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JPM Stays Cautious on European Banks As Net Interest Income Peak Nears – Market Talk
1132 GMT - The end of the net interest income (NII) upgrade cycle for European banks is near and deposit betas will limit their upside, JPMorgan says in a note pointing to some banks’ indications of a peak in the fourth quarter of 2023 or first quarter of 2024 while others see it in the second half of 2023 at the latest. “We believe buyside expectations are already higher and, hence, NII is unlikely to be a positive surprise factor for European Banks’ price performance going forward,” analysts say, adding that once the NII peak is discounted bank shares don’t perform. The brokerage continues to be cautious on the sector as it avoids French, U.K. and Nordic banks and prefers Intesa Sanpaolo, UBS, Julius Baer, AIB Group and Sabadell. (elena.vardon@wsj.com)