Several major regional banks reported earnings in the last week and analyst says they are showing the first signs of economic growth across the country.
Many of the nation’s biggest regional banks, including Huntington
and US Bancorp
reported earnings that showed improvements in profit and revenue growth. As the regional banks cater to a retail and small business customer base that is sensitive to economic conditions, those reports can offer an early take on the recovery.
“The problem is the U.S. economy, especially the U.S. consumer, hasn’t shown any signs of life,” said Marty Mosby, director of bank equity strategies at broker-dealer Vining Sparks IBG, L.P. “We believe this quarter may actually be foreshadowing the first signs of true underlying economic growth.”
For more on which banks are showing hints of improvement, click here.