On April 18, Bank of America strategists said that the financial report for the first quarter of this year had a good start, which completely exceeded analysts’ pessimistic expectations.
Of the 30 companies that have reported results so far, which collectively account for 10 percent of the S&P 500, 90 percent have beaten earnings per share estimates and 73 percent have beaten sales estimates, a team of strategists led by Bank of America Savita Subramanian said on Monday. stated in a research report.
Thanks in large part to impressive results from JPMorgan, Citigroup and Wells Fargo, the last comparable first week of an earnings season dates back to at least 2012.
“Big banks’ solid results despite the banking panic in March helped lift the start of the earnings season,” Subramanian wrote. “Banks may tighten credit standards, but compared with previous crises, big banks have ample financial operations.”
Strong results from the banking giants helped ease fears of a crisis in the sector following the collapse of a Silicon Valley bank last month.