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Home Economics

US banks counted record profits

by Daniel Brown
2014/08/14
in Economics, HOME
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US banks counted record profits
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American banks at the end of II quarter earned $ 40.24 billion – the second result for the last 23 years. The growth in profit was mainly due to the reduction of reserves and credit growth.

Now more than bankers earned only in the I quarter of 2013, while net income was $ 40.36 billion.

In II quarter 2014 lending really took off – corporate lending increased 12.6% and retail by 6%. The total loan portfolio of banks reached $ 8 trillion. Many economists and government officials have criticized the banks for a long time, because they did not show activity in lending, but those without haste did their work.

Gradually there is to improve the quality of loan portfolios, and banks are increasingly willing to give and Bole new loans. Experts point out that even the requirements for borrowers are lower.

“Get a loan has never been easier, even to talk about,” – said General Director of jewelry firm Charles & Colvard Randy McCullough. His company recently received a three-year loan from Wells Fargo for $ 10 million.

In general, borrowers say that to get a loan has become much easier.

The best results in commercial lending demonstrate regional banks. KeyCorp of Cleveland increased the volume of issued corporate loans by 13.4% to $ 26.4 billion, and the total loan portfolio grew by 5.5%. Large banks clearly do not behave actively, but the positive dynamics is still present. Citigroup increased its portfolio by 3,7%, Wells Fargo – on 3,6%, JPMorgan Chase – by 2.9%.

Investors do not trust banks

Despite the almost record profits, bank stocks lagged behind the broader market. So, KBW Bank Index, which includes shares of 24 banks have lost since the beginning of the year nearly 1%, while the S & P 500 rose by about 5%.

First of all, investors worried about the slowdown in the mortgage market, are also likely, investors in mortgage quotes a potential increase in costs in the event of a rate hike by the Fed.

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