Markets

New York, not Pamplona

New York, not Pamplona

The New York City-based banking giant reported Q3 earnings per share (EPS) of $1.42, which was $0.10 better than the consensus of $1.33.

Overall, JPMorgan's profit rose 7.1 percent in the third quarter compared with the year-ago period, to $6.73 billion, or $1.76 per share.

Firm-wide, Citi had revenues of $18.17 billion in the quarter up from $17.76 billion in the period a year earlier, beating analysts' expectations. Citi's drop in bond trading revenue is similar to what JPMorgan Chase reported on Thursday as well.

Here's how the major banks are responding to Thursday's results.

Both banks said that the increases were a normal part of the credit cycle and did not point to evidence of consumers under stress, but that explanation did not reassure analysts.

JPMorgan, the largest USA bank by assets, also topped expectations as loan growth and higher interest rates more than offset a 27 percent slide in bond trading.

How Analysts Feel About Canadian National Railway (USA) (NYSE:CNI)?
The company reported C$1.34 earnings per share for the quarter, topping the Zacks' consensus estimate of C$1.31 by C$0.03. Over the same time span, the stock marked US$169.58 as its best level and the lowest price reached was US$139.29.

However, markets revenue fell 21 percent as the slump in bond trading outweighed a more modest dip in equities, slightly worse than the roughly 20 percent drop Chief Executive Jamie Dimon had forecast at an event in September. Citigroup's shares have had a strong run-up this year, climbing 26 percent partly due to its share buyback plan.

Still, management maintained earlier guidance for full-year net interest income, expenses, charge-offs and loan growth, indicating that they expect JPMorgan's other businesses to continue to offset capital markets pain.

AT&T tumbled 3.4 percent as it confirmed many of its full-year financial targets, but said it expects a hit of $210 million in pre-tax earnings in the third quarter due to U.S. hurricanes and earthquakes in Mexico. JPMorgan also had to set aside more money in the quarter to cover souring credit card loans.

The store cards business has been grappling with less successful collection efforts after accounts become delinquent.

Citigroup fell 3.4 per cent despite reporting a seven percent rise in profits to US$4.1 billion.

Citi-branded cards in the US provide about 10 percent of Citigroup revenue and profits and are seen by Corbat as one of the company's best shots at growing profits.


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