On the other hand, expectations indicate that the next stage will witness a decline in the profits of major banks due to the US Federal Reserve starting to reduce interest rates, and with continued expectations that it will continue the reduction policy during the coming period.
Bank of America
Profits decreased Bank of America In the third quarter as its income from interest payments to customers contracted. The bank exceeded analysts’ estimates for profits and revenues in the third quarter thanks to better-than-expected trading results.
The net income of the second largest bank in the United States fell to $6.9 billion from $7.8 billion it achieved a year ago. On the other hand, revenues reached $25.49 billion, compared to $25.3 billion that was expected.
Citigroup
Citigroup Bank’s profits fell to $3.2 billion in the first quarter of this year from $3.5 billion achieved by the bank in the same period of the previous year. The decline in profits comes due to the rise in the cost of credit, including a net increase of $315 million in Citi’s provision for credit losses.
On the other hand, the bank’s revenues in the third quarter of this year increased more than expected to $20.32 billion from $19.84 billion that was expected.
Goldman Sachs
Profits rose”Goldman Sachs“At a sharp pace during the third quarter of the year, thanks to the recovery in investment banking performance and the rebound in deal making operations.
The bank’s total profits jumped by 45 percent on an annual basis to reach $2.99 billion in the third quarter of this year from $20.6 billion in the same period of the previous year, and revenues also rose by 7 percent to $12.7 billion.
