#以太坊跌破2400USDT
This quarter’s bank earnings reports aren’t enough for me to conclude that corporate financing has broadly deteriorated. I’m more concerned with whether lending continues to grow and whether borrowers are starting to struggle to repay their loans.
Income categories can easily be misleading. Banks’ trading divisions also earn interest income. If you focus only on the “non-interest income” line, you may be writing a story about the economy before you’ve even finished reviewing the numbers.
Citi’s trading division data over the past five quarters is a good example to break down.
In the third quarter of 2026, non-interest income in Citi’s trading division fell about **20.4%** year over year. But after net interest income is included, the division’s total revenue was still up about **6.4%**.
However, compared with the second quarter of this year, total revenue fell about **12.8%**. Revenue did indeed pull back that quarter, but that doesn’t mean it contracted year over year. Different comparison periods support different conclusions.
For lending and repayment performance, we can also look at Bank of America.
In the third quarter, Bank of America’s average loan and lease balances rose about **6%** year over year. Its annualized net charge-off rate also fell to **0.44%**, from **0.47%** in the third quarter last year. Net charge-offs reflect loan losses that have been recognized, net of recoveries. The decline in this rate does not support the claim that repayment performance has broadly deteriorated.
These are Bank of America’s overall figures, covering consumers and other businesses, so they can’t directly represent every company. But at least in this set of data, we don’t yet see “lending contracting and loss rates rising” happening at the same time.
My view remains cautious: some revenue is under pressure, but to become more pessimistic about an economic turn, I’d need to see corporate lending momentum weaken, along with sustained increases in delinquencies and credit losses. Banks earning more interest doesn’t fully answer how their customers’ businesses are doing; declining non-interest income doesn’t fully answer what’s happening with market demand either.
$ETH
This quarter’s bank earnings reports aren’t enough for me to conclude that corporate financing has broadly deteriorated. I’m more concerned with whether lending continues to grow and whether borrowers are starting to struggle to repay their loans.
Income categories can easily be misleading. Banks’ trading divisions also earn interest income. If you focus only on the “non-interest income” line, you may be writing a story about the economy before you’ve even finished reviewing the numbers.
Citi’s trading division data over the past five quarters is a good example to break down.
In the third quarter of 2026, non-interest income in Citi’s trading division fell about **20.4%** year over year. But after net interest income is included, the division’s total revenue was still up about **6.4%**.
However, compared with the second quarter of this year, total revenue fell about **12.8%**. Revenue did indeed pull back that quarter, but that doesn’t mean it contracted year over year. Different comparison periods support different conclusions.
For lending and repayment performance, we can also look at Bank of America.
In the third quarter, Bank of America’s average loan and lease balances rose about **6%** year over year. Its annualized net charge-off rate also fell to **0.44%**, from **0.47%** in the third quarter last year. Net charge-offs reflect loan losses that have been recognized, net of recoveries. The decline in this rate does not support the claim that repayment performance has broadly deteriorated.
These are Bank of America’s overall figures, covering consumers and other businesses, so they can’t directly represent every company. But at least in this set of data, we don’t yet see “lending contracting and loss rates rising” happening at the same time.
My view remains cautious: some revenue is under pressure, but to become more pessimistic about an economic turn, I’d need to see corporate lending momentum weaken, along with sustained increases in delinquencies and credit losses. Banks earning more interest doesn’t fully answer how their customers’ businesses are doing; declining non-interest income doesn’t fully answer what’s happening with market demand either.
$ETH