Analysts predict bleak earnings and deposit flight for US banks in upcoming quarter.
TL;DR
Analysts are predicting a significant decline in profit of 10 stocks in the SPDR S&P Bank ETF, including First Republic Bank and Live Oak Bancshares. However, the nearly 100 banks in the ETF are expected to see an 11.8% rise in profit on average. The financial companies in the S&P 500 are expected to have a 9.1% revenue growth in the first quarter, with financial sector profits expected to rise by 2.4%. The first-quarter earnings reporting season for banks has begun, and investors are advised to be cautious.
Topics:businessfinance#banking#earnings-season#finance#first-republic-bank#live-oak-bancshares#profit-decline
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