Big banks certainly weren't spooked on Friday the 13th.
JPMorgan Chase & Co. (JPM) - Get JP Morgan Chase & Co. Report , Citigroup Inc. (C) - Get Citigroup Inc. Report and Wells Fargo & Co. (WFC) - Get Wells Fargo & Company Report each reported strong earnings beats Friday, April 13, kicking off what analysts expect to be a solid quarter for the sector.
Analysts at Keefe, Bruyette & Woods estimated the sector could report an average 28% gain in earnings per share for the quarter. The rally in earnings has been driven by stock-trading revenue and tax cuts-related benefits, the brokerage said.
KBW's estimate, coupled with early earnings beats, come on the tails of recent strength among big banks. The PowerShares KBW Bank Portfolio (KBWB) - Get Invesco KBW Bank ETF Report has rallied 3.36% this week despite a sharp market drawdown Wednesday.
Earnings are expected from Bank of America Corp. (BAC) - Get Bank of America Corporation Report on Monday, April 16, and U.S. Bancorp (USB) - Get U.S. Bancorp Report , another top KBW bank portfolio holding, reports on Wednesday, April 18.