JPMorgan Chase, Wells Fargo Shares Surge As US Banks Beat Wall Street Expectations

JPMorgan Chase shares are up nearly 5% after the banking giant posted surprising strong Q3 earnings results.

Chase reported a 3% increase in net interest income (NII), beating expectations for a decline.

NII is the difference between revenue generated from a bank’s interest-bearing assets and its expenses for paying out interest-bearing liabilities.

JPMorgan’s earnings per share hit $4.37, significantly higher than Wall Street expectations, due in part to higher investment banking fees. Revenue reached $42.65 billion, up 7% year-over-year.

Assets under management jumped 23% to $3.9 trillion, while the bank boosted its provisions for credit losses to $3.1 billion, a $1.38 billion increase from Q2.

Meanwhile, Wells Fargo’s stock is up 6% after the bank announced NII decreased by 11%, slightly worse than expected.

Earnings per share dropped 13.5% to $1.42, slightly beating expectations.

The bank’s Corporate and Investment Banking revenue was flat year-over-year, while the Wealth and Investment Management division posted a 5% increase.

Revenue reversed nearly 2% to $20.37 billion, below forecasts for $20.4 billion.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post JPMorgan Chase, Wells Fargo Shares Surge As US Banks Beat Wall Street Expectations appeared first on The Daily Hodl.