Bank earnings: A snapshot of some of the major banks’ Q1 2023 earnings results

A number of leading banks and financial institutions reported their quarterly earnings today. While some of them raced past estimates, some fell short and some managed to stay in line. Here’s a look at the performance of these financial institutions:

JPMorgan

JPMorgan Chase & Co. (NYSE: JPM) surpassed expectations on both revenue and earnings for the first quarter of 2023. Revenue of $38.3 billion increased 25% year-over-year, beating estimates of $36.2 billion. EPS jumped 56% YoY to $4.10, racing past projections of $3.41.

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%.