Bank of America, America’s second largest investment bank reported better than expected first earnings Tuesday. Three of the largest U.S. lenders, JPMorgan Chase (JPM), Citigroup (C) and Wells Fargo (WFC) reported last Friday. Bank of America said its first-quarter net income increased by 15% to $8.2 billion, or 94 cents a share, from $7.1 billion beating the analyst forecast of 81 cents a share, according to estimates compiled by FactSet. Bank of America said its revenue increased 13% to $26.3 … Continue reading “Bank of America Earnings Benefiting from Higher Interest Rates and Solid Loan Growth”
Big Banks Kick Off First Quarter Earnings Season with Citigroup, JPMorgan, PNC and Wells Fargo
America’s big money center banks kick of first quarter earnings next week. There will be extra attention on them with the recent banking turmoil. Guidance will be keenly watched for from the money center banks. Concerns are rising over the banking sector’s exposure to commercial real estate. JPMorgan Chase (JPM), Citigroup (C), PNC Financial Services Group, Inc. (PNC) and Wells Fargo (WFC) reporting Q1 results on Friday. We got a preview from JPMorgan CEO Dimon saying that banking system is … Continue reading “Big Banks Kick Off First Quarter Earnings Season with Citigroup, JPMorgan, PNC and Wells Fargo”
Federal Reserve Hypotheticals For 2023 Bank Stress Tests have Unemployment at 10%
The Federal Reserve on Thursday released the hypothetical scenarios for its annual bank stress tests. This year, 23 banks will be tested against a severe global recession with heightened stress in both commercial and residential real estate markets, as well as in corporate debt markets. Last year the Fed found all 34 large banks tested remained well above their risk-based minimum capital requirements, and the Fed announced no restrictions relating to dividends and buybacks. These test results will be keenly … Continue reading “Federal Reserve Hypotheticals For 2023 Bank Stress Tests have Unemployment at 10%”
Bank of America Earnings Beat, Benefiting Most from the Federal Reserve’s Interest Rate Hikes
Bank of America, America’s second largest investment bank reported better than expected fourth earnings Friday. Three of the largest U.S. lenders, JPMorgan Chase (JPM), Citigroup (C) and Wells Fargo (WFC) also reported. Bank of America said revenue rose to $24.5 billion in the quarter, 11% higher from the year-ago quarter. Earnings of $7.1 billion, or 85 cents a share were slightly ahead of the $7 billion the bank earned last year. Net interest income climbed 29% to $14.7 billion for … Continue reading “Bank of America Earnings Beat, Benefiting Most from the Federal Reserve’s Interest Rate Hikes”
Big Banks Kick Off Fourth Quarter Earnings Season with Citigroup, JPMorgan, Bank of America and Wells Fargo
America’s big money center banks kick of fourth quarter earnings this week. FactSet expects the ‘Big 7’ to post $28 billion in fourth-quarter profits, which is down 15% from a year earlier. JPMorgan Chase (JPM), Citigroup (C) and Bank of America (BAC). and Wells Fargo (WFC) reporting Q4 results on Friday. Goldman Sachs (GS) and Morgan Stanley (MS) will report next Tuesday January 17 and PNC Financial Services Group, Inc. (PNC) and Charles Schwab Corp (SCHW) on January 18. Truist … Continue reading “Big Banks Kick Off Fourth Quarter Earnings Season with Citigroup, JPMorgan, Bank of America and Wells Fargo”
What to Expect from Bank of America Earnings
Bank of America, America’s second largest investment bank report fourth earnings Friday along with three of the largest U.S. lenders, JPMorgan Chase (JPM), Citigroup (C) and Wells Fargo (WFC). Bank of America said third-quarter profit fell 8% to $7.1 billion, or 81 cents a share, as the bank booked a $898 million provision for credit losses in the quarter. Analysts will be looking at loan growth numbers. How strong is loan growth and in what areas? What quality is that … Continue reading “What to Expect from Bank of America Earnings”
Bank of America Earnings Beat as Net interest Income Jumped 24% Thanks to the Federal Reserve
Bank of America, America’s second largest investment bank reported better than expected third earnings Monday following three of the largest U.S. lenders, JPMorgan Chase (JPM), Citigroup (C), and Wells Fargo (WFC) reporting results last week. Fixed-income trading and gains in interest income boosted $BAC’s numbers. Bank of America said third-quarter profit fell 8% to $7.1 billion, or 81 cents a share, as the bank booked a $898 million provision for credit losses in the quarter. $BAC Shares rose 2.9% in … Continue reading “Bank of America Earnings Beat as Net interest Income Jumped 24% Thanks to the Federal Reserve”
JPMorgan Benefitting from Fed Rate Hikes with Record Quarterly Net Interest Income
JPMorgan Chase, America’s largest bank kicked off the banking sector’s third quarter earnings season on Friday before the market opened. Federal Reserve’s interest-rate hikes helped $JPM report its highest quarterly net interest income ever. The bank raised its guidance for the year on consumer strength though the bank recognized a $959 million net investment securities loss, which “reflected higher net losses on sales of U.S. Treasuries and mortgage-backed securities”. Investment-banking fees were down sharply again as expected. JPM added net interest … Continue reading “JPMorgan Benefitting from Fed Rate Hikes with Record Quarterly Net Interest Income”
Wells Fargo Earnings Again Hit by Regulatory Charges with Another $2 Billion in Fines
Wells Fargo reported better than third quarter earnings before the bell Friday, other than an additional $2 billion to resolve a variety of legacy regulatory and legal woes from the costly fallout from scandals. Wells Fargo set aside $784 million in provisions for potential credit losses, more than the $611 million analysts had expected. Reporting also this week were JPMorgan Chase (JPM) PNC Bank (PNC), Morgan Stanley MS and Citibank (C) along with BlackRock (BLK). Wells Fargo Q3 Earnings Q3 … Continue reading “Wells Fargo Earnings Again Hit by Regulatory Charges with Another $2 Billion in Fines”
Citigroup Earnings Boosted by Inflation Spiked Credit Card Revenue
Citigroup ($C) reported stronger than expected third quarter earnings Friday before the market opened. The gains came from US personal banking with double digit revenue growth in both of our cards businesses CEO Jane Fraser said. Second quarter earnings topped analysts’ estimates even though they saw a 46% drop in profit. Citi saw revenue drop in investment banking 46%, mirroring declines seen at JPMorgan Chase and Morgan Stanley releases yesterday. Citigroup’s shares are down 33% year-to-date and are down 41% … Continue reading “Citigroup Earnings Boosted by Inflation Spiked Credit Card Revenue”