Bank earnings of $34.5B in Q2 were up about 21% Y/Y, but thank the release of loan-loss reserves for that. The business of borrowing short and lending long - what banks are supposed to be doing for profits - is weak, thanks to net interest margin of just 346 bps combining with low loan growth. "Cheap" valuations are likely to remain so.
Bank earnings of $34.5B in Q2 were up about 21% Y/Y, but thank the release of loan-loss reserves...
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