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