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  • America's biggest banks surprised Wall Street Friday with quarterly profits that were bigger than anticipated in what was expected to be a rather dreary quarter.

  • JP Morgan Chase's profit jumped 42% to $12 billion boosting its bottom line the release of some of the credit reserves it had set aside for loan losses driven by the coronavirus pandemic.

  • CEO Jamie Diamond said the positive developments on vaccines and fiscal stimulus allowed the bank to release some of its reserves, also lifting earnings.

  • Investment banking revenue rose 37% and the volatility in financial markets also helped bulk up its trading revenue.

  • But the plunge in interest rates early in the year hurt the bank's net interest margins.

  • That's the difference between what banks charge for loans and what they payout to depositors.

  • Wells Fargo's profit of nearly $3 billion also surprised analysts.

  • Scandal ridden lender was able to shrink its costs associated with bad loans, and that helped offset the hit from low interest rates.

  • Meanwhile, profited Citigroup fell 7% but the $4.6 billion earned was much larger than analysts had forecast, Like J.

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  • Morgan, releasing cash it had previously set aside for bad loans contributed to its bottom line, but investors took profit on those bank shares and early trading Friday amid a weak market open.

America's biggest banks surprised Wall Street Friday with quarterly profits that were bigger than anticipated in what was expected to be a rather dreary quarter.

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Bank earnings beat analysts expectations

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    林宜悉 posted on 2021/01/18
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