Bank earnings: A summary of the major banks’ Q4 2023 earnings results

Main banks Goldman Sachs (NYSE: GS) and Morgan Stanley (NYSE: MS) reported their fourth quarter 2023 earnings outcomes on Tuesday. Their friends JPMorgan (NYSE: JPM), Citigroup (NYSE: C), Wells Fargo (NYSE: WFC), and Financial institution of America (NYSE: BAC) posted their This autumn outcomes on Friday. Right here’s a abstract of how these main banks carried out within the quarter:

Goldman Sachs

Goldman Sachs reported revenues of $11.32 billion for the fourth quarter of 2023, which elevated 7% year-over-year and beat estimates of $10.8 billion. Web earnings grew 58% to $1.87 billion whereas EPS rose 65% to $5.48. Analysts had predicted EPS of $3.33 for the quarter.

The corporate noticed double-digit income progress for its Asset & Wealth Administration and Platform Options segments whereas its World Banking & Markets section witnessed a 3% decline in income. Web curiosity earnings fell 35% YoY to $1.34 billion whereas non-interest revenues grew 17% to $9.97 billion.

Goldman Sachs returned $1.92 billion of capital to shareholders within the fourth quarter, which incorporates $1 billion in share repurchases and $922 million in dividends.

Morgan Stanley

Morgan Stanley’s income inched up 1% to $12.9 billion in This autumn 2023 in comparison with the identical interval a yr in the past and surpassed projections of $12.8 billion. Web earnings dropped 32% to $1.51 billion within the quarter. EPS fell 33% to $0.85, lacking estimates of $1.04.

The corporate noticed revenues stay flat on a year-over-year foundation in its Wealth Administration and Funding Administration segments throughout the fourth quarter, whereas income in its Institutional Securities division grew 3%.

JPMorgan

In This autumn 2023, JPMorgan’s web income elevated 12% YoY to $38.5 billion, however fell wanting estimates. Adjusted EPS of $3.97 surpassed projections.

Citigroup

Citigroup noticed income decline 3% YoY to $17.4 billion in This autumn 2023. The corporate reported a web lack of $1.16 per share attributable to one-time fees. Excluding these fees, EPS would have been $0.84. Each the highest and backside line numbers missed estimates.

Wells Fargo

Wells Fargo reported income of $20.48 billion for This autumn 2023, which was up 2% from the year-ago quarter and above projections. EPS grew 15% to $0.86.

Financial institution of America

In This autumn, Financial institution of America’s revenues decreased 10% YoY to $22 billion and missed estimates. EPS fell 59% to $0.35 however managed to surpass projections.