JPMorgan Chase, Wells Fargo Shares Surge As US Banks Beat Wall Street Expectations
JPMorgan Chase shares are up nearly 5% after the banking giant posted surprising strong Q3 earnings results.
Chase reported a 3% increase in net interest income (NII), beating expectations for a decline.
NII is the difference between revenue generated from a bank’s interest-bearing assets and its expenses for paying out interest-bearing liabilities.
JPMorgan’s earnings per share hit $4.37, significantly higher than Wall Street expectations, due in part to higher investment banking fees. Revenue reached $42.65 billion, up 7% year-over-year.
Assets under management jumped 23% to $3.9 trillion, while the bank boosted its provisions for credit losses to $3.1 billion, a $1.38 billion increase from Q2.
Meanwhile, Wells Fargo’s stock is up 6% after the bank announced NII decreased by 11%, slightly worse than expected.
Earnings per share dropped 13.5% to $1.42, slightly beating expectations.
The bank’s Corporate and Investment Banking revenue was flat year-over-year, while the Wealth and Investment Management division posted a 5% increase.
Revenue reversed nearly 2% to $20.37 billion, below forecasts for $20.4 billion.
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