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    Sheel Shah

    Senior Analyst at J.P. Morgan

    Sheel Shah is a Senior Analyst at J.P. Morgan Securities Plc specializing in European financials, with a particular focus on major banks including Lloyds Banking Group and Bank of Ireland. He is known for his in-depth coverage, having provided widely followed investment recommendations such as his sell rating and targeted price adjustments on Lloyds Banking, with his performance and price forecasts tracked on platforms like TipRanks. Shah began his career after earning his undergraduate degree from the University of Warwick, joining J.P. Morgan following earlier experience in the finance sector, and has achieved the CFA designation as part of his credentials. His expertise is recognized among institutional investors, and he is listed as a primary research analyst covering top European banks for J.P. Morgan.

    Sheel Shah's questions to NatWest Group (NWG) leadership

    Sheel Shah's questions to NatWest Group (NWG) leadership • Q2 2025

    Question

    Sheel Shah from J.P. Morgan asked about the sustainability of the strong underlying lending growth given the UK economic outlook, and sought clarity on capital allocation, including any buffers for M&A and the definition of surplus capital.

    Answer

    CEO Paul Thwaite expressed confidence in the bank's ability to continue its broad-based lending growth, pointing to a track record of outperforming the market. He emphasized that strong capital generation supports shareholder returns and organic growth, explicitly stating that NatWest is not building a capital buffer for M&A and remains focused on its balanced capital approach within the 13-14% CET1 target range.

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    Sheel Shah's questions to NatWest Group (NWG) leadership • Q1 2025

    Question

    Sheel Shah of Autonomous Research inquired about the sustainability of the strong Q1 income performance, particularly the noninterest income component, and asked for the drivers behind the 2 basis point increase in lending margins.

    Answer

    CFO Katie Murray explained that while Q1 performance was strong, leading to an upgraded full-year income guidance, the noninterest income level should not be considered a run rate. She noted tailwinds from the structural hedge and the Sainsbury's portfolio are partially offset by expected rate cuts and economic uncertainty. The lending margin increase was attributed to a favorable mix shift towards higher-margin unsecured and corporate lending.

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    Sheel Shah's questions to Lloyds Banking Group (LYG) leadership

    Sheel Shah's questions to Lloyds Banking Group (LYG) leadership • Q2 2025

    Question

    Sheel Shah from J.P. Morgan asked about the deposit outlook, specifically the potential risk to deposit flows from UK policy encouraging investment over savings, and the resulting impact on the bank's funding and loan-to-deposit ratio.

    Answer

    Executive Director & CFO William Chalmers expressed confidence that the overall deposit base would remain strong, as any shift to investments would likely come from lower-margin savings, and the 95% LDR provides ample funding capacity. Group Chief Executive Charlie Nunn added that Lloyds' bankassurance model is uniquely positioned to benefit from this gradual, multi-year shift, turning a potential risk into a strategic opportunity.

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