Resumo do Relatório
US Banks: Will 2022 outlooks support continued outperformance? Thoughts into 4Q21 results
09/01/2022
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US banks have materially outperformed the broader market thus far in 2022 after outperforming in 2021. Through January 7, 2022, the BKX (KBW Bank Index) has outperformed the S&P 500 by 12 percentage points.
Why? Interest rates are moving higher, loan growth is accelerating, and banks still trade at ample PE discounts to the broader market and to tech stocks. Sector rotation appears to be in full effect.
2022 outlooks will be the focus when banks begin to report on Friday, January 14. In general, we think managements will express optimism about loan growth and the impact of higher rates on NII.
Saul
