Major US bank stocks started their third-quarter earnings season on Friday with mixed numbers on a difficult day for the market.
Here is an overview of the highlights for JPMorgan Chase & Co JPM, Citigroup Inc. C, U.S. Bancorp USB, MorganStanley MRS, PNC Financial Services Group Inc. pnc and Wells Fargo & Co WFC.
- JPM: The Jamie Dimon-led company reported adjusted earnings per share of $3.12 on revenue of $2.88 for the third quarter. Both numbers topped consensus analysts’ $2.88 and $32.1 billion, respectively. Sales increased by 10% compared to the previous year. The profit increase was driven by a 34% year-over-year increase in net interest income. Shares of the New York-based company traded 2.7% higher after the report.
- C: Led by CEO Jane Fraser, Citigroup reported adjusted earnings per share of $1.50 on sales of $18.5 billion. Both numbers beat analyst estimates of $1.42 and $18.2 billion, respectively. Revenue increased 6% from 2021. The New York-based bank’s net income fell 25% year over year, partly due to a $370 million net increase in loan loss provisions. Citigroup shares traded 1.7% higher on Friday.
- WFC: Reported adjusted earnings per share of 85 cents, missing analyst consensus estimate of $1.09. Quarterly revenue of $19.5 billion beat analysts’ expectations of $18.7 billion. Sales increased by 4% compared to the previous year. Wells Fargo, led by CEO Charles Scharf, attributed the profit shortfall to a $784 million increase in credit risk reserves. Shares of the San Francisco-based bank traded 3.3% higher after the report.
- MRS: Reported adjusted earnings per share for the third quarter of $1.53, beating analyst consensus estimate of $1.50. The New York-based bank, headed by CEO James Gorman, reported quarterly revenue of $12.9 billion, missing consensus estimates of $13.3 billion. Sales fell by 12% compared to the previous year. The company’s overall growth numbers were dragged down by a 55% decline in investment banking revenues for the quarter. Morgan Stanley shares traded 4.4% lower following the report.
- pnc: The Pittsburgh-based bank…
