by Amruth Sundarkumar | Oct 11, 2022 | Banks
As Q3 earnings season approaches, the largest US banks are expected to collectively increase their loan loss provisions by about $4.5bn, according to analysts’ estimates from Bloomberg. The banks include JP Morgan Chase, Bank of America, Citigroup, Goldman Sachs,...
by Amruth Sundarkumar | Jul 18, 2022 | Banks, Investment Grade Bonds
Citigroup Inc. posted revenues of $19.6bn in Q2 2022, 11% higher YoY than $17.8bn one year prior. However, the bank reported a 27% YoY drop in Q2 2022 net income to $4.5bn compared to $6.2bn a year ago due to higher credit costs and an increase in expenses. Citi’s...
by Amruth Sundarkumar | Jan 17, 2022 | Banks
JPMorgan reported its Q4 earnings with net income of $10.4bn, down 14% YoY and net revenues of $30.3bn, up 1%. Fixed-income trading revenue fell 16% to $3.3bn vs. a 13.5% decline expected. Total trading revenue fell 11% vs. a 9% expected fall. Equities trading revenue...
by Amruth Sundarkumar | Oct 15, 2021 | Banks
US banking majors reported earnings yesterday: Citigroup reported net income for the 3Q2021 of $4.6bn, up 48% YoY, driven by a lower credit costs, partially offset by the lower revenues and higher expense. Cost of credit was at -$192mn (a net benefit) vs. incurring...
by Amruth Sundarkumar | Jul 15, 2021 | Banks
Citigroup and Wells Fargo reported a beat in Q2 earnings while Bank of America (BofA) posted a mixed result: Citi reported net income of $6.2bn in the second quarter, up 5.6x YoY on revenues of $17.5bn. Provisions for credit losses on loans fell 27% to $19.2bn....
