US Banks Top Q3 Earnings Estimates: JPMorgan Delivers 'Robust Beat,' Financial Sector Stocks Hit Record Highs

US Banks Top Q3 Earnings Estimates: JPMorgan Delivers 'Robust Beat,' Financial Sector Stocks Hit Record Highs

Benzinga
October 11, 2024

The U.S. financial sector kicked off the third-quarter earnings season on a high note as major players, including JPMorgan Chase & Co. (NYSE:JPM), Wells Fargo Corp. (NYSE:WFC), Bank of New York Mellon Corp. (NYSE:BK), and BlackRock Inc. (NYSE:BLK), all beat analyst expectations for earnings per share (EPS).

These results mark a strong start for the financial industry. Shares of each bank responded positively, with notable gains across the board.

The Financial Select Sector SPDR Fund (NYSE:XLF) rallied nearly 2% to fresh record highs, eyeing the strongest-performing day since November 2023.

Chart: XLF ETF Sets New All-Time Highs As Major Banks Report Strong Q3 Earnings

Image: Benzinga Pro

JPMorgan Chase Q3 2024: A Beat Across The Board

JPMorgan Chase delivered another standout performance last quarter, surpassing both top and bottom-line estimates. The bank reported an EPS of $4.37, well above the analyst consensus of $4.00.

Revenue came in at $43.32 billion, topping estimates of $41.82 billion, fueled by stronger-than-expected performance across various segments.

Investment banking revenue: $2.35 billion vs. $2.13 billion expected

Equities sales & trading revenue: $2.62 billion vs. $2.37 billion estimate

FICC sales & trading revenue: $4.53 billion vs. $4.36 billion expected

Net interest income: $23.53 billion, beating the $22.8 billion estimate

The bank's net charge-offs were $2.09 billion, below the $2.37 billion forecast, while total loans stood at $1.34 trillion, just edging past the expected $1.33 trillion. Total deposits reached $2.43 trillion, slightly above estimates.

Goldman Sachs analyst ...

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