📊✨ Today's results for Citigroup, JPMorgan Chase and Wells Fargo for Q2 2024!
Citigroup $C
Released financial results for Q2 2024. Net income reached $3.2 billion ($1.52 per share) on revenue of $20.1 billion. By comparison, in Q2 2023 , net profit was $2.9 billion ($1.33 per share) on revenue of$19.4 billion. This growth was supported by strong performance across the US banking and personal banking businesses. 🏦
Operating expenses declined by 2 % to US$13.4 billion, while credit costs rose to US$2.5 billion due to higher credit card losses. However, lower maintenance and restructuring costs helped keep expenses in check. 💳
JPMorgan Chase $JPM
The company reported Q2 2024 net income of$18.1 billion ($6.12 per share). Excluding significant items, net income was $13.1 billion ($4.40 per share). Total revenue was US$50.2 billion, with asignificant portion of the gain associated withVisashares . ✨
Interest income increased by 4 % to USD 22.9 billion, while non-interest income increased by 37 % Provisions for credit losses were $3.1 billion, including net charge-offs of$2.2 billion. Jamie Dimon highlighted the firm's solid performance and warned of geopolitical risks and inflation. 🌍
Wells Fargo $WFC
This bank reported Q2 2024 net income of$4.9 billion, similar to Q2 2023. Earnings per share rose to $1.33 from $1.25 previously .Total revenue was US$20.7 billion, aslight increase from last year. 📈
Non-revenue expenses increased by 2 % to USD 13.3 billion, while provisions for credit losses fell by 28 % to $1.2 billion. CEO Charlie Scharf said the results reflect the company's transformation and investments in technology and consulting services are delivering positive results. Wells Fargo has repurchased more than$12 billion worth of stock , and plans to raise the dividend by 14 % in the third quarter. 📊
📣 Important takeaways:
Citigroup Increases profits and cuts costs, yet faces higher credit card losses.
JPMorgan Chase enjoys strong earnings growth, thanks largely to its investment in Visa stock.
Wells Fargo is growing steadily and improving performance through strategic investments and technological innovation.
What is your view on the banks' performance? Would you currently include their stocks in your portfolio?
Nice results. I currently have $BAC in my portfolio and don't want to add anything else, but $C and $WFC are still at nice prices.