The earnings season has kicked off with a number of main banks reporting their monetary outcomes for the fourth quarter of 2024. JPMorgan (NYSE: JPM), Goldman Sachs (NYSE: GS), Citigroup (NYSE: C), and Wells Fargo (NYSE: WFC) launched their This fall experiences on Wednesday. Right here’s a have a look at how these banking giants ended the fiscal 12 months:
JPMorgan
JPMorgan’s reported income elevated 11% year-over-year to $42.7 billion within the fourth quarter of 2024. Managed income grew 10% to $43.7 billion. Earnings per share rose 58% to $4.81. Income and earnings beat estimates.
Internet curiosity revenue was $23.5 billion, down 3% whereas noninterest income was $20.3 billion, up 29% YoY. Noninterest expense was $22.8 billion, down 7%.
In This fall, revenues within the Client & Group Banking (CCB) section rose 1% YoY to $18.4 billion. Within the Industrial & Funding Financial institution (CIB) section, revenues elevated 18% to $17.6 billion. Asset & Wealth Administration (AWM) revenues had been up 13% to $5.8 billion.
Goldman Sachs
Goldman Sachs reported revenues of $13.87 billion for This fall 2024, reflecting a YoY progress of 23%. Earnings per share greater than doubled to $11.95. Each numbers surpassed projections.
Internet curiosity revenue grew 75% to $2.34 billion and non-interest revenues elevated 15% to $11.5 billion in comparison with final 12 months.
GS recorded income progress throughout all its segments in the course of the quarter. Revenues in International Banking & Markets had been $8.48 billion, up 33% YoY. Revenues in Asset & Wealth Administration grew 8% to $4.72 billion. Platform Options revenues grew 16% to $669 million.
Citigroup
Citigroup posted revenues of $19.6 billion in This fall 2024, up 12% YoY. The corporate reported earnings of $1.34 per share in comparison with a lack of $1.16 per share final 12 months. Each the highest and backside line numbers got here above expectations.
Citigroup noticed double-digit income progress throughout most of its segments. Providers income grew 15% YoY to $5.2 billion in This fall. Markets revenues elevated 36% to $4.6 billion. Banking revenues of $1.2 billion had been up 27% YoY. Wealth revenues grew 20% to $2 billion. Revenues in US Private Banking rose 6% to $5.2 billion.
Wells Fargo
Wells Fargo reported revenues of $20.4 billion for the fourth quarter of 2024, which was comparatively flat in comparison with the year-ago interval. Earnings per share jumped 66% to $1.43. Whereas earnings beat estimates, revenues fell quick.
Internet curiosity revenue decreased 7% to $11.8 billion whereas non-interest revenue grew 11% to $8.5 billion in comparison with final 12 months. Non-interest expense decreased 12% to $13.9 billion.
Wells Fargo noticed revenues decline throughout most of its segments. Revenues in Client Banking and Lending decreased 6% YoY to $8.9 billion. Industrial Banking revenues fell 6% to $3.2 billion. Company and Funding Banking revenues had been down 3% to $4.6 billion. Revenues in Wealth and Funding Administration elevated 8% to $3.95 billion.
Shares of JPMorgan had been up 2% on Wednesday whereas shares of Goldman Sachs rose 5%. Citigroup’s inventory jumped 7% whereas Wells Fargo’s inventory was up 5%.
