4QCY09 reporting season above expectations, albeit at lower magnitude. Among the eight banks in our universe, three were above and five in line (vs. six above and one in line previously). Against consensus,two were above and six were in line (vs. six above and one below previously). This is the first time (since 1QCY04) the sector reported three consecutive quarters of results that exceeded expectations.
Banking Sector Update : 4QCY09 Report Card – Record Breaking Streak - 04/03/2010
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