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5 Banks Growing Faster Than Bank of America

5 Banks Growing Faster Than Bank of America

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5 Banks Growing Faster Than Bank of America

 

Piggybankblog posted on 12/24/14

Repost from fool.com

 

Legendary Wachovia CEO John Medlin described a successful bank as a three-legged stool. First was credit quality, second was profitability, and third was growth. A bank needs all three to survive, and today, we’re going to talk about growth.

5 banks that stand out from the crowd
According to a sample of 65 of the largest U.S. banks, the average U.S. bank has grown revenue 4.88% over the past 12 months ending Sept. 30. Revenue includes income from lending as well as non-interest income from services such as wealth management, treasury services, or account management.

Sitting squarely at the average is the megainstitution Bank of America (NYSE: BAC  ) . According to data from S&P Capital IQ, the bank grew its income streams by 4.87% over the trailing-12-month period. For a bank in Bank of America’s position, that growth is not unreasonable.

In fact, in the grand scheme of things, that’s pretty good for B of A. The bank is actively trying to unwind the loss-generating legacy businesses of the mid-2000s and to evolve the firm into a more streamlined, simple, and efficient operation going forward. Unwinding those businesses, which is a great move for both profitability and risk management, also means closing those revenue streams.

Other banks, though, are unburdened with these constraints. These fortunate few can aggressively seek out growth organically or via acquisition. So without further ado, here are five of the fastest growing large U.S. banks, in order of revenue growth rate:

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