By Dean Seal

Major banks' stocks advanced Friday morning after they reported higher earnings and revenue for the third quarter.

Shares of JPMorgan Chase were up 3% at $150.24 in early trading and are now up 12% year-to-date.

The bank logged earnings of $4.33 a share, topping the $3.95 per-share consensus estimate of analysts surveyed by FactSet. Revenue was up 22% at $39.87 billion, above analyst forecasts for $39.63 billion.

Shares of Citigroup were up 2% at $42.36 in early trading. They're still down 6% year-to-date.

Citi's third-quarter earnings were flat year-over-year at $1.63 a share, but still beat analyst forecasts for $1.23 a share, according to FactSet. Quarterly revenue of $20.14 billion topped analyst projections for $19.27 billion

Shares of Wells Fargo were up 2.5% at $40.73 in early trading and are slightly down year-to-date.

Wells Fargo posted earnings of $1.48 a share, above analyst estimates for $1.24 a share, according to FactSet. Revenue came in at $20.86 billion, clearing projections for $20.09 billion.

The financial heavyweights all reported that consumers are building up larger credit-card balances and paying off less each month. Citi and Wells Fargo said they were pulling in more trading revenue, while JPMorgan's net interest income soared 30%.

The banks said they're also dealing with more loan charge-offs as consumers and businesses struggle to keep up with rising interest rates.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

October 13, 2023 10:48 ET (14:48 GMT)

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