Goldman Sachs, Citi and JPMorgan rise up to 4.2% on Wall Street, this Wednesday, January 15. The actions of Goldman Sachs They increased their profits by 71% in 2024, a period that closed with profits of US$13,525 million. Meanwhile, JPMorgan recorded profits of US$14 billion in the fourth quarter of 2024, which represents an increase of 50% compared to the same previous period. For its part, Citi managed to escape the losses of a year earlier and recorded a net profit of US$2.9 billion compared to the net profit of US$1.8 billion in the fourth quarter of 2023. In addition, Wells Fargo It obtained a net profit of US$19,722 million in 2024, 3% more than the previous year.
The main points of each balance
JPMorgan
– The net result was US$14bn, advancing 9% q/y and 50% y/y
– Interest income during 4Q24 was US$23.35bn, compressing 3% compared to what was reported in 4Q23.
– Commission income was US$19.48bn, increasing 34% vs 4Q23.
– Looking at the balance sheet, we can see that deposits remain unchanged compared to last year and loans expanded by 2% y/y.
– “The company concluded the year with a solid fourth quarter,” highlighted the entity’s president and CEO, Jamie Dimon, thanks to better-than-expected fixed income and investment banking results.
Citi Group
–Citi managed to escape the losses of a year before and registered in the fourth quarter of 2024 a net profit of US$2.9 billion compared to the red numbers of US$1.8 billion in the fourth quarter of 2023, thanks, mainly to the higher income, lower expenses and a lower cost of credit.
– The Revenues stood at $19.6 billion.compared to $17.4 billion in the same period a year earlier, “driven by growth in each of Citi’s businesses and the lower impact of the currency devaluation in Argentina, partially offset by a decrease in all the others,” explains the bank.
– Meanwhile, for the entire fiscal year 2024, Citi recorded profits of US$12.7 billion and income of US$81.1 billion compared to US$9.2 billion and US$78.5 billion, respectively, achieved in all of 2023.
Wells Fargo
– It closed the quarter showing a net result of US$4.8bn, climbing 52% y/y but losing 1% q/q.
– Interest income reported this quarter was US$11.83bn, showing a drop of 7% compared to what was reported in 4Q23.
– On the other hand, commission income was US$8.54bn, growing 11% compared to 4Q23.
– Within the balance sheet we can see that deposits grew by 1% compared to 4Q23 while loans showed a contraction of 3% y/y.
– “Our earnings profile continues to improve, we are seeing the benefit of the investments we are making to increase our growth and improve the way we serve our customers and communities, we maintained a strong balance sheet, returned approximately $25 billion of capital to shareholders and made significant progress in our risk and control work,” said the bank’s CEO, Charlie Scharf.
Goldman Sachs
-The company increased its profits by 71% in 2024, a period that closed with profits of US$13,525 million.
– Net income for the year increased 16% to US$53,512 million.
– In the fourth quarter alone, Goldman posted a net profit of US$3,923 million (+110%), with net income of US$13,869 million (+23%) and provisions for credit losses of u $351 million (-39%).
– David Solomonpresident and CEO of Goldman Sachs, was “very satisfied” with the entity’s figures and has celebrated having “Achieved or exceeded almost all of the objectives we set in our company growth strategy five years ago”.
Source: Ambito
