World, As Seen from the most beautiful islands: Ireland and Cyprus

Major American banks reported profits


Goldman Sachs made six times as much profit in the last quarter, while revenues doubled. The results of the American investment bank showed this on Wednesday.

Earnings per share rose from $ 3.11 to $ 18.60 and earnings rose from $ 8.74 billion to $ 17.7 billion.

In doing so, the bank exceeded the expectations of analysts according to FactSet. They calculated on average $ 10.22 earnings per share and $ 12.56 billion in turnover.

Income from supervising stock issues, and trading new shares, increased much more than expected, by 68 percent to $ 3.69 billion. Income from the issuance and trading of fixed-interest and foreign exchange transactions was also well above expectations at 3.89 billion dollars.

70 million dollars could be returned from the noose for non-performing loans.

The return on equity was exceptionally high at 31 percent.

Wells Fargo exceeded earnings expectations by far in the first quarter of 2021. This was revealed on Wednesday in the quarterly report of the American bank in San Francisco.

CEO Charlie Scharf attributed the good results to a strengthening US economy and a continued focus on the bank’s strategic priorities.

Earnings amounted to $ 1.05 per share, while analysts who had been pre-polled by FactSet assumed $ 0.71 per share. In the first three months of 2020, earnings were only $ 0.01 per share.

Net profit rose from $ 653 million to $ 4.7 billion, compared to $ 3 billion in the fourth quarter of 2020.

While $ 4 billion was set aside for bad loans in the first quarter of 2020, over $ 1 billion was released in the last quarter.

Wells Fargo’s total revenue rose annually from 17.7 billion to 18.1 billion dollars. The forecast was 17.5 billion dollars.

The Wells Fargo stock recorded a plus of 0.3 percent for the stock exchange on Wednesday.

JPMorgan Chase performed better than expected in the first quarter of 2021. This was shown on Wednesday by the figures of the American investment bank.

CEO Jamie Dimon spoke of a”strong underlying achievement”. According to the top man, this was due to “the rapidly increasing economy”.

Net profit in the first three months of the year was $ 14.3 billion, or $ 4.50 per share. This is a whopping 11.3 billion dollars more than a year earlier, when the counter got stuck at a profit of 2.9 billion dollars.

Analysts who contributed to the consensus of FactSet expected earnings per share of $ 3.10.

The bank’s revenues last quarter amounted to 33.1 billion dollars, or 14 percent more than a year earlier.

Instead of credit loss commissions, there was a windfall last quarter, as in the fourth quarter of 2020, when a windfall of 1.9 billion dollars was reported on balance.

Last quarter, the windfall was even 4.2 billion dollars. In the first quarter of 2020, JPMorgan had to put $ 8.3 billion in the noose pot.

The CET1 ratio was 13.1 percent and the return on equity was 23 percent.

Written by: Harry Adams

Harry Adams is a political expert who has been working for various publications under pseudonyms for 11 years. He loves sarcasm and a rigid presentation of the material without decorations.

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