JPMorgan
Net interest income (NII) increased 49% YoY to $20.8 billion while NII, excluding Markets, rose 78%, driven mainly by higher rates. Average loans were up 6% while average deposits were down 8%.
Shares of JPMorgan gained 7% on Friday.
Citigroup
Citigroup Inc. (NYSE: C) also beat estimates for Q1 2023. Revenue increased 12% YoY to $21.4 billion, surpassing projections of $20 billion. EPS rose 8% to $2.19, also beating the consensus target of $1.67.
End-of-period loans were down 1% to $652 billion while end-of-period deposits remained mostly unchanged at $1.3 trillion compared to last year.
Citigroup’s stock was up over 4%.
Wells Fargo
Wells Fargo & Company (NYSE: WFC) exceeded expectations for both the top and bottom line numbers in Q1 2023. Revenue of $20.7 billion was up 17% YoY, ahead of estimates of $20.1 billion. EPS grew 35% to $1.23, beating the estimate of $1.13.
Net interest income grew 45% helped by higher interest rates and higher loan balances but were partly offset by lower deposit balances. Noninterest income decreased 13%.
Wells Fargo’s stock was down slightly on Friday.
BlackRock
BlackRock Inc. (NYSE: BLK) reported revenue of $4.24 billion for the first quarter of 2023, which declined 10% YoY but came in line with estimates. The asset management company delivered adjusted EPS of $7.93, which fell 17% YoY but beat projections of $7.76.
BlackRock’s shares were up over 2%.
PNC Financial
The PNC Financial Services Group, Inc. (NYSE: PNC) delivered mixed results for Q1 2023. Revenue of $5.60 billion rose 19% compared to the year-ago period but fell short of the consensus target of $5.61 billion. EPS rose 23% to $3.98, surpassing expectations of $3.67.
PNC’s stock was down over 1%.