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Matt Buck
The results of both banks were better than analysts' forecasts: JP Morgan reported that its net income rose 4% compared to the third quarter of last year to $ 9.4 billion, or $ 2.92 per share, while analysts at FactSet expected $ 2.23 profit per share.
Compared to the second quarter of this year, JP Morgan's profits have doubled. In addition, in the third quarter, the bank sharply reduced the volume of reserves for covering bad debts - to $ 611 million, while in the second quarter it allocated $ 10.47 billion for this purpose.
Citigroup's third-quarter net income was $ 3.2 billion, or $ 1.4 per share, while analysts polled by Refinitiv had expected $ 0.93 per share. Citi's revenues reached $ 17.3 billion, which also exceeded the $ 17.2 billion forecast. In addition, the bank said that loan servicing costs fell sharply compared to the second quarter - to $ 2.26 billion after $ 7.9 billion.
Despite the positive results in the third quarter, banks 'quotes after the publication of reports fell - JP Morgan by 1.8%, Citi by 4% - largely due to investors' expectations of a negative impact on banks of the new coronavirus outbreak, which could nullify positive results for the third quarter.
source: bloomberg.com
Compared to the second quarter of this year, JP Morgan's profits have doubled. In addition, in the third quarter, the bank sharply reduced the volume of reserves for covering bad debts - to $ 611 million, while in the second quarter it allocated $ 10.47 billion for this purpose.
Citigroup's third-quarter net income was $ 3.2 billion, or $ 1.4 per share, while analysts polled by Refinitiv had expected $ 0.93 per share. Citi's revenues reached $ 17.3 billion, which also exceeded the $ 17.2 billion forecast. In addition, the bank said that loan servicing costs fell sharply compared to the second quarter - to $ 2.26 billion after $ 7.9 billion.
Despite the positive results in the third quarter, banks 'quotes after the publication of reports fell - JP Morgan by 1.8%, Citi by 4% - largely due to investors' expectations of a negative impact on banks of the new coronavirus outbreak, which could nullify positive results for the third quarter.
source: bloomberg.com
