As discussed earlier when we summarized the stellar JPM results, and solid Citi, PNC and Wells Fargo earnings, bank earnings have been off to a solid start - especially big money-center banks thanks to their deposit pricing power - despite pressure on NIMs, jump in loan loss provisions and an increase in net unrealized losses (as previewed). Of course small banks, their record delinquencies...
... their tens of millions of customers, and their huge CRE exposure are a different matter entirely and the next weeks will be far less euphoric, but for now here is a summary of why at least the big banks have been off to a strong start.
