U.S. Banks: JPMorgan, Wells Fargo slip after Q2 results; Citi climbs
Updates
** Shares of U.S. banks JPMorgan Chase & Co JPM.N and Wells Fargo & Co WFC.N slip after reporting Q2 results
JPMORGAN CHASE & CO
** JPM slips 0.1% to $207.45 before the bell
** Biggest U.S. lender reports Q2 profit of $18.15 bln, or $6.12/shr, vs $14.47 bln, or $4.75/shr, a year ago
** JPM reports accounting gains of ~$8 bln from share exchange deal with Visa V.N in Q2
** Reports earnings of $4.26/shr, stripping out all one-time costs, compared with LSEG estimates at $4.19/shr
** As of last close, JPM was up 21.9% YTD
WELLS FARGO & CO
** WFC falls 5.8% to $56.69 premarket
** Reports Q2 profit of $4.91 bln, or $1.33/shr, vs $4.94 bln, or $1.25/shr a year ago and LSEG estimates of $1.29/shr
** Q2 net interest income (NII) slips 9% to $11.92 bln vs LSEG estimates of $12.12 bln
** Stock up 22.2% YTD as of last close
CITIGROUP
** Citigroup C.N up 3% to $67.68 premarket
** Bank reports Q2 profit of $3.2 bln, or $1.52/shr, vs $2.9 bln, or $1.33/shr, a year earlier, and LSEG estimates of $1.39/shr
** Q2 revenue rises 4% to $20.1 bln from a year earlier
** FY 2024 revenue outlook: $80 bln-$81 bln vs LSEG estimates of $80.65 bln
** Stock up 27.7% YTD as of last close
Reporting by Pranav Kashyap in Bengaluru
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