Goldman Sachs, Bank of America and Citigroup all beat earnings views early Tuesday, continuing the strong results for major banks in the quarter. Goldman stock and BofA extend recent breakouts, with Citigroup nearing a buy point.
JPMorgan Chase (JPM), Wells Fargo (WFC), BlackRock (BLK) kicked off financial results Friday with strong earnings beats.
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Goldman Sachs Earnings
Goldman Sachs (GS) reported earnings of $8.40 per share to easily FactSet expectations for $6.89 per share. Net revenue rose 7% to $12.7 billion, well above expectations for $11.77 billion.
Net interest income rose to $2.62 billion. Goldman Sachs recorded a 20% increase in investment banking revenue while investment management revenue rose 10%.
The bank increased its provision for credit losses to $397 million, up from $282 million in Q2 and $7 million last year, respectively.
Goldman Sachs stock popped 1.6% to about 531 early Tuesday, extending to record highs.
Shares are trading in a buy zone, above a 517.26 buy point after breaking out on Monday. The buy zone extends to 543.12.
Goldman Sachs has rallied more than 35% in 2024 ahead of earnings.
Bank Of America Earnings
Bank of America (BAC) reported earnings of 81 cents per share, down from 90 cents last year. Revenue ticked up slightly to $25.35 billion.
FactSet expected Bank of America earnings of 76 cents per share on $25.25 billion in revenue.
Net interest income decreased 3% from last year to $14 billion. Bank of America saw global wealth an investment management revenue increase 8%, while global banking revenue declined 6%. Despite the decline in global banking revenue, investment banking fees increased 18%.
The Charlotte, N.C.-based bank had $1.5 billion in provisions for credit losses, flat from Q2 and up slightly from $1.2 billion last year.
BAC stock swung more than 2% higher early Tuesday.
Bank of America is trading near the top of buy zone for a cup-with-handle base, above a 41.05 buy point. Shares broke out on Oct. 11, with the buy zone running to 43.10.
Bank of America stock leapt nearly 25% this year.
Citigroup Earnings
Citigroup (C) posted a 7% decline in earnings to $1.51 per share, which still cleared expectations for $1.31. Revenue rose 1% to $20.32 billion, also topping views for $19.86 billion.
Net interest income declined 3% to $13.36 billion.
Citi increased its provision for credit losses and benefits by 45% to $2.68 billion.
C stock eased slightly after the open Tuesday. Shares climbed almost 2% to 67.25 early Tuesday.
Citi is basing, with a 67.81 buy point.
C stock has spiked more than 28% in 2024.
You can follow Harrison Miller for more stock news and updates on X/Twitter @IBD_Harrison
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