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《巴克莱-美股-美股大盘银行股：2017年3季度展望与时事评论-20170821-71页barclays-u.s. large-cap banks 2q17 10-q review & current events》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。
1、EquityResearch21August2017U.S.Large-CapBanksINDUSTRYUPDATE2Q1710-QReview&CurrentEventsU.S.Large-CapBanks3Q17Outlook:Mostbanksreiteratedtheguidancegivenontheir2Q17earningscalls.POSITIVEGeneralexpectationsfor3Q17include:modestlyhighernetinterestincome(e
2、xtraday)UnchangedowingtomoderateloangrowthandslightNIMexpansion;variedfeeincometrends(seasonallyhigherservicecharges,mortgagestable,seasonallylowercapitalmarkets);U.S.Large-CapBankscontrolledcosts(stillafocus);benignassetquality(banksdownplayingrecent
3、JasonM.Goldberg,CFA+12125268580concerns);highertaxrates(after1Hlowerthanexpected);andincreasedsharejason.goldberg@barclays.comrepurchaseactivity(CCAR2017planskickingin;over80%ofthebankssaidtheyBCI,USexpecttorepurchasemoredollarsworthofstockovernext4qu
4、artersthanpast4).FITBexpectsa$1bnpre-taxgainin3Q17onthepartialsaleofanequityposition.InnaBlyakher1.212.526.3904Deposits:Themedianbank’scostofinterestbearingdepositsincreased5bpsin2Q17,inna.blyakher@barclays.comupfrom3bpsin1Q17and1bpin4Q16.Cycle-to-dat
5、e,itisup9bps,comparedtoaBCI,US100bpincreaseinFedFunds(4hikes)forabetaof9%.Lookingatthe2004cycle,postMatthewKesselhaut3Fedhikesfor125bps,itwascloserto31%.Forthatwholecycle(+425bps),thebeta+12125260181was60%.Sofarthiscycle,WFC,C,MTB,USBandCFGhavepostedt
6、hehighestbetas,matthew.kesselhaut@barclays.comwhileSTT(hedging,charginginEurope)followedbyCMA,ALLY,BAC,PNCandBBTBCI,USstandoutontheotherend.Inthe2004-2007cycle,CMA,STT,NTRS,STIandFITBhadEugeneKoysmanrelativelyhigherbetas,whileBAC,KEY,MTB,USBandCFGwere
7、belowpeers.+12125260971Assetquality:ALLY(50%ofloans),COF(21%),HBAN(17%),CFG(11%),andFITBEugene.Koysman@barclays.com(10%)arethelargestrelativeautolenders,whileCOF(38%),C(24%),JPM(15%)andBCI,USBAC(12%)arelargestincreditcard.Bothsegmentshaveseenincreased
8、loanlossesBrianMorton,CFAamidportfoliogrowth,awideningofthecreditbox,andincreasedseverityrates.The1.212.526.2163retailsectorisalsoinfocus.RetailC&Iaspercentofloans,showsPNC,KEY,BAC,JPMbrian.morton@barclays.comandFITBarethehighest,whileMTBandNT
