Home >> Daily Dose >> The Week Ahead: Spotlight on Q3 Earnings
Print This Post Print This Post

The Week Ahead: Spotlight on Q3 Earnings

JPMorgan Chase, Citi, and Wells Fargo will release their Q3 earnings report on Friday, October 12, before the markets open at 8 a.m. ET.

Of the three banks, JP Morgan reported the most positive news in Q2, with $ 8.3 billion in net income, up from $7 billion a year ago but down from $8.7 billion in the first quarter. The bank’s net revenue was $28.4 billion, up six percent over the year, with net interest income at $13.6 billion, up 9 percent, while net noninterest income was $14.7 billion, up 4 percent. Home lending net revenue rose 6 percent to $1.3 billion. Mortgage origination volume totaled $23.7 billion for the second quarter, compared to $20.0 billion in the first quarter and $26.2 billion in the second quarter of last year.

Wells Fargo’s earnings release, in comparison, was not so positive. The bank posted $5.2 billion in earnings in the second quarter, down from $5.9 billion a year ago and up slightly from $5.1 billion in the first quarter of the year. Revenue was reported at $21.6 billion, compared to $22.2 billion a year ago. Wells Fargo’s net interest income was $12.5 billion, up 1 percent; and net noninterest income was $9.0 billion, down 8 percent.

Citigroup reported earnings of $1.63 billion in Q2. The group posted a net income of 4.5 billion, up 16 percent from the year before, but trading revenues decreased 1 percent to $4.5 billion.

Here’s what else is heading your way in The Week Ahead:

  • CoreLogic Loan Performance Insights Report, Tuesday, 9 a.m. ET
  • MBA Mortgage Applications, Wednesday, 7 a.m., ET
  • Fed Balance Sheet, Thursday, 4:30 p.m. ET
  • Inheritance Tax Issues, Thursday, 2 p.m. ET

About Author: David Wharton

David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 15 years of experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at David.Wharton@theMReport.com.
x

Check Also

Seniors Struggling to Keep up With Housing Costs

  A new survey from Property Shark states that 30% of respondents over the age ...

GET THE NEWS YOU NEED, WHEN YOU NEED IT.

With daily content from MReport, you’ll never miss another important headline in originations, lending, or servicing. Subscribe to MDaily to begin receiving a complimentary daily email containing the top mortgage news and market information.