dailyhodl.com: Bank Profits Surge by $280,000,000,000 Globally Due to Sharp Increase in Interest Rates: McKinsey

Banks are collectively posting their most substantial profits in a decade, according to a new assessment from the consulting giant McKinsey.

McKinsey says the rise in interest rates has paved the way for banks to widen their net interest margins and earn more on loans and mortgages, with the industry’s global profits growing by roughly $280 billion.

“The recent upturn arises from the sharp increase in interest rates in many advanced economies, including a 500-basis-point rise in the…