Davy Morning Equity Briefing
Aug 10, 2026
Irish banks
Bankinter’s patient plan for Ireland
Bankinter has gained a good foothold in Ireland and is now developing a suite of deposit products to complement, and in time fund, its lending products. It is outlining a patient approach, illustrated by its target to match fund its lending in Ireland over eight years. While competition has entered the market, pricing has remained rational amongst entrants, and is also against the context of the longer-term trends of consolidation, which occurred following Ulster Bank and KBC Bank Ireland’s exit.
Marshalls
Stabilising the platform
The priority for Marshalls this year is to deliver on cost savings and stabilise earnings expectations. First half results point to encouraging progress. Marshalls is seeking to improve operational execution with a more agile approach and faster decision making. Helped by cost savings, the interim results are better than expected and full year expectations are unchanged. Based on the H1 result, we believe the latter is a credible stance and that Marshalls is on course to increase adjusted pre-tax profit from £44m to its guidance of circa £50m this year.
Economics weekly
Weak payrolls reduce pressure on the Federal Reserve to hike
Last week’s labour market update for the US economy was quite mixed, with downward revisions to payrolls this year and a surprise decline in July. A marginally lower unemployment rate is also explained by another fall in the participation rate. This has reduced pressure on the Federal Reserve to hike rates next month. In a quiet week for Irish data releases, the other main news for this week is UK GDP for June.
