{"id":590292,"date":"2023-07-17T00:00:00","date_gmt":"2023-07-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/17\/rate-hikes-fuel-profit-surge-among-big-us-banks\/"},"modified":"2023-07-17T00:00:00","modified_gmt":"2023-07-17T00:00:00","slug":"rate-hikes-fuel-profit-surge-among-big-us-banks","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/17\/rate-hikes-fuel-profit-surge-among-big-us-banks\/","title":{"rendered":"Rate hikes fuel profit surge among big US banks"},"content":{"rendered":"

<\/span>US banking earnings soar on the back of interest hikes:<\/span> Profits among the biggest <\/span>US banks soared in 2Q 2023 on the back of rapidly climbing interest rates. JPMorgan\u2019s profit jumped by 67% y-o-y in 2Q, Wells Fargo's climbed 57%, and Citigroup\u2019s interest income rose, though profits declined by 36%. The three major banks collectively made USD 49 bn in net interest income in 2Q 2023, up 30% from the same period last year. The <\/span>Wall Street Journal<\/a><\/span> and the <\/span>Financial Times<\/a><\/span> have more.<\/span><\/p>\n

Have oil prices reached their floor?<\/span> Betting on a tighter oil market has been coming <\/span>up short for most of this year, but there are signs that it is finally paying off, <\/span>Bloomberg reports<\/a><\/span>. Brent futures rose above USD 80 a barrel in London last week for the first time<\/span> since the beginning of May<\/span> as rising demand in China and output cuts agreed by the Saudi and Russia-led OPEC+ group tightens supply.<\/span><\/p>\n

<\/a><\/a><\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/span><\/p>\n<\/td>\n

\n

17,343<\/span><\/p>\n<\/td>\n

\n

0.0% (YTD: +18.8%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/span><\/p>\n<\/td>\n

\n

Buy 30.83<\/span><\/p>\n<\/td>\n

\n

Sell 30.96<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/span><\/p>\n<\/td>\n

\n

Buy 30.85<\/span><\/p>\n<\/td>\n

\n

Sell 30.95<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/span><\/p>\n<\/td>\n

\n

18.25% deposit<\/span><\/p>\n<\/td>\n

\n

19.25% lending<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/span><\/p>\n<\/td>\n

\n

11,716<\/span><\/p>\n<\/td>\n

\n

+0.1% (YTD: +11.8%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/span><\/p>\n<\/td>\n

\n

9,672<\/span><\/p>\n<\/td>\n

\n

+0.5% (YTD: -5.3%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/span><\/p>\n<\/td>\n

\n

4,010<\/span><\/p>\n<\/td>\n

\n

+0.1% (YTD: +20.2%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/span><\/p>\n<\/td>\n

\n

4,505<\/span><\/p>\n<\/td>\n

\n

-0.1% (YTD: +17.3%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/span><\/p>\n<\/td>\n

\n

7,435<\/span><\/p>\n<\/td>\n

\n

-0.1% (YTD: -0.2%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/span><\/p>\n<\/td>\n

\n

4,400<\/span><\/p>\n<\/td>\n

\n

+0.2% (YTD: +16.0%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/span><\/p>\n<\/td>\n

\n

USD 79.87<\/span><\/p>\n<\/td>\n

\n

-1.8%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/span>(Nymex)<\/span><\/p>\n<\/td>\n

\n

USD 2.54<\/span><\/p>\n<\/td>\n

\n

-0.2%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/span><\/p>\n<\/td>\n

\n

USD 1,964<\/span><\/p>\n<\/td>\n

\n

0.0%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/span><\/p>\n<\/td>\n

\n

USD 30,283<\/span><\/p>\n<\/td>\n

\n

-0.1% (YT<\/span>D: +83.3%)<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/span><\/p>\n

The EGX30 closed flat yesterday<\/span> on turnover of EGP 1.0 bn <\/span>(48.3% below the trailing 90-day average).<\/span> Regional investors were net <\/span>sellers. The index is up 18.8% YTD.<\/span><\/p>\n

In the green: <\/span>Heliopolis Housing (+4.6%), Taaleem Management Services (+4.0%) and Ibnsina Pharma (+3.2%).<\/span><\/p>\n

In the red: <\/span>Alexandria Mineral Oils (-2.4%), ElSewedy Electric (-1.2%) and Fawry (-1.0%).<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

PLUS: Oil market shows signs of tightening as Brent price passes USD 80<\/p>\n","protected":false},"author":1,"featured_media":590293,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[204,294,93,72,119,262,91,122,4200],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-590292","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-banking","tag-citigroup","tag-energy","tag-enterpriseam","tag-financial-markets","tag-jpmorgan","tag-oil-and-gas","tag-planet-finance","tag-wells-fargo","wpautop","entry"],"acf":{"mongo_id":"7b15cd85-188b-4d63-bdd7-0f5536af4da1","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/7\/645.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Rate hikes fuel profit surge among big US banks","related_issue":[590270],"teaser":"PLUS: Oil market shows signs of tightening as Brent price passes USD 80","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/7\/.8ad33ff7-c8a0-4289-b6be-459d42f91ef0.mp3"},"yoast_head":"\nRate hikes fuel profit surge among big US banks - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/17\/rate-hikes-fuel-profit-surge-among-big-us-banks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rate hikes fuel profit surge among big US banks\" \/>\n<meta property=\"og:description\" content=\"PLUS: Oil market shows signs of tightening as Brent price passes USD 80\" \/>\n<meta property=\"og:url\" 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2001","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/1121.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597668,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/efg-holding-net-income-rises-20-y-o-y-in-2q-2023\/","url_meta":{"origin":590292,"position":1},"title":"EFG Holding net income rises 20% y-o-y in 2Q 2023","author":"enterpriseam admin","date":"13 August 2023","format":false,"excerpt":"The group\u2019s investment banking, commercial banking and non-bank financial services arms all reported revenue growth","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/530.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548606,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/15\/aramco-profits-surge-90-in-2q-2022\/","url_meta":{"origin":590292,"position":2},"title":"Aramco profits surge 90% in 2Q 2022","author":"enterpriseam admin","date":"15 August 2022","format":false,"excerpt":"EARNINGS WATCH- #1- Saudi Aramco\u2019 posts record net income amid spiraling oil prices: Saudi Aramco reported record 2Q 2022 and 1H 2022 earnings on the back of soaring crude oil prices and volumes sold, the company said in its earnings release (pdf) yesterday. The oil giant\u2019s net income soared 90%\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":633676,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/18\/us-investment-banking-revenues-are-picking-up-after-a-two-year-slump\/","url_meta":{"origin":590292,"position":3},"title":"US Investment banking revenues are picking up after a two-year slump","author":"enterpriseam admin","date":"18 July 2024","format":false,"excerpt":"The largest five banks reported USD 8.2 bn in investment banking revenues during the quarter","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1401.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568216,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/22\/why-banks-in-egypt-remain-profitable-chapter-xxii\/","url_meta":{"origin":590292,"position":4},"title":"Why banks in Egypt remain profitable: Chapter XXII","author":"enterpriseam admin","date":"22 December 2020","format":false,"excerpt":"Profits in the banking sector have grown this year despite an acceleration of the central bank\u2019s easing cycle, a survey conducted by the local press showed. Thirteen banks saw their net income and interest income increase during the first nine months of 2020 even as central bank cut rates by\u2026","rel":"","context":"In "Banking"","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/375.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548684,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/17\/us-retail-earnings-were-better-than-expected-in-2q\/","url_meta":{"origin":590292,"position":5},"title":"US retail earnings were better than expected in 2Q","author":"enterpriseam admin","date":"17 August 2022","format":false,"excerpt":"Better-than-expected retail earnings in the US yesterday kept the stock rally going even as tech stocks faced selling pressure on concerns about slowing growth and rising interest rates. 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