Big Bank Roundup: These Stocks Kick Off Earnings Season with Mixed Results – JPMorgan Chase (NYSE:JPM)

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Shares of major U.S. banks kicked off the third-quarter earnings season on Friday with a mixed bag of numbers on a tough day for the market.

Here is an overview of the highlights for JPMorgan Chase & Co JPM, Citigroup Inc. VS, American bank USB, Morgan Stanley MRS, PNC Financial Services Group Inc.. ANC and Wells Fargo & Co. WFC.

  • JPM: The Jamie Dimon-led company reported third-quarter adjusted EPS of $3.12 on revenue of $2.88. Both numbers topped analyst consensus of $2.88 billion and $32.1 billion, respectively. Turnover increased by 10% compared to a year ago. The pace of earnings was boosted by a 34% year-over-year increase in net interest income. Shares of the New York-based company traded up 2.7% following the report.
  • VS: Led by CEO Jane Fraser, Citigroup reported adjusted EPS of $1.50 on revenue of $18.5 billion. Both figures exceeded analysts’ estimates of $1.42 billion and $18.2 billion, respectively. Revenue rose 6% from 2021. The New York-based bank’s net income fell 25% year-over-year, in part due to a net increase of $370 million loan loss reserves. Citigroup shares traded up 1.7% on Friday.
  • WFC: Reported adjusted EPS of 85 cents, missing consensus analyst estimate of $1.09. Quarterly revenue of $19.5 billion beat analysts’ expectations of $18.7 billion. Revenue increased by 4% compared to a year ago. Wells Fargo, led by CEO Charles Scharf, attributed the shortfall to a $784 million increase in loan loss reserves. Shares of the San Francisco-based bank traded up 3.3% following the report.
  • MRSQ3 Adjusted EPS of $1.53, beating analyst consensus estimate of $1.50. The New York-based bank, led by CEO James Gorman, reported quarterly revenue of $12.9 billion, missing consensus estimates of $13.3 billion. Revenue was down 12% from a year ago. The company’s overall growth figures were dampened by a 55% decline in investment banking revenue in the quarter. Shares of Morgan Stanley traded down 4.4% after the report.
  • ANC: The Pittsburgh-based bank reported adjusted EPS of $3.78 on revenue of $5.5 billion. Both figures exceeded consensus analyst estimates of $3.69 billion and $5.4 billion, respectively. Revenue increased by 8% compared to a year ago. Under CEO Bill Demchak, net interest income rose 14% in the quarter to $3.5 billion. PNC shares traded down 2.1% on Friday.
  • USB: The Minneapolis-based bank reported third-quarter adjusted EPS of $1.18 on revenue of $6.29 billion. Both figures exceeded consensus estimates of $1.17 billion and $6.24 billion, respectively. Revenue increased 7.4% year over year. US Bancorp, under CEO Andrew Cecere, also reported average total loan growth of 13.5% and average total deposit growth of 5.9% in the quarter. Bancorp’s U.S. shares traded up 3.9% on Friday.

See also: Fed minutes warn investors that interest rates could be higher for longer

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