Big Banks Continue to Outperform

JP Morgan reported its third quarter results, exceeding expectations for both profit and revenue

10/11/2024 - 09:53
|
Written by Banking Exchange staff

This week, JP Morgan reported its third quarter results, exceeding expectations for both profit and revenue.

Earnings per share were at $4.37 and revenue was $43.32 billion surprising wall street analysts.

Net interest income rose 3% primarily from securities and loan growth in credit card businesses, as well as investment banking. Also exceeding expectations was equities trading at 27% growth.

While interest rates may lower margins, the numbers across the board show strength for America’s largest financial institutions. Jamie Dimon will likely weigh in on next month’s election cycle, given bank regulations being a key topic for the industry. JP Morgan’s stock is up 25% in 2024.

The market will hear from other large U.S. banks on Friday such as Wells Fargo, which is likely now to outperform analyst expectations.

Tagged under Tokenization; Mergers Acquisitions; Feature; Feature3; The Economy; Bank Performance;