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Lower regulatory costs and fewer fines also helped HSBC to better profits.
Each investor, homeowner, banker or economic regulator expected slightly better profits than were realistically warranted.
But eventually, the optimists say, better profits will cause companies to invest in new equipment, technology and workers.
Those with money to lend will be able to charge more than they formerly did — and thus get better profits.
Increased productivity and lower costs are a path to better profits, something that should get executives thinking more positively again.
That is now letting the banks report better profits, but at the cost of freezing some assets.
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Amazon says it hopes to make money on older titles that have better profit margins.
Also, retailers most likely had better profit margins because they did not have to discount as radically as last year.
There was little overall profit progress, although we expect better profit growth this year as ingredients make a first contribution.
"We are trying to be countercyclical," he said, "to better profit from the recovery, when the recovery inevitably comes".
In an environment of rising revenue, Merrill's lower expense base should lead to better profit margins, Mr. Moszkowski said.
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