It officially opened on Wall Street quarterly season. While awaiting the accounts of the big Hi-Techs, which will arrive next week, the ice was broken by two financial giants made in the USA, namely JP Morgan Chase and BlackRock.
For the first, a quarter to be framed closed on 30 September, which saw strong growth in profits and turnover. Specifically, the institution reported net income of $11,687 billion, $3,74 per share, up 24% from $9,443 billion, $2,92 per share, in the same period last year. Managed revenues grew 2% to $30,441 billion, while reported revenues increased 1% to $29,647 billion. Average analyst forecasts were for earnings of $3 per share on managed revenues of $29,76 billion. The results, JP Morgan points out, take into account the fact that reserves for credit-related losses fell by 2,1 billion dollars and a tax benefit of 566 million.
On a capital basis, the book value per share increased 9% to $86,36, the Tier 1 capital ratio was 12,9% and the return on capital increased to 18%, from 15%. from the same period last year. The company distributed a dividend of $3 per share, for a total of $XNUMX billion.
Positive quarter also for BlackRock which closed the 3 months from July to September with double-digit growth in revenues and profits. Revenue at the world's largest investment fund increased 16% year over year on the back of "strong organic growth" and "13% growth in technology services revenues." In parallel, operating profit increased 10% (11% adjusted) year over year despite the impact in the quarter of higher expenses related to legal settlements and fund launch costs. Earnings per share, on the other hand, increased 23% for the year (19% adjusted). For theChief Executive Officer, Laurence Fink, “BlackRock generated $98 billion in net long-term inflows in the third quarter, achieving the sixth consecutive quarter above 5% target, once again demonstrating the strength of our diversified investment and technology offerings.”
A few minutes after the opening of the American stock exchange JP Morgan stock dropped 1,77%, while Blackrock shares gained 2,49% to $857,01.
