Banks outperform second quarter report predictions

US banking companies performed in line or ahead of expectations in the second quarter reporting season. Alison Sinclair, investment manager at Britannic Asset Management, believes the recovery in the stock market drove much of the growth in market-sensitive companies, those with asset management or brokerage firms, leading them to deliver better than expected results. Examples of such companies include Mellon Group, Bank of America and Citigroup, she says. It has been more difficult for the pure banks that rely on lending to grow their business, however, as these are suffering a margin ...