Citigroup (C), Bank of America (BAC), Wells Fargo (WFC): Today's Bank Earnings Round Up

In addition to JPMorgan Chase (NYSE: JPM) and Goldman Sachs (NYSE: GS), other major banking names - Citigroup (NYSE: C), Bank of America (NYSE: BAC), and Wells Fargo (NYSE: WFC) - reported Q2 earnings today.

Citi reported earnings per share (EPS) of $2.85 to top the $1.96 estimate of analysts, while revenue came in at $17.47 billion, again higher than the Street’s consensus of $17.2 billion.

“The pace of the global recovery is exceeding earlier expectations and with it, consumer and corporate confidence is rising. We saw this across our businesses, as reflected in our performance in Investment Banking and Equities as well as markedly increased spending on our credit cards. While we have to be mindful of the unevenness in the recovery globally, we are optimistic about the momentum ahead,” commented Jane Fraser, Citi CEO.

Although C topped analysts’ expectations for sales, the overall number still fell 12% compared to a year ago amid decrease in sales in fixed income trading, falling credit card loans and dropping interest rates.

Still, shares of Citigroup are up 1.6% in pre-open Wednesday.

Unlike Citi, Bank of America saw its share price fall by 1.7% in early Wednesday trading after the banking titan also saw a revenue decline from a year earlier, in addition to a miss compared to the Street consensus.

EPS came in at $1.03, including a $2 billion tax benefit, or $0.80 on an adjusted basis. This is better than the $0.77 per share expected from analysts. On the other hand, sales missed as they came in at $21.6 billion vs $21.8 billion.

"We delivered solid earnings and returned more capital to shareholders during the quarter as we moved to a more open economy. Our team continued to do a great job serving clients, as shown by the increased levels of client activity across all of our businesses,” noted BAC’s Chairman and CEO Brian Moynihan.

Shares of Wells Fargo have edged 0.4% higher in pre-open Wednesday after delivering a beat on both revenue and profit. EPS came in at $1.38 to easily surpass the $0.97 expected from the market analysts.

Although revenue was seen declining by 0.5% to $17.74 billion, Wells Fargo delivered sales of $20.27 billion as Consumer banking and lending soared 14% to $8.7 billion. Moreover, wealth and investment management revenue rose 10% to $3.5 billion while revenue from commercial and investment banking fell 6% to $1.2 billion.

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