WFC - Banks Dissapointed Wall Street With Net Interest Income | Benzinga
The earnings season has been offically kicked off by JP Morgan Chase (NYSE: JPM) that reported earnings and revenue well beyond Wall Street estimates. But other big banks also joined in with their second quarter reports. Wells Fargo & Company (NYSE: WFC) and Citigroup Inc (NYSE: C) also posted better-than-expected earnings and revenue. But, net interest income fell short of implications and banks showed they are expecting macroeconomic conditions to worsen.
Wells Fargo & Company
For the second quarter, Wells Fargo reported its revenue rose to $20.69 billion, suprassing LSEG’s estimate of 20.29 billion. Net income diped to $4.91 billion, but its earnings per share of $1.33 also surpassed LSEG’s estimate of $1.29 cents. Wells Fargo recorded $11.92 billion in net interest income that fell by 9% YoY.
Citigroup
Citigroup reported its second quarter revenue rose 4% YoY to $20.14 billion.
Due to the revival of Wall Street activites like IPOs and mergers, Citigroup reported investment banking revenue expanded ...