In this Thursday, April 13, 2017, photo, a man uses a Wells Fargo ATM in Charlotte, N.C. Wells Fargo & Co. reports earnings, Friday, July 14, 2017. Wells Fargo stock is down slightly this year, while the Standard & Poor's 500 index has risen almost 10 percent. Wells Fargo, JPMorgan and Citigroup all disclosed their second-quarter results Friday, and said they collected more money on interest because of rising interest rates, which let the banks charge more money for lending. The Federal Reserve has raised interest rates three times since December. Like other banks, Wells Fargo's stock surged since Donald Trump was elected president in November as investors hoped for stronger economic growth and higher interest rates along with looser regulations.
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When bond yields decline, it forces interest rates on loans lower, which makes it harder for banks to make money from lending. The Federal Reserve has raised interest rates three times since December, which enables banks to charge more money for lending, and Wells Fargo said its net interest income climbed 6% to $12.5 billion. Wells Fargo & Co. said Friday its profit edged up in the second quarter as the bank got a boost from rising interest rates and the planned sale of its insurance service business. Like other bank stocks, Wells Fargo facebook/" target="_blank">shares have surged since Donald Trump was elected president in November as investors hope for stronger economic growth and higher interest rates. Wells Fargo shares have risen almost 1% since the beginning of the year while the Standard & Poor's 500 index has climbed slightly more than 9%.
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PNC Financial 2nd-quarter profit beats on higher interest income
Regional bank PNC Financial Services reported a better-than-expected quarterly profit on Friday helped by a higher interest income and fall in provision for credit losses. Net interest income rose 9.2 percent to $2.3 billion, while non-interest expenses increased 5 percent to $2.5 billion. Banks in the United States have got a much-needed boost from the Federal Reserve raising overnight interest rates. The bank said provisions for bad loans dropped 23 percent to $98 million for the reported quarter. The Fed has raised rates three times since second quarter last year, the latest increase coming in June.When bond yields decline, it forces interest rates on loans lower, which makes it harder for banks to make money from lending. The Federal Reserve has raised interest rates three times since December, which enables banks to charge more money for lending, and Wells Fargo said its net interest income climbed 6% to $12.5 billion. Wells Fargo & Co. said Friday its profit edged up in the second quarter as the bank got a boost from rising interest rates and the planned sale of its insurance service business. Like other bank stocks, Wells Fargo facebook/" target="_blank">shares have surged since Donald Trump was elected president in November as investors hope for stronger economic growth and higher interest rates. Wells Fargo shares have risen almost 1% since the beginning of the year while the Standard & Poor's 500 index has climbed slightly more than 9%.
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collected by :Jack Luxor
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