JPMorgan Forecasts UK Banks 2026 Revenue Upgrade

J.P. Morgan expects UK banks to raise FY2026 revenue guidance as forward markets price one rate hike for 2026.
Price targets lifted to 780p for NatWest, 121p for Lloyds, while Barclays target stays at 590p.
NatWest FY2026 revenue seen at £17.7bn (up from £17.2‑£17.6bn) and Lloyds net interest income around £15.0bn.
Bank of England data shows £17.4bn deposit rise, 4.7% loan growth and strong mortgage, consumer credit, corporate loan expansions.