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Bank Earnings:Historical Results/2022 Q4: Difference between revisions
Bank Earnings:Historical Results/2022 Q4 (view source)
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''Return to: [[Bank Earnings]] | [[Bank Earnings:Historical Results]]'' | ''Return to: [[Bank Earnings]] | [[Bank Earnings:Historical Results]]'' | ||
On January 13, 2023 major banks reported their Q4 2022 financial results. Here is a summary of their performance and remarks touching on the economy<ref>https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/quarterly-earnings/2022/4th-quarter/3958ba8d-cf62-4c8e-a06b-b28ed286df8e.pdf | |||
</ref>. | |||
{| class="wikitable" | |||
|+ | |||
!Bank | |||
!Estimate | |||
!Actual | |||
!Remarks touching on the economy | |||
|- | |||
|JPMorgan Chase | |||
|Revenue: $34.3 billion | |||
Earnings: $3.07 per share | |||
|Revenue: $35.57 billion | |||
Earnings: $3.57 per share | |||
|Bank: The company increased the amount of reserves to cover credit losses as a “mild recession” is its “central case.” | |||
CEO Jamie Dimon said: “The U.S. economy currently remains strong with consumers still | |||
spending excess cash and businesses healthy. However, we still do not know the ultimate effect of the headwinds coming from geopolitical tensions including the war in Ukraine, the vulnerable state of energy and food supplies, persistent inflation that is eroding purchasing power and has pushed interest rates higher, and the unprecedented quantitative tightening.” | |||
|- | |||
|Bank of America | |||
|Revenue: $24.3 billion | |||
Earnings: 0.77 per share | |||
|Revenue: $24.66 billion | |||
Earnings: 0.85 per share | |||
|Bank: Even though the credit loss provision increased by $1.6 billion to $1.1 billion compared to the same quarter in 2021, the net charge-offs was lower than the pre-pandemic levels. | |||
CEO Brian Moynihan said: “We ended the year on a strong note growing earnings year over year in the 4th quarter in an increasingly slowing economic environment." | |||
|- | |||
|Citigroup | |||
|Revenue: $17.9 billion | |||
Earnings: $1.14 per share | |||
|Revenue: $18.01 billion | |||
Earnings: $1.10 per share | |||
| | |||
|- | |||
|Wells Fargo | |||
|Revenue: $19.98 billion | |||
Earnings: $0.68 per share | |||
|Revenue: $19.66 billion | |||
Earnings: $0.67 per share | |||
|Bank: The company saw recorded lower morgage banking due to fewer originations. | |||
Bank: The company increased credit loss provision by a lot to reflect loan growth and a less favorable economic environment. | |||
|} | |||