Big Bank Q3 Earnings Roundup

Three bank giants reported Q3 earnings Friday morning. Here's a recap of what each bank reported.

JPMorgan

• JPMorgan Chase & Co. JPM earned $2.34 per share in Q3 on revenue of $27.8 billion.
• Street analysts were expecting the bank to earn $2.25 per share on revenue of $27.5 billion.
• Net income rose from $8.316 billion a year ago to $8.38 billion.
• Book value per share rose 4 percent to $69.52, tangible book value per share rose 3 percent to $55.68.

JPMorgan CEO Jamie Dimon said the U.S. and global economy "continue to show strength." He also said economic and geopolitical concerns "have negative effects" on the economy in the future.

Wells Fargo

• Wells Fargo & Co WFC earned $1.16 per share in Q3 on revenue of $21.9 billion.
• Street analysts were expecting the bank to earn $1.17 per share on revenue of $21.9 billion.
• Net income rose from $4.5 billion a year ago to $6.0 billion.
• Book value per share rose from $36.92 a year ago to $37.55, tangible book value rose from $30.99 to $31.49.

Wells Fargo CEO Tim Sloan said the company continues to " make progress in our efforts to build a better Wells Fargo." He also said the company continues to "make progress on customer remediation" which is important to rebuild trust.

Citi

• Citigroup Inc C earned $1.73 per share in Q3 on revenue of $18.389 billion.
• Street analysts were expecting the bank to earn $1.69 per share on revenue of $18.45 billion.
• Net income rose from $4.133 billion a year ago to $4.622 billion.
• Book value per share fell from $78.81 a year ago to $72.88, tangible book value per share fell from $68.55 to $61.91.

Citi CEO Michael Corbat said the Q3 print signals "solid" growth from a year ago across many of the business segments. He also said the company remains focused on making "targeted investments" to fund future growth.

Bank Of America

• Bank of America BAC earned 66 cents per share in the third quarter on revenue of $22.8 billion.
• Street analysts were expecting the company to earn 63 cents per share on revenue of $22.89 billion.
• Net income rose from $5.4 billion a year ago to $7.2 billion.
• Book value per share rose from $23.87 a year ago to $24.33, tangible book value rose from $17.18 to $17.23.

Bank of America CEO Brian Moynihan said the company benefited from a combination of "responsible growth, backed by a solid U.S. economy." He also said the company continues to expand into new markets domestically and profit in the international markets improved in the quarter.

More To Come

Goldman Sachs

• Goldman Sachs Group Inc GS earned $6.28 per share in Q3 on revenue of $8.65 billion.
• Street analysts were expecting the company to earn $5.38 per share on revenue of $8.4 billion.
• Net earnings rose from $2.128 billion a year ago to $2.524 billion.
• Book value per share rose from $190.73 a year ago to $197.33, tangible book value per share rose from $180.42 to $186.62.

Goldman Sachs CEO David Solomon said the company's year-to-date EPS is the highest in history. He also said year-to-date return on equity is the highest in nine years.

Morgan Stanley

• Morgan Stanley MS earned $1.17 per share in Q3 on revenue of $9.872 billion.
• Street analysts were expecting the company to earn $1.02 per share on revenue of $9.56 billion.
• Net income rose from $1.8 billion a year ago to $2.1 billion.
• Book value per share rose from $38.87 a year ago to $40.67, tangible book value rose from $33.86 to $35.50.

Morgan Stanley CEO James Gorman said despite a seasonal summer slowdown Q3 earnings were solid. He also said the strong revenue and earnings growth reaffirms the "stability" of its franchise.

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