Major banks rise in positive NYSE on Friday.
This is what it looks like for the leading indices in Thursday’s opening hours:
- The broad S & P 500 index opened up 1.07 percent.
- The Nasdaq Composite Index of Technology opened up 1.8 percent.
- The Dow Jones index opened up 0.63 percent.
Major US banks beat expectations in the second quarter
A number of major US banks rose when the stock market opened on Wall Street on Friday.
JP Morgan, Wells Fargo and Citigroup all provided quarterly results ahead of the New York Stock Exchange’s opening Friday.
JPMorgan, the largest bank in the United States, beat expectations in the second quarter.
The result ended at $4.37 per share, versus the expected $4 per share in the company’s latest offering Quarterly report.
Trading value fell to $42.4 billion in the second quarter from $31.6 billion in the corresponding quarter of last year. Up front, revenue was expected to end at $38.96 billion.
Net interest income ended at $21.9 billion, an increase of 44 percent. Up front, it was expected to land at $21.21 billion.
Net income closed at $14.5 billion, up from $8.65 billion in the second quarter of last year. This corresponds to an increase of 67 percent.
JP Morgen shares were up 2.84 percent when the stock market opened on Friday.
In May, JP Morgan acquired regional bank First Republic, after it was shut down by authorities. JP Morgan later stated that it expected gains of about $2.6 billion after taxes over the next 18 months after acquiring First Republic Bank.
Several major banks are on the rise
Wells Fargo also provided the numbers on Friday. The bank posted a profit per share of $1.25 in the second quarter, in the bank’s latest offering Quarterly report. A result per share of $1.15 was previously expected, according to estimates obtained by Refinitiv.
Trading closed at $20.53 billion, compared to $17.04 billion in the second quarter of last year. Up front, the turnover was expected to be $20.12 billion.
Net interest income increased 29 percent to $13.2 billion in the first quarter, up from $10.1 billion in the second quarter of 2022.
Wells Fargo shares rose 3.68 percent.
Meanwhile, Citigroup shares rose 1.41 percent.
Bank of America and Morgan Stanley release flat quarterly numbers on Tuesday of next week, while Goldman Sachs releases numbers on Wednesday.
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