JPMorgan reported its Q3 results with net profits down 17% YoY to $9.74bn, on revenues of $32.5bn, up 10% YoY. Its net interest income rose 34% to $17.6bn thanks to higher rates and an expanding loan book. Total Markets revenues were at $6.8bn, up 8% – Fixed Income and Equities revenues were up 22% and down 11% respectively. Meanwhile, its investment banking revenues fell by 43% to $761mn. The banking major reported credit costs of $1.5bn that included an $808mn net reserve build and $727mn in net charge-offs. The bank’s CET1 ratio stood at 12.5%. JPMorgan’s 5% Perp was trading 0.4 points higher at 92.06, yielding 9.96% to call.
Morgan Stanley reported its Q3 net profits at $2.6bn, down 29% YoY. Its revenues dropped 12% YoY to $12.99bn. Investment banking revenue fell 55% to $1.28bn and its investment management revenue dropped 20% to $1.17bn. While fixed income revenues rose 33% YoY, its equities revenues fell 14%. MS’s leading Wealth Management unit witnessed at 3% rise in revenues to $6.12bn. The bank reported a minor $35mn in provisions for credit losses. Its CET1 ratio stood at 14.8%. MS’s 5.875% Perp was down 0.3 points to 96.38, yielding 6.95% to call.
Citigroup reported a net income of $3.5bn, down 25% YoY during its Q3 release. It posted revenues of $18.5bn, up 6% YoY. During the quarter, Citi saw an increase in loan loss reserves where its allowance for credit losses rose by $370mn. Personal Banking revenues rose 10% YoY to $4.3bn, thanks to higher interest rates. Its Markets revenue fell 7% to $4.1bn with equities revenues down 25% while fixed income was up 1%. Its CET1 ratio stood at 12.2%. Citi’s 6.25% Perp was up 0.2 points to 96.69, yielding 7.25% to call.
