6,294
edits
Bank Earnings:Historical Results/2022 Q4: Difference between revisions
Bank Earnings:Historical Results/2022 Q4 (view source)
Revision as of 21:05, 13 January 2023
, 13 January 2023no edit summary
No edit summary |
No edit summary |
||
| Line 1: | Line 1: | ||
''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 | 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 | ||
https://d1io3yog0oux5.cloudfront.net/_be62467122df7498b6555528a17a1296/bankofamerica/db/806/9782/earnings_release/The+Press+Release.pdf | |||
https://www.citigroup.com/citi/news/2023/fourth-quarter-2022-earnings.htm | |||
https://www08.wellsfargomedia.com/assets/pdf/about/investor-relations/earnings/fourth-quarter-2022-earnings.pdf | |||
</ref>. | </ref>. | ||
{| class="wikitable" | {| class="wikitable" | ||
| Line 17: | Line 21: | ||
|Revenue: $35.57 billion | |Revenue: $35.57 billion | ||
Earnings: $3.57 per share | 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.” | |Bank: The company increased the amount of reserves to $2.3 billion from -$1.3 billion in Q3 2021 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 | 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.” | 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.” | ||
| Line 34: | Line 38: | ||
|Revenue: $18.01 billion | |Revenue: $18.01 billion | ||
Earnings: $1.10 per share | Earnings: $1.10 per share | ||
| | |Citi CEO Jane Fraser said: "Banking and Wealth Management were impacted by the same market conditions they faced throughout the year." | ||
|- | |- | ||
|Wells Fargo | |Wells Fargo | ||
| Line 41: | Line 45: | ||
|Revenue: $19.66 billion | |Revenue: $19.66 billion | ||
Earnings: $0.67 per share | Earnings: $0.67 per share | ||
|Bank: The company | |Bank: The company 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. | Bank: The company increased credit loss provision by a lot to reflect loan growth and a less favorable economic environment. | ||
Charlie Scharf said: “Rising interest rates drove strong net interest income growth, credit losses have continued to increase slowly but credit quality remained strong, and we continue to make progress on our efficiency initiatives.” | |||
Scharf added: “As we look forward, we are carefully watching the impact of higher rates on our customers and expect to see deposit balances and credit quality continue to return toward pre-pandemic levels.” | |||
|} | |} | ||