Bank Stock Roundup: Q2 Earnings Coming To An End; KeyCorp, BB&T In Focus
Zacks Investment Research | Jul 28, 2016 11:26PM ET
Over the last five trading days, we have seen the last phase earnings releases for the second quarter by U.S. banks. The overall performance of the industry so far has not been as bad as the market expected. This was reflected in the bullish price trends of the bank stocks.
The performance showed resilience with improved loans and deposits, and efficient cost control measures. Further, the rate hike by the Federal Reserve in Dec 2015 slightly supported interest income growth. However, a challenging operating backdrop hurt the fee income. Further, stressed energy and commodity prices had an adverse impact on banks’ asset quality.
As expected by the market, the Fed’s two-day policy meeting ended on Jul 27 without any change in the interest rates. However, the policymakers seem to be happy with the direction of the domestic economy’s growth.
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