How Did The Big 4 Do In Q3?

With
Bank of America Corp BAC
releasing its third-quarter earnings before the market open Monday, the curtains come down on the "Big Four" banks' earnings.
Citigroup Inc C
,
JPMorgan Chase & Co. JPM
and
Wells Fargo & Co WFC
complete the quartet.

Overall, the tone of the earnings has been bullish. Last Friday, following the release of quarterly results from Citi, JPMorgan and Wells Fargo, the Financial Select Sector SPDR Fund XLF rose 0.47 percent after rising as much as 1.50 percent intra-day.

How The 4 Fared On Earnings

Citi's earnings per share fell 8.15 percent year-over-year to $1.24, and JPMorgan's declined 5.95 percent to $1.58 per share compared to a more modest 1.91 percent drop to $1.03 for scandal-tainted Wells Fargo.

Meanwhile, Bank of America stood tall and towering with 7.90 percent earnings per share growth, marking the first increase in three quarters.

Related Link: Why Is ICICI Bank Soaring Today?

EPS Upside (in %) Vs. Estimates

  • Bank of America: 24.24 percent.
  • Citi: 6.90 percent.
  • JPMorgan: 13.67 percent.
  • Wells Fargo: 1.98 percent.

Revenues Across The Big 4

  • Bank of America's revenues grew 2.86 percent to $21.6 billion and exceeded estimates by 3.15 percent.
  • Citi's revenues declined 4.81 percent to $17.8 billion, but beat estimates by 2.65 percent.
  • JPMorgan reported a 8.37 percent increase in its managed net revenues to $23.54 billion, with revenues exceeding estimates by roughly 2 percent.
  • Revenues at Wells Fargo rose 2.06 percent to $22.33 billion, 0.50 percent ahead of the consensus estimate of $22.22 billion.

Standout Segments

  • Bank of America's fixed income trading revenues rose a strong 32 percent, propping up sales and trading revenues by 14 percent.
  • Citi's fixed income market revenues climbed 35 percent.
  • JPMorgan's fixed income markets revenues surged up 48 percent, helping a 33 percent upside in markets revenue.
  • Wells Fargo saw a small increase in net interest income, as loans and deposits grew 7 and 5 percent, respectively.

At Last Check ...

  • Bank of America shares were slightly up (0.25 percent) at $16.04.
  • Citi was flat at $48.62.
  • JPMorgan was down 0.73 percent at $67.04.
  • Wells Fargo & Co was down 0.67 percent at $44.41.

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Posted In: EarningsNewsGuidanceMoversTrading Ideas
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