Earnings preview: What to expect when major banks report Q2 results

A number of major banks and financial institutions are set to report their second quarter 2023 earnings results through the end of this week and the start of next. The macroeconomic environment remains tough and while higher interest rates have proven beneficial, the possibility of higher provisions for credit losses is a cause for concern. Here’s a look at what to expect when these banking giants report results:

JPMorgan

JPMorgan Chase & Co. (NYSE: JPM) is scheduled to report its second quarter 2023 earnings results on Friday, July 14, before market open. Analysts are projecting revenues of $38.8 billion for Q2 which would represent a growth of around 23% from the same period a year ago. The consensus estimate for EPS is $4 which compares to EPS of $2.76 reported in the prior-year quarter.

Citigroup

Citigroup (NYSE: C) is slated to report its Q2 2023 earnings results on July 14. Analysts expect earnings of $1.30 per share on revenues of $19.3 billion. This compares to earnings of $2.19 per share on revenues of $19.6 billion reported in the prior-year period.

Wells Fargo

Wells Fargo & Company (NYSE: WFC) will report its second quarter 2023 results on July 14. Analysts are projecting revenues of $20 billion which will represent a year-over-year growth of around 18%. EPS is estimated to be $1.17 which compares to $0.74 reported in the year-ago quarter.

Bank of America

Bank of America Corporation (NYSE: BAC) is scheduled to report its second quarter 2023 earnings results on Tuesday, July 18. Analysts are projecting revenue of $25.1 billion which would represent a 10% growth versus the same period a year ago. The consensus estimate for EPS is $0.84, which would reflect a 15% growth from the prior-year quarter.

Morgan Stanley

Morgan Stanley (NYSE: MS) is slated to report Q2 2023 earnings results on July 18 as well. Analysts expect earnings of $1.15 per share on revenue of $13 billion. This compares to earnings of $1.39 per share on revenue of $13.1 billion.

Goldman Sachs

Goldman Sachs (NYSE: GS) is set to report second quarter 2023 earnings results on Wednesday, July 19. Analysts expect revenues to be $10.8 billion, which would represent a decline of over 5% from the same period a year ago. EPS is estimated to be $3.11 compared to $7.73 reported in the prior-year quarter.