Bank stocks r less profitable whn int. rates rise and profitable whn rates fall. Y might this not be the case?

Traditionaly banks made more profit when interest rates were high. The reason being is that the margin between borrowing and lending is greater the higher the interest rate. i.e. it could be 10%-12% (20% margin 2% profit) but 1-1.2%(20% margin but 0.2% profit)