Major US banks post quarterly net profits in Q3 this year

NEW YORK

Major US banks, including JPMorgan Chase, Citigroup, Goldman Sachs, and Wells Fargo, posted their quarterly earnings for the third quarter of the year, marking rising net profits.

JPMorgan Chase’s revenue rose 9% in the third quarter, reaching $47.1 billion, while its net profit surged 12% year-on-year to $12.9 billion, and its earnings per share increased from $4.37 to $5.07.

Its CEO Jamie Dimon said in a recent statement that the bank continued to benefit from rising customer activity and financing demand in the markets, as the bank’s revenue from the markets reached a record high of around $9 billion in the third quarter.

Dimon said the US economy remains resilient despite some signs of weakening employment, while uncertainties remain high due to the geopolitical situation, tariff and trade-related uncertainties, high asset prices, and the risk of persistent inflation.

Citigroup posted a 16% rise in its net profit this quarter, totaling $3.8 billion, while its earnings per share climbed from $1.51 to $1.86, and its revenue surged 9% to $22.1 billion.

Goldman Sachs’ net profit increased 37% year-on-year to $4.1 billion, while its revenue rose 20% to $15.2 billion, and earnings per share increased from $8.4 to $12.25.

Wells Fargo’s earnings report showed that the bank’s revenue climbed 5% on an annual basis in the third quarter, reaching $21.4 billion, while its net profit rose around 9% to $5.6 billion, and its earnings per share increased from $1.42 to $1.66.