Bank Earnings: Historical Results/2023 Q4

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Return to: Discussions |Earnings Season | Earnings Season:2023 Q3 | Earnings Season:2023 Q2 | Earnings Season:2023 Q1 | Earnings Season:2022 Q4 | Bank Earnings

See also: Banking Industry

Summary of the results

Company Revenue Net Income EPS Net Charge Off CRE Loan Charge-Off Net Charge Off Rate Credit Loss Provisions Non Performing Loans Non Performing Loans Rate Nonperforming CRE Loans Net Interest Margin Efficiency ratio Unrealized gains on investment securities
Big Banks Q4 2023 Q4 2022 % Q/Q %Y/Y Analysts Estimate Q4 2023 Q4 2022 % Y/Y Actual Analysts Estimate Q4 2023 Q4 2022 Q3 2023 % Q/Q %Y/Y Estimate Q4 2023 Q3 2023 Q4 2022 Q4 2023 Q4 2022 Q3 2023 Q4 2023 Q3 2023 % Q/Q %Y/Y Estimate Q4 2023 Q4 2022 % Q/Q %Y/Y Q4 2023 Q4 2022 Q4 2023 Q3 2023 Q4 2022 % Q/Q %Y/Y Q4 2023 Q4 2022 Q3 2023 estimate Q4 2023 Q4 2022 Q4 2023 Q4 2022 % Q/Q %Y/Y
JP Morgan [1] $39.9 billion $35.6 billion -3% 12.1% $39.78 billion $9.3 billion $11.0 billion -15% $3.04 $3.32 $2.2 billion $0.9 billion $1.5 billion 46.7% 144.4% "more than expected" $2.76 billion $1.38

billion

100% 20.5% $2.42 billion
Wells Fargo [2][3][4][5][6] $20.48 billion $20.0 billion -1.8% 2.2% $20.30 billion $3.5 billion $3.2 billion 9.4% $1.29 $1.17 $1.3 billion $560 million $864 million 45.6% 124.6% $1.0 billion $377 million $93 million $1.28 billion $1.20 billion 7.1% 34% $1.32 billion 2.92% 3.14% 3.03% 2.94% 77% 81%
Citi Group[7][8][9][10] $17.44 billion $18.00 billion -13% -3% $18.74 billion -1.84 billion $2.5 billion -173% $0.84 $0.81 $2.0 billion $1.18 billion $1.64 billion 22% 69% $3.55 billion $1.84 billion 93% 92% $2.1 billion 2.46% 2.39% 2.49%
Bank of America[11][12][13] $22.1 billion $24.5 billion -6.4% -10% $23.74 billion $3.1 billion $7.1 billion -56.3% $0.70 $0.68 $1.2 billion $689 million $931 million 28.0% 73% "above estimate" $200 million $95 million 0.45% 0.26% 0.35% $1.1 billion $1.23 billion -10.5% 1.1% "Below estimate" 81% 63%
Goldman Sachs[14][15] $11.32 billion $10.6 billion -4.2% 6.6% $10.80 billion $2.0 billion $1.3 billion 51% $5.48 $3.51 $413 million 0.90% 1.0% $577 million $7 million -40.6% $621.8 million 75% 76.4%
Morgan Stanley[16][17][18] $12.90 billion $12.70 billion -3% 1.6% $12.75 billion $1.52 billion $2.24 billion -32.1% $0.85 $1.01 - $25 million $3 million $134 million -98% -97% $133.4 million 84% 77%
Regional Banks
PNC Financials[19][20][21][22] $5.36 billion $5.23 billion 2% -7% $5.28 billion $883 million $1.57 billion -43% $3.16 $2.99 200 million $224 million 121 million 65.3% -10.7% $217.6 million $54 million $23 million $20 million 0.24% 0.28% 0.15% $221 million $153 million 44.4% -41.8% $311.3 million $2.2 billion $2.0 billion 4.8% 10% 0.68% 0.61% $735 million $723 million $189 million 2% 289% 2.66% 2.92% 2.71% 2.66% 76% 60%
U.S Bancorp [23][24][25] $6.76 billion $6.37 billion -3.8% 6.2% $6.87 billion $861 million $930 million -7.4% $0.99 $0.90 $463 million $578 million $420 million 10.2% 19.9% $425.8 million $71 million $49 million $42 million 0.49% 0.64% 0.44% $512 million $515 million -0.6% -57% $496.2 million $1.5 billion $972 million 14.4% 49.1% 0.40% 0.27% $777 million $721 million $338 million
8%
 129% 2.78% 3.01% 2.81% 2.75% 75.9% 63.3%
Citizens Financial Group[26][27][28][29] $1.99 billion $2.2 billion -1% -10% $2.0 billion $189 million $653 million -71% $0.85 $0.60 $171 million $88 million $153 million 11.8% 94.3% $173.8 million $48 million $48 million - 0.46% 0.22% 0.40% $171 million $172 million -1% 30% $176.9 million $1.4 billion $944 million 5% 44% 0.93% 0.60% $477 million $470 million $103 million 1% 363% 2.90% 3.29% 3.03% 81.1% 56.4%
M&T Bank[30][31][32] $2.30 billion $2.51 billion -1.7% -8.4% $2.29 billion $482 million $765 million -37% $2.81 $3.16 $148 million $40 million $96 million 54% 268% $116.7 million 0.44% 0.12% 0.29% $225 million $150 million 50% 150% $158 million $2.2 billion $2.4 billion -8% -11% 1.62% 1.85% 3.61% 4.06% 3.79% 3.62% 62.1% 53.3%
Truist Financial Corp[33][34] $5.76 billion $6.26 billion 0.5% -8.0% $5.69 billion $1.1 billion $1.7 billion -35% $0.81 $0.68 $453 million $273 million $405 million 11.9% 65.9% $48 million $77 million $13 million 0.57% 0.34% 0.51% $572 million $497 million 15.1% 22.5% $1.4 billion $1.2 billion -7% 17% 0.44% 0.36% $284 million $289 million $82 million -2% 246% 2.98% 3.25% 2.95% 58.8% 54.22%
KeyCorp Bank[35][36] $1.54 billion $1.90 billion -1.8% -19% $1.53 billion $30 million $356 million -92% $0.03 $0.22 $76 million $41 million $71 million 7% 85.4% $85.2 million $24 million $1 million $23 million 0.26% 0.14% 0.24% $102 million $81 million 25.9% -61.5% $100.9 million $574 milliom $387 million 26.2% 48.3% 0.51% 0.32% $100 million $63 million $21 million 59% 376% 2.07% 2.73% 2.01% 2.09% 88.6% 60.3%

Management remarks

  • "The U.S. economy continues to be resilient, with consumers still spending, and markets currently expect a soft landing. It is important to note that the economy is being fueled by large amounts of government deficit spending and past stimulus. There is also an ongoing need for increased spending due to the green economy, the restructuring of global supply chains, higher military spending and rising healthcare costs. This may lead inflation to be stickier and rates to be higher than markets expect. On top of this, there are a number of downside risks to watch. Quantitative tightening is draining over $900 billion of liquidity from the system annually, and we have never seen a full cycle of tightening. And the ongoing wars in Ukraine and the Middle East have the potential to disrupt energy and food markets, migration, and military and economic relationships, in addition to their dreadful human cost. These significant and somewhat unprecedented forces cause us to remain cautious, " JP Morgan CEO Jamie Dimon said in the press release[37].
  • “We are closely monitoring credit and while we see modest deterioration, it remains consistent with our expectations,” said Wells Fargo CEO Charlie Scharf[38].

References

  1. ↑ https://www.cnbc.com/2024/01/12/jpmorgan-chase-jpm-earnings-q4-2023.html https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/quarterly-earnings/2023/4th-quarter/16d9371e-30e9-4898-abf6-d1f7c86fd311.pdf https://www.youtube.com/watch?v=HSXbym3CST4 https://www.bloomberg.com/news/articles/2024-01-12/jpmorgan-posts-record-nii-and-predicts-even-more-for-this-year
  2. ↑ https://www08.wellsfargomedia.com/assets/pdf/about/investor-relations/earnings/fourth-quarter-2023-financial-results.pdf
  3. ↑ https://twitter.com/TheGodMarket/status/1745777324258205881
  4. ↑ https://www.investmentnews.com/wirehouses/news/wells-fargo-q3-earnings-beat-estimates-244488
  5. ↑ https://www.cnbc.com/2024/01/12/wells-fargo-wfc-earnings-4q-2023.html#:~:text=Total%20revenue%20came%20in%20at,posted%20%2420.30%20billion%20in%20revenue.
  6. ↑ https://www.smartkarma.com/home/newswire/earnings-alerts/wells-fargo-co-wfc-earnings-4q-total-average-loans-meet-estimates-amidst-mixed-financial-performance/
  7. ↑ https://www.citigroup.com/rcs/citigpa/storage/public/2023fsqtr4fn.pdf
  8. ↑ https://www.cnbc.com/2024/01/12/citigroup-c-earnings-4q-2023.html
  9. ↑ https://www.citigroup.com/rcs/citigpa/storage/public/2023fsqtr4fn.pdf
  10. ↑ https://www.investopedia.com/bank-earnings-set-to-slide-as-quarterly-reporting-season-gets-underway-8424341
  11. ↑ https://www.cnbc.com/2024/01/12/bank-of-america-bac-earnings-4q-2023.html
  12. ↑ https://www.youtube.com/watch?v=u8EYWVrru18
  13. ↑ https://d1io3yog0oux5.cloudfront.net/_a61fff167a7fb2521a116231e6579501/bankofamerica/db/806/9995/presentation/The+Presentation+Materials_4Q23.pdf
  14. ↑ https://www.goldmansachs.com/media-relations/press-releases/current/pdfs/2023-q4-earnings-results-presentation.pdf
  15. ↑ https://www.cnbc.com/2024/01/16/goldman-sachs-gs-earnings-4q-2023.html
  16. ↑ https://www.morganstanley.com/content/dam/msdotcom/en/about-us-ir/finsup4q2023/finsup4q2023.pdf
  17. ↑ https://www.cnbc.com/2024/01/16/morgan-stanley-earnings-q4-2023.html#:~:text=Here's%20how%20the%20bank%20did,billion%2C%20expected%2C%20according%20to%20LSEG
  18. ↑ https://www.morganstanley.com/content/dam/msdotcom/en/about-us-ir/shareholder/4q2023.pdf
  19. ↑ https://www.smartkarma.com/home/newswire/earnings-alerts/pnc-financial-services-group-reports-4q-earnings-meets-revenue-estimates/
  20. ↑ https://d1io3yog0oux5.cloudfront.net/_77248534499748b1dd1f1b7355687fa0/pnc/db/2250/21479/financial_supplement/4Q23+Financial+Supplement_Final.pdf
  21. ↑ https://d1io3yog0oux5.cloudfront.net/_77248534499748b1dd1f1b7355687fa0/pnc/db/2250/21479/presentation/4Q23+Earnings+Slides+Final.pdf
  22. ↑ https://finance.yahoo.com/news/pnc-financial-services-group-inc-143006329.html
  23. ↑ https://ir.usbank.com/static-files/33d37d7a-b8db-45c8-8d0a-c973ecd2c00a
  24. ↑ https://seekingalpha.com/news/4055522-u-s-bancorp-non-gaap-eps-of-0_99-beats-0_09-revenue-of-6_76b-misses-110m
  25. ↑ https://www.smartkarma.com/home/newswire/earnings-alerts/us-bancorp-usb-earnings-4q-results-miss-estimates-amid-lower-average-deposits/#:~:text=The%20Earnings%20Per%20Share%20(EPS,than%20the%20estimated%20%244.15%20billion.
  26. ↑ https://www.investing.com/news/citizens-financial-group-inc-earnings-beat-by-025-revenue-fell-short-of-estimates-3276028
  27. ↑ https://www.smartkarma.com/home/newswire/earnings-alerts/citizens-financial-cfg-earnings-4q-total-deposits-meet-estimates-amidst-rising-non-interest-expenses/
  28. ↑ https://investor.citizensbank.com/~/media/Files/C/CitizensBank-IR/reports-and-presentations/4q23-earnings-presentation.pdf
  29. ↑ https://investor.citizensbank.com/~/media/Files/C/CitizensBank-IR/reports-and-presentations/4q23-financial-supplement.pdf
  30. ↑ https://www.investing.com/news/mt-bank-earnings-missed-by-035-revenue-topped-estimates-3277145#:~:text=Investing.com%20%2D%20M%26T%20Bank%20(,consensus%20estimate%20of%20%242.29B.
  31. ↑ https://ir.mtb.com/node/38071/pdf
  32. ↑ https://www.smartkarma.com/home/newswire/earnings-alerts/mt-bank-corp-mtb-4q-earnings-miss-estimates-amid-higher-provision-for-credit-losses/#:~:text=M%20%26%20T%20Bank%20Corp%20on%20Smartkarma&text=In%20another%20report%2C%20Baptista%20Research,compared%20to%20the%20previous%20quarter.
  33. ↑ https://www.investing.com/news/truist-financial-corp-earnings-beat-by-013-revenue-topped-estimates-3277149
  34. ↑ https://ir.truist.com/events-and-presentation?item=64
  35. ↑ https://s23.q4cdn.com/646737342/files/doc_financials/2023/q4/4Q23-Earnings-Release-vF.pdf
  36. ↑ https://www.smartkarma.com/home/newswire/earnings-alerts/keycorp-key-earnings-report-4q-total-deposits-meet-estimates-amidst-mixed-financial-performance/
  37. ↑ https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/quarterly-earnings/2023/4th-quarter/30e66a2f-5f41-4616-b831-fee985b61b8a.pdf
  38. ↑ https://www.wellsfargo.com/assets/pdf/about/investor-relations/earnings/fourth-quarter-2023-earnings.pdf
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