Yahoo Finance is tracking the financial sector after big banks kicked off fourth quarter earnings before the bell on Friday.
JPMorgan (JPM) – The bank topped analysts’ expectations on both the top and bottom lines, reporting earnings per share of $1.71 on revenue of $24.33 billion. Analysts expected JPMorgan to post a profit of $1.44 on revenue of $23.95 billion. JPMorgan’s fixed-income trading revenue jumped 31% to $3.37 billion, while revenue from equities trading climbed 8.1% to $1.15 billion. The stock has soared 25% since Donald Trump’s surprise victory in the US presidential election on November 8.
Wells Fargo (WFC) – The bank’s results fell in wake of the fake account scandal that has rocked the bank’s reputation over the past few months. Wells Fargo reported a 5.4% drop in fourth-quarter profit, posting earnings of $0.96 per share on revenue of $21.6 billion. Analysts were expecting earnings per share of $1.00 on revenue of $22.5 billion.
Bank of America (BAC) – The company reported earnings per share of $0.40 on revenue of $19.99 billion. Analysts were expecting EPS of $0.38 on revenue of $20.85 billion. Despite its mixed results, Bank of America is bullish on the future. Chief financial officer Paul M. Donofrio noted, “While the recent rise in interest rates came too late to impact fourth-quarter results, we expect to see a significant increase in net interest income in the first quarter of 2017.”
For more on big bank earnings, check out The Final Round, live today at 4 p.m. EST, right here on Yahoo Finance.
