July 13, 2018 / 6:03 PM / a year ago

U.S. banks get a boost from Fed rate cuts, loan growth

FILE PHOTO: People pass the JP Morgan Chase & Co. Corporate headquarters in the Manhattan borough of New York City, May 20, 2015. REUTERS/Mike Segar/File Photo

(Reuters) - JPMorgan Chase & Co (JPM.N), Citigroup Inc (C.N) and Wells Fargo & CO (WFC.N) kicked off the second-quarter earning season with mixed reports.

While JPMorgan and Citi trumped analysts’ profit estimates, scandal-hit Wells Fargo’s results were clouded by expenses tied to past misconducts.

Overall, the U.S. banking sector is benefiting from a cut in corporate tax rates, hikes in interest rates and a growing economy that is driving demand from borrowers while holding down loan loss rates.

Bank of America Corp (BAC.N), Goldman Sachs Group Inc (GS.N) and Morgan Stanley (MS.N) are scheduled to report results next week.

Following is a snapshot of bank earnings so far:

(GRAPHIC: U.S. big banks second quarter earnings per share - tmsnrt.rs/2NOKWn4)

(GRAPHIC: U.S. big banks Q2 trading revenue - tmsnrt.rs/2LcXwut)

(GRAPHIC: Second quarter loans - tmsnrt.rs/2LfCVpF)

Reporting and Graphic by Diptendu Lahiri in Bengaluru

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