Bank earnings season went into full swing Friday morning with Q2 results from five big names. Here’s a quick take on how Q2 is shaping up for six top banks.
PNC Financial Services Group Inc PNC reported EPS of $1.82 vs. consensus expectations of $1.75. Revenue of $3.79 billion fell just shy of the $3.81 billion consensus estimate.
U.S. Bancorp USB reported EPS of $0.83 vs. consensus estimates of $0.81. Q2 revenue was $5.45 billion versus expectations of $5.19 billion.
PacWest Bancorp PACW delivered EPS of $0.68 versus consensus estimates of $0.69. Revenue of $255.9 million also came up short of the $264.9 million consensus prediction.
Citigroup Inc C reported EPS of $1.24 versus $1.10 consensus expectations. Revenue of $17.5 billion was in-line with Street predictions.
Related Link: Berenberg On Banks: Initiating Coverage On Citigroup, Bank Of America And Others
Wells Fargo & Co WFC reported EPS of $1.01, in-line with consensus expectations. However, revenue of $22.16 billion came up just short of the Street’s projection of $22.17.
On Thursday, JPMorgan Chase & Co. JPM kicked off bank earning season by reporting EPS of $1.55 on revenue of $25.21 billion, both well ahead of consensus estimates of $1.43 and $24.06 billion, respectively.
All together, the banks have delivered a solid start to earnings season. The six banks have delivered an average earnings beat of 4.3 percent and an average revenue beat of 0.9 percent in perhaps the toughest regulatory and interest rate environment in history.
The Financial Select Sector SPDR Fund XLF opened Friday’s trading session slightly higher by 0.1 percent.
Disclosure: The author is long C.
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