logo-loader
viewJPMorgan Chase & Co

US big bank's 3Q third-quarter see mixed start: JPMorgan and Citi beat expectations, but Goldman disappoints

JPMorgan reported earnings per share for the quarter $2.68 per share well above forecasts for $2.45 per share

Dollars
But Goldman Sachs reported a 27% slump in quarterly profit hit by lower fees

The third-quarter earnings season for big US banks got off to a mixed start on Tuesday, with JPMorgan Chase & Co (NYSE:JPM) and Citigroup Inc (NYSE:C) beating profit expectations, but Goldman Sachs Group Inc's (NYSE:GS) numbers disappointing.

JPMorgan reported earnings per share for the quarter ended September 30 of $2.68 per share, compared with or $2.34 per share a year ago and above forecasts for $2.45 per share.

Revenue at three of the bank’s four main businesses rose, with commercial banking the exception hampered by lower interest rates.

JPMorgan chief executive officer Jamie Dimon said in a statement: "The consumer remains healthy with growth in wages and spending, combined with strong balance sheets and low unemployment levels."

“This is being offset by weakening business sentiment and capital expenditures mostly driven by increasingly complex geopolitical risks, including tensions in global trade, he added.

Citigroup beat more modest

Citigroup reported a 6% rise in its third-quarter profit driven by growth in its investment banking business and an exceptional tax benefit.

Its adjusted quarterly earnings rose came in at $1.97 per share, above forecasts for $1.95 per share and up from $1.73 per share.

Citigroup’s total revenue rose by around 1% to $18.57 billion against forecast of $18.55 billion.

Chief executive Michael Corbat said the bank was operating in "an unpredictable environment" but that its global consumer banking franchise performed well on an underlying revenue growth basis.

Goldman misses forecasts

But Goldman Sachs reported a 27% slump in quarterly profit hit by lower fees from advising on deals and weakness in underwriting.

The bank’s earnings per share in the quarter ended September 30 fell to $4.79, down from $6.28 a year earlier, and below forecasts for $4.81 per share.

Goldman’s total net quarterly revenue fell by 6% to $8.32 billion, just below estimates for $8.31 billion.

Contact the author at [email protected]

Quick facts: JPMorgan Chase & Co

Price: 130.2 USD

NYSE:JPM
Market: NYSE
Market Cap: $408.34 billion
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Admedus Ltd proud to unveil its valves publicly for the first time in London

Admedus Ltd's (ASX:AHZ) CEO Wayne Paterson caught up with Proactive's Andrew Scott while in London. The firm recently made what's been described as a transformational move to sell off its CardioCel® and VascuCel® patch business. Paterson says the focus is now firmly on the Adapt...

1 hour, 5 minutes ago

2 min read