Mixed bank results, rising costs weigh on market valuations 📊

20:27 12 āļāļĢāļāļŽāļēāļ„āļĄ 2024

Wells Fargo - lower interest income 

Wells Fargo's results turned out to be mixed. The company achieved positive growth in revenues, increasing them to $20.69 bln (+1% y/y) against an expected decline. The year-on-year increase was driven by a strong improvement in non-interest income, which rose 19% year-on-year. The strongest contributor to this was the increase in trading income in the Market segment, where income rose 16% y/y. 

āđ€āļĢāļīāđˆāļĄāđ€āļ—āļĢāļ”āļ—āļąāļ™āļ—āļĩāļ§āļąāļ™āļ™āļĩāđ‰ āļŦāļĢāļ·āļ­ āļĨāļ­āļ‡āđƒāļŠāđ‰āļšāļąāļāļŠāļĩāļ—āļ”āļĨāļ­āļ‡āđāļšāļšāđ„āļĢāđ‰āļ„āļ§āļēāļĄāđ€āļŠāļĩāđˆāļĒāļ‡

āđ€āļ›āļīāļ”āļšāļąāļāļŠāļĩ āļĨāļ­āļ‡āļšāļąāļāļŠāļĩāđ€āļ”āđ‚āļĄāđˆ āļ”āļēāļ§āļ™āđŒāđ‚āļŦāļĨāļ”āđāļ­āļ›āļĄāļ·āļ­āļ–āļ·āļ­ āļ”āļēāļ§āļ™āđŒāđ‚āļŦāļĨāļ”āđāļ­āļ›āļĄāļ·āļ­āļ–āļ·āļ­

However, the bank reported a decline in net interest income, which amounted to $11.92 billion, down 9% year-on-year and 2% below forecasts. The reason for the erosion of the result was an increase in interest expenses related to the migration of customers to deposits offering higher interest rates, as well as weaker loan growth due to the high interest rate environment. Average loans fell to $917 billion (-3% y/y). The interest margin fell to 2.75% vs. 3.09% a year earlier (-0.02 p.p. vs. forecasts). 

The market was most negative on the news that the forecast for full-year 2024 costs was raised to $54 billion. In 2Q24, non-interest expenses rose 2% to $13.3 billion (vs. a forecast increase of 0.2%). On a q/q basis, the bank continues to reduce costs, but the pace is still lower than the market expected. 

The bank reported a -28% y/y decline in loan loss provisions. The only increase in the credit card-related loan loss provisions segment was offset by declines in other segments. 

Results in bln $ (except for per share). Source: XTB Research, Bloomberg Finance L.P.

 

Source: xStation

JPMorgan Chase - higher loan loss provisions

JPMorgan Chase presented strong results, mostly beating both analysts' consensus expectations and improving y/y performance. The bank performed particularly well in investment banking, where the company's revenues rose 46% y/y. The high growth rate was due, on the one hand, to an increase in bank fees, which rose by 50%, well above the company's projections of 25-30% growth, as well as higher activity in the capital market. 

Investors' attention was captured by a strong increase in loan loss provisions, which were raised by 5% year-on-year and as much as 8% more than the consensus forecast. Provisions rose 61% year-on-year compared to the first quarter. 

Net interest income rose 4% to $22.9 billion, and reported earnings per share were $6.12 (3% higher than analysts' estimates). The company's profit, which totaled $18.1 billion in 2Q24, was heavily influenced by increases related to Visa's share swap, which ultimately boosted the bank's earnings by $8 billion. 

The bank's CEO Jamie Dimon notes that despite market optimism, the fight against inflation may persist for longer than markets anticipate, in his view, entailing a prolonged environment of high interest rates. 

The company is losing nearly -1% in trading before the market opened. 

Results in bln $ (except for per share). Source: XTB Research, Bloomberg Finance L.P.

Source: xStation

āļŦāļļāđ‰āļ™:
āļāļĨāļąāļšāđ„āļ›

āļ‚āđˆāļēāļ§āđƒāļ™āļ•āļĨāļēāļ”āļāļēāļĢāđ€āļ‡āļīāļ™

25.07.2025
18:23

DE40: āļ™āļąāļāļĨāļ‡āļ—āļļāļ™āļĒāļļāđ‚āļĢāļ›āđ€āļĢāļīāđˆāļĄāļĢāļ°āļĄāļąāļ”āļĢāļ°āļ§āļąāļ‡ āļŦāļĨāļąāļ‡āļœāļĨāļ›āļĢāļ°āļāļ­āļšāļāļēāļĢāđ€āļœāļĒāļ„āļ§āļēāļĄāđ€āļŠāļĩāđˆāļĒāļ‡āļˆāļēāļāļ āļēāļĐāļĩāļ™āļģāđ€āļ‚āđ‰āļē 📉

āļŦāļļāđ‰āļ™āļĒāļļāđ‚āļĢāļ›āļĨāļ”āļĨāļ‡āđ€āļĨāđ‡āļāļ™āđ‰āļ­āļĒāđƒāļ™āļ§āļąāļ™āļĻāļļāļāļĢāđŒ āļ‚āļ“āļ°āļ—āļĩāđˆāļ™āļąāļāļĨāļ‡āļ—āļļāļ™āđ€āļĢāļīāđˆāļĄāļĢāļ°āļ§āļąāļ‡āļ•āļąāļ§āļāđˆāļ­āļ™āļŠāļļāļ”āļŠāļąāļ›āļ”āļēāļŦāđŒāļŠāļļāļ”āļ—āđ‰āļēāļĒāļāđˆāļ­āļ™āļāļēāļĢāđ€āļˆāļĢāļˆāļēāļāļēāļĢāļ„āđ‰āļēāļĢāļ°āļŦāļ§āđˆāļēāļ‡ EU āđāļĨāļ°āļŠāļŦāļĢāļąāļāļŊ āļˆāļ°āļŠāļīāđ‰āļ™āļŠāļļāļ”āļĨāļ‡ āļ”āļąāļŠāļ™āļĩ EU50 āļĨāļ”āļĨāļ‡ 0.2%...

16:56

āļĒāļ­āļ”āļ‚āļēāļĒāļ­āļąāļ‡āļāļĪāļĐāļžāļļāđˆāļ‡ â€“ ECB āđ€āļšāļĢāļāļĨāļ”āļ”āļ­āļāđ€āļšāļĩāđ‰āļĒ

āļ„āļĨāļ·āđˆāļ™āļ„āļ§āļēāļĄāļĢāđ‰āļ­āļ™āļŠāđˆāļ§āļĒāļāļĢāļ°āļ•āļļāđ‰āļ™āļĒāļ­āļ”āļ‚āļēāļĒāļ„āđ‰āļēāļ›āļĨāļĩāļāļ‚āļ­āļ‡āļŠāļŦāļĢāļēāļŠāļ­āļēāļ“āļēāļˆāļąāļāļĢ āļ‚āļ“āļ°āļ—āļĩāđˆāļ„āļ§āļēāļĄāļŦāļ§āļąāļ‡āđƒāļ™āļāļēāļĢāļĨāļ”āļ”āļ­āļāđ€āļšāļĩāđ‰āļĒāļ‚āļ­āļ‡ ECB āđāļ•āļ°āļĢāļ°āļ”āļąāļšāļ•āđˆāļģāļŠāļļāļ” āđāļĄāđ‰āđ€āļĻāļĢāļĐāļāļāļīāļˆāļ‚āļ­āļ‡āļŠāļŦāļĢāļēāļŠāļ­āļēāļ“āļēāļˆāļąāļāļĢāļˆāļ°āļĒāļąāļ‡āđ„āļĄāđˆāļĄāļĩāļŠāļąāļāļāļēāļ“āļŸāļ·āđ‰āļ™āļ•āļąāļ§āđƒāļ™āļŠāđˆāļ§āļ‡āđ„āļĄāđˆāļāļĩāđˆāļŠāļąāļ›āļ”āļēāļŦāđŒāļ—āļĩāđˆāļœāđˆāļēāļ™āļĄāļē...

16:31

āļ•āļĨāļēāļ”āđ€āļ”āđˆāļ™āļ§āļąāļ™āļ™āļĩāđ‰ : GBPUSD

āđ€āļ‡āļīāļ™āļ›āļ­āļ™āļ”āđŒāļ­āļąāļ‡āļāļĪāļĐāđ€āļĢāļīāđˆāļĄāļŠāļđāļāđ€āļŠāļĩāļĒāđāļĢāļ‡āļŠāđˆāļ‡āđƒāļ™āļŠāđˆāļ§āļ‡āļŠāļīāđ‰āļ™āļŠāļąāļ›āļ”āļēāļŦāđŒ āļŦāļĨāļąāļ‡āļ„āļ§āļēāļĄāļ•āļķāļ‡āđ€āļ„āļĢāļĩāļĒāļ”āļĢāļ°āļŦāļ§āđˆāļēāļ‡āđ‚āļ”āļ™āļąāļĨāļ”āđŒ āļ—āļĢāļąāļĄāļ›āđŒāđāļĨāļ°āļ›āļĢāļ°āļ˜āļēāļ™ Fed āđ€āļˆāļ­āđ‚āļĢāļĄ āļžāļēāļ§āđ€āļ§āļĨāļĨāđŒāđ€āļĢāļīāđˆāļĄāļ„āļĨāļĩāđˆāļ„āļĨāļēāļĒ (GBPUSD: -0.25%) āļāļēāļĢāļ›āļĢāļąāļšāļāļēāļ™āļ‚āļ­āļ‡āđ€āļ‡āļīāļ™āļ›āļ­āļ™āļ”āđŒāļĒāļīāđˆāļ‡āļĨāļķāļāļĨāļ‡āđ„āļ›āļ­āļĩāļāļˆāļēāļāļ‚āđ‰āļ­āļĄāļđāļĨāļĒāļ­āļ”āļ„āđ‰āļēāļ›āļĨāļĩāļāļ‚āļ­āļ‡āļŠāļŦāļĢāļēāļŠāļ­āļēāļ“āļēāļˆāļąāļāļĢāļ—āļĩāđˆāļ­āļ­āļāļĄāļēāļ•āđˆāļģāļāļ§āđˆāļēāļ„āļēāļ”...

āđ€āļ‚āđ‰āļēāļŠāļđāđˆāļ•āļĨāļēāļ”āļžāļĢāđ‰āļ­āļĄāļĨāļđāļāļ„āđ‰āļēāļ‚āļ­āļ‡ XTB Group āļāļ§āđˆāļē 1 600 000 āļĢāļēāļĒ

āļœāļĨāļīāļ•āļ āļąāļ“āļ‘āđŒāļ—āļēāļ‡āļāļēāļĢāđ€āļ‡āļīāļ™āļ—āļĩāđˆāđ€āļĢāļēāđƒāļŦāđ‰āļšāļĢāļīāļāļēāļĢāļĄāļĩāļ„āļ§āļēāļĄāđ€āļŠāļĩāđˆāļĒāļ‡ āđ€āļĻāļĐāļŦāļļāđ‰āļ™ (Fractional Shares) āđ€āļ›āđ‡āļ™āļœāļĨāļīāļ•āļ āļąāļ“āļ‘āđŒāļ—āļĩāđˆāđƒāļŦāđ‰āļšāļĢāļīāļāļēāļĢāļˆāļēāļ XTB āđāļŠāļ”āļ‡āļ–āļķāļ‡āļāļēāļĢāđ€āļ›āđ‡āļ™āđ€āļˆāđ‰āļēāļ‚āļ­āļ‡āļŦāļļāđ‰āļ™āļšāļēāļ‡āļŠāđˆāļ§āļ™āļŦāļĢāļ·āļ­ ETF āđ€āļĻāļĐāļŦāļļāđ‰āļ™āđ„āļĄāđˆāđƒāļŠāđˆāļœāļĨāļīāļ•āļ āļąāļ“āļ‘āđŒāļ—āļēāļ‡āļāļēāļĢāđ€āļ‡āļīāļ™āļ­āļīāļŠāļĢāļ° āļŠāļīāļ—āļ˜āļīāļ‚āļ­āļ‡āļœāļđāđ‰āļ–āļ·āļ­āļŦāļļāđ‰āļ™āļ­āļēāļˆāļ–āļđāļāļˆāļģāļāļąāļ”
āļ„āļ§āļēāļĄāļŠāļđāļāđ€āļŠāļĩāļĒāļŠāļēāļĄāļēāļĢāļ–āđ€āļāļīāļ™āļāļ§āđˆāļēāđ€āļ‡āļīāļ™āļ—āļĩāđˆāļāļēāļ