Top US Banks Report Better-Than-Expected Q2 Earnings Results Across-the-Board, Says RBC Capital

MT Newswires Live
16 Jul

The Bank of New York Mellon (BK), Citigroup (C), JPMorgan Chase (JPM), State Street (STT), and Wells Fargo (WFC) earnings results all exceeded RBC Capital's analyst expectations, prompting RBC's analysts to increase their earnings per share estimates for all five institutions, RBC said in a note to clients late Tuesday.

The earnings illustrate the banking sector's resiliency after heightened enomic uncertainty during the

year's first half. Credit quality stayed robust, as loan loss provisions and net charge-offs were more favorable in Q2 than anticipated, RBC Capital said.

Net interest income rose by an average of 3.2% from the last quarter among the five banks.

For major banks reporting Wednesday, RBC Capital said it expects to see similar results: strong trading, 'strong credit quality trends, modest net interest income growth, strong/solid stock buybacks,' and year-over-year tangible book value and book value per share growth.

Price: 94.87, Change: -0.29, Percent Change: -0.30

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