Big Bank Stocks Advance on 3Q Earnings Beats

By Dean Seal

Major banks' stocks advanced Friday morning after they reported higher earnings and revenue for the third quarter.

Shares of JPMorgan Chase were up 3% at $150.24 in early trading and are now up 12% year-to-date.

The bank logged earnings of $4.33 a share, topping the $3.95 per-share consensus estimate of analysts surveyed by FactSet. Revenue was up 22% at $39.87 billion, above analyst forecasts for $39.63 billion.

Shares of Citigroup were up 2% at $42.36 in early trading. They're still down 6% year-to-date.

Citi's third-quarter earnings were flat year-over-year at $1.63 a share, but still beat analyst forecasts for $1.23 a share, according to FactSet. Quarterly revenue of $20.14 billion topped analyst projections for $19.27 billion

Shares of Wells Fargo were up 2.5% at $40.73 in early trading and are slightly down year-to-date.

Wells Fargo posted earnings of $1.48 a share, above analyst estimates for $1.24 a share, according to FactSet. Revenue came in at $20.86 billion, clearing projections for $20.09 billion.

The financial heavyweights all reported that consumers are building up larger credit-card balances and paying off less each month. Citi and Wells Fargo said they were pulling in more trading revenue, while JPMorgan's net interest income soared 30%.

The banks said they're also dealing with more loan charge-offs as consumers and businesses struggle to keep up with rising interest rates.

Write to Dean Seal at [e-mail]

(END) Dow Jones Newswires

October 13, 2023 10:48 ET (14:48 GMT)

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