$Citigroup (C.US)$$Goldman Sachs (GS.US)$$Bank of America (B...

$Citigroup (C.US)$ $Goldman Sachs (GS.US)$ $Bank of America (BAC.US)$ Major banks, like Citigroup, Goldman Sachs and Bank of America, have reported quarterly results with solid beats in the past week. The financial sector, which includes insurance and credit-card firms besides banks, is at this point expected to see a profit gain of 30.7%, according to I/B/E/S data from Refinitiv. Overall the profits of S&P 500 companies are expected to gain 32%, based on estimates and actual third-quarter reports.

Refinitiv says companies are beating expectations so far by 15.6%, compared to the long-term average of 4%, but below the 18.4% average of the last four quarters. Energy is expected to see the biggest profit gains, a shocking 1,517%, while the utilities sector is forecast to have the lowest gain, just 0.2%.