Categories Analysis, Finance

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

Goldman Sachs returned $1.92 billion of capital to shareholders in the fourth quarter

Major banks Goldman Sachs (NYSE: GS) and Morgan Stanley (NYSE: MS) reported their fourth quarter 2023 earnings results on Tuesday. Their peers JPMorgan (NYSE: JPM), Citigroup (NYSE: C), Wells Fargo (NYSE: WFC), and Bank of America (NYSE: BAC) posted their Q4 results on Friday. Here’s a summary of how these leading banks performed in the quarter:

Goldman Sachs

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

The company saw double-digit revenue growth for its Asset & Wealth Management and Platform Solutions segments while its Global Banking & Markets segment witnessed a 3% decline in revenue. Net interest income fell 35% YoY to $1.34 billion while non-interest revenues grew 17% to $9.97 billion.

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

Morgan Stanley

Morgan Stanley’s revenue inched up 1% to $12.9 billion in Q4 2023 compared to the same period a year ago and surpassed projections of $12.8 billion. Net income dropped 32% to $1.51 billion in the quarter. EPS fell 33% to $0.85, missing estimates of $1.04.

The company saw revenues remain flat on a year-over-year basis in its Wealth Management and Investment Management segments during the fourth quarter, while revenue in its Institutional Securities division grew 3%.

JPMorgan

In Q4 2023, JPMorgan’s net revenue increased 12% YoY to $38.5 billion, but fell short of estimates. Adjusted EPS of $3.97 surpassed projections.

Citigroup

Citigroup saw revenue decline 3% YoY to $17.4 billion in Q4 2023. The company reported a net loss of $1.16 per share caused by one-time charges. Excluding these charges, EPS would have been $0.84. Both the top and bottom line numbers missed estimates.

Wells Fargo

Wells Fargo reported revenue of $20.48 billion for Q4 2023, which was up 2% from the year-ago quarter and above projections. EPS grew 15% to $0.86.

Bank of America

In Q4, Bank of America’s revenues decreased 10% YoY to $22 billion and missed estimates. EPS fell 59% to $0.35 but managed to surpass projections.

Listen to the conference calls as they happen. Don't miss a beat! With AlphaStreet Intelligence, you can listen to live calls and interviews as they happen, so you never have to worry about missing out on important information.

Most Popular

BK Earnings: Bank of New York Mellon Q3 2024 earnings climb on higher revenues

The Bank of New York Mellon Corporation (NYSE: BK) on Friday said its adjusted earnings increased in the third quarter of 2024. The financial service provider's assets under management and

BLK Earnings: BlackRock reports better-than-expected Q3 2024 results

Asset management company BlackRock, Inc. (NYSE: BLK) on Friday reported higher revenues and adjusted profit for the third quarter of 2024, which also came in above Wall Street's projections. Third-quarter

JPM Earnings: Key quarterly highlights from JPMorgan’s Q3 2024 financial results

JPMorgan Chase & Co. (NYSE: JPM) reported its third quarter 2024 earnings results today. Reported net revenue increased 7% year-over-year to $42.6 billion. Managed revenue rose 6% to $43.3 billion.

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top