Bank earnings are coming in pretty strong despite the failure of Silicon Valley Bank and Signature Bank in March.
I do want to point out the two banks did fail toward the end of the first quarter which means the pain could be reflected in second quarter’s earnings. Let’s take a look at the chart below to see how banks have done over the past five trading days.
Banks were trading sideways until JPMorgan, PNC, and Wells Fargo reported on Friday. JPMorgan surged on Friday while Wells Fargo and PNC sat out that rally until participating on Monday’s trading day.
All the banks that reported on Friday delivered earnings beat, except PNC, missing on revenue 5.6B reported vs. 5.62B expected.
M&T Bank reported an earnings beat today and surged more than 7%
Let’s check back in tomorrow to see how Goldman Sachs, Bank of America, and Bank of New York Mellon do on earnings as those banks report tomorrow.
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