Banks Bucking Financial Trends
There’s no denying that the economy is in a state of flux at the moment, with increasing interest rates and soaring energy costs being just two of the challenges facing businesses and individuals alike.
However, there are some areas of the financial sector that seem to have remained unrattled by all this commotion and are still doing well.
In contrast to these difficulties, some banks are actually seeing improved returns on their money and things seem to be going in a positive direction for them.
Here are some of the banks that are still doing particularly well as we move away from summer and into autumn.
American Express Co
One organisation which seems to be thriving currently is American Express Co.
They are benefitting from greater interest on loans, which applies both to businesses and other consumers. Another reason they seem to be so unaffected is due to their clientele.
American Express is widely used by fairly wealthy businesses and well-off consumers, which means they are unlikely to face much in the way of negative consequences even as rates increase.
They are still expecting to hit around 25% in revenue growth by the end of the fiscal year, so their success doesn’t seem to be waning.
BancFirst Corp, also known as BANF, is another bank that seems to be excelling currently.
They have been one of the best performing in terms of stocks on Wall Street recently and have even enjoyed a huge 52% return this year. Their ongoing success seems to be largely due to some recent acquisitions which have proved greatly beneficial.
Bank American Corp
Finally, Bank American Corp, or BAC, has shown an impressive increase in stocks recently. As one of the four largest banks in America, they have an enormous client base and unsurprisingly made great profits in July.
For Bank America Corp, this year has been touchy as their stocks didn’t perform as well as expected from the beginning of the year.
However, since then, it has improved by 20% and it appears that stocks will continue to look positive as the year comes to a close.