JPMorgan Profit Soars to Record $49.6 Billion in 2023, JPM Hits All Time High

JPMorgan Chase, America’s largest bank kicked off the banking sector’s fourth quarter earnings season on Friday before the market opened beating analyst estimates. 2023 was a record year for full-year net income at $49.6 billion. Fourth-quarter net-interest income of $24.2 billion a record, as did its full-year net-interest income of $90 billion, excluding markets. Looking ahead, JPMorgan expects 2024 net-interest income excluding markets of about $88 billion. That forecast is stronger than the analyst estimates of $86.5 billion. Shares of … Continue reading “JPMorgan Profit Soars to Record $49.6 Billion in 2023, JPM Hits All Time High”

JPMorgan Profit Soars with Net Interest Income, Low Loan Losses Ahead of Expectations

JPMorgan Chase, America’s largest bank kicked off the banking sector’s third quarter earnings season on Friday before the market opened. JPM profit jumped 35%, boosted by higher interest rates including a lift from acquiring the failed First Republic Bank in early May. JPM net income climbed to $13.2bn, from $9.7bn a year earlier ahead of the $11.9bn analysts had expected, according to data compiled by Bloomberg. Net interest income, which at $22.7bn 30% higher than the same quarter a year … Continue reading “JPMorgan Profit Soars with Net Interest Income, Low Loan Losses Ahead of Expectations”

PNC Bank Lowers 2023 Guidance Again after Revenue Lower Than Expected

PNC Financial Services Group, one of the largest regional banks in the U.S., reported better than expected second quarter earnings before the market Tuesday along with Bank of America. Three of the largest U.S. lenders, JPMorgan Chase (JPM), Citigroup (C) and Wells Fargo (WFC) reported last Friday. However, PNC trimmed its 2023 guidance again and issued Q3 guidance that’s softer than consensus. PNC stock dropped 3.1% in premarket trading before bouncing to up %3 by morning. The so called super … Continue reading “PNC Bank Lowers 2023 Guidance Again after Revenue Lower Than Expected”

JPMorgan Profit Soars with First Republic & Record Net Interest Income

JPMorgan Chase, America’s largest bank kicked off the banking sector’s second quarter earnings season on Friday before the market opened. JPM profit jumped 67%, including a lift from acquiring the failed First Republic Bank in early May. FRC led to an immediate $2.7 billion gain but the bank also took $1.2 billion in credit charges. Four of the largest U.S. financial institutions also reported, Wells Fargo (WFC), Citigroup (C), BlackRock (BLK) and State Street (STT). Notably all exceeded consensus earnings … Continue reading “JPMorgan Profit Soars with First Republic & Record Net Interest Income”

Big Banks Kick Off Second Quarter Earnings Season with Citigroup, JPMorgan, State Street and Wells Fargo

America’s big money center banks kick of second quarter earnings next week. Core commercial and consumer banking franchises are expected to show improved profitability. However, there is continued weakness in investment banking and concerns are rising over the banking sector’s exposure to commercial real estate, asset quality is being scrutinized in earnings. Signs of asset quality deterioration are a risk. JPMorgan Chase (JPM), Citigroup (C), BlackRock (BLK), State Street (SST) and Wells Fargo (WFC) reporting Q2 results on Friday July … Continue reading “Big Banks Kick Off Second Quarter Earnings Season with Citigroup, JPMorgan, State Street and Wells Fargo”

What to Expect from JPMorgan Earnings with the Acquisition of First Republic Bank

JP Morgan Chase, America’s largest bank kicks off the banking sector’s second quarter earnings season on Friday before the market opens along with three of the largest U.S. lenders, Wells Fargo (WFC), Citigroup (C) and State Street (STT). JPM’s revenue growth will primarily be driven by higher net interest income, in the first quarter, the bank grew its revenues by 25% primarily due to an expanding net interest margin. However, this has a lagged affect. The acquisition of First Republic … Continue reading “What to Expect from JPMorgan Earnings with the Acquisition of First Republic Bank”

The Beat Goes On; America’s 23 Biggest Banks Pass Federal Reserve Stress Tests

The Federal Reserve on Wednesday announced the 23 largest US lenders had passed the Central Banks Stress Tests. The banks showed they can withstand a severe global recession and turmoil in real estate markets. The Fed released the hypothetical scenarios for its annual bank stress tests back in March before the New York and California regional bank turmoil. The 23 banks were tested against a severe global recession with heightened stress in both commercial and residential real estate markets, as … Continue reading “The Beat Goes On; America’s 23 Biggest Banks Pass Federal Reserve Stress Tests”

PNC Bank Earnings Beat Expectations but Lowered 2023 Revenue Guidance

PNC Financial Services Group, one of the largest regional banks in the U.S., reported better than expected first quarter earnings before the market Friday along with JPMorgan, Wells Fargo, and Citigroup.  Net income was $1.61 billion, up 18% from a year ago. Earnings of $3.98 a share beat analyst expectations. Shares were down 2% in U.S. premarket with concerns about regional banking despite the beat as PNC lowered its 2023 revenue guidance. PNC stock has fallen more than 20% from … Continue reading “PNC Bank Earnings Beat Expectations but Lowered 2023 Revenue Guidance”

What Banking Crisis? JPMorgan Shrugs, Record Lending Income and Revenue

JPMorgan Chase, America’s largest bank kicked off the banking sector’s first quarter earnings season on Friday before the market opened. The past month has seen the most banking turmoil since 2008, despite it JPM posted a 52% increase in first-quarter profit and record revenue of $38.35 billion, up 25%. The bank announced net income of $12.62 billion, or $4.10 per share, up from $8.28 billion, or $2.63 a share, a year ago. That beat the $3.41 per share expected by … Continue reading “What Banking Crisis? JPMorgan Shrugs, Record Lending Income and Revenue”

What to Expect from PNC Bank Earnings Among Regional Banking Crisis

PNC Financial report first quarter earnings before the market Friday along with JPMorgan Chase (JPM), Citigroup (C) and Wells Fargo (WFC). PNC fared better than other major regionals in March. Investors will be looking for signs of asset quality deterioration risk for PNC Financial Services Group, Piper Sandler analysts warn. Consensus sees the bank setting aside an additional $308 million in loan-loss provisions in the first quarter, compared to the $208 million released in the same period a year ago. … Continue reading “What to Expect from PNC Bank Earnings Among Regional Banking Crisis”