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Pragmatic Capitalism

Practical Views on Money & Finance

Rosenberg: Bank on Banks?

For a guy who’s been touting the de-leveraging over the last few years, this is some pretty bullish commentary (via David Rosenberg):

“I said several months ago that the financials were screening rather well in our sector work.

This was the one sector that underpinned overall profit growth in the revised Q3 national accounts data that were released last week.

Well, the FDIC just reported that US bank profits rose 6.6% on a YoY basis in Q3, to a six year high.  Revenues eked out a 3% gain, the best top-line performance in three years.  Loan loss provisioning was also down by one-fifth – a reflection of improved loan quality.”

Source: Gluskin Sheff

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Cullen Roche

Cullen Roche

Mr. Roche is the Founder of Orcam Financial Group, LLC. Orcam is a financial services firm offering asset management, private advisory, institutional consulting and educational services. He is also the author of Pragmatic Capitalism: What Every Investor Needs to Understand About Money and Finance and Understanding the Modern Monetary System.

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