resear ...

Point | The Point for CEEMEA Tuesday, 21 July 2026 Top Call | MENA | South Africa | Emerging Europe | Sector | Strategy & Economics | Commodities | Fixed Income & FX | Key Rating and Target Price Changes TopCall GPW (GPW.WA) - We see limited earnings growth and little scope for re-rating; Downgrade to Sell/High Risk GPW's share price is up +63% YTD, outperforming WIG index by +34%. We are struggling to see the drivers for such a strong share price performance. We see limited earnings growth potential from t ...

Flash | 21 Jul 2026 01:09:40 ET │ 9 pages South Korea Economics July 20-Day Trade: Strong Chip Exports Continue while Oil Import Prices Fall CITI'S TAKE In the first 20 days of July, semiconductor exports rose to another record high in seasonally adjusted amounts, although the non- seasonally adjusted amounts of semiconductor exports declined from a month ago. In YoY terms, semiconductor exports growth remained strong at 181%YoY (vs. June: 188%YoY; May: 202%YoY). Meanwhile, South Korea's crude oil import pr ...

Vi e w p o i n t | 21 Jul 2026 00:47:12 ET │ 11 pages Japan Auction Monitor 40y—auction method a risk CITI'S TAKE With steady demand and ongoing set-up into this auction we expect smooth digestion. The Dutch auction method can lead to extreme volatility. Tomohisa Fujiki AC n +81-3-6776-4684 tomohisa.fujiki@citi.com See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations. Japan Auction Monitor 21 July 2026 Citi Research There will be an auction of JU19 on July 22. ...

公司专利动态 - 中国工商银行股份有限公司于近期取得一项名为“策略生成方法、装置、计算机设备和存储介质”的专利，授权公告号为CN115545888B，该专利的申请日期为2022年9月 [1] - 根据天眼查数据，中国工商银行股份有限公司成立于1985年，总部位于北京市，主营业务为货币金融服务，公司注册资本为35,640,625.7089万人民币 [1] 公司经营与资产概况 - 中国工商银行股份有限公司通过天眼查大数据分析，共对外投资了27家企业 [1] - 公司参与招投标项目22,439次 [1] - 公司在财产线索方面拥有商标信息978条，专利信息22,744条，此外还拥有行政许可81个 [1]

J P M O R G A N Zions Bancorp NA North America Equity Research 21 July 2026 Downgrade to Underweight: With Deposit Costs Likely Ramping, Shares' Steep Premium Valuation At Risk We are downgrading ZION shares to Underweight. Heading into this earnings season, we were cautious on regional banks tied to a view that deposit cost competition will intensify from already elevated levels, and specifically on ZION the stock was our lowest rated Neutral in our rank order of our coverage universe heading into earnings ...

Flash | 21 Jul 2026 00:14:28 ET │ 11 pages Commercial International Bank Egypt (COMI.CA) OpEx In-line, LLPs beat — COMI's 2Q26 OpEx (adj. for other contingent provisions) was +0% vs Citi est. (+27% yoy, -1% qoq). Overall headline CIR at 19.2% for the quarter was below our expectations of 20.2%. The bank reported provisions charge in 2Q of EGP 562m (incl. other provisions that was adjusted out of OpEx) vs Citi expectations of a charge of EGP 651mn. As a result, cost of risk for 2Q stood at 37bps (Citi est. 4 ...