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Banking sector net interest income and net interest margins via Deutsche Bank's David Bianco:<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/nationwide-insurance-industry-loss-ratio-2015-2">Nationwide's Super Bowl commercial about dead children is about corporate profits ... in a way that we can all appreciate</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="9rbTk0czrPq8J40cVbMQn_BvP7NgiiIY" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Banking sector net interest income and net interest margins

<ul class="summary-list"><li>JPMorgan raised its 2023 outlook for its net interest income from $81 billion to $84 billion. </li><li>The bank cited its takeover of First Republic, but added that "sources of uncertainty remain."</li></ul><a href="https://markets.businessinsider.com/stocks/jpm-stock">JPMorgan Chase</a> expects to earn more in net interest income this year on the back of its <a href="https://markets.businessinsider.com/news/stocks/first-republic-bank-stock-price-failure-seizure-fdic-jpmorgan-takeover-2023-5">takeover of failed First Republic Bank</a>.The forecast goes counter to other US banks' shrinking profits, and the firm now anticipates pulling in $84 billion in net interest income, up from the previous outlook for $81 billion, according to a Monday <a href="https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/events/2023/jpmc-investor-day-2023/firm-overview.pdf" target="_blank" rel="noopener">presentation for its investor day</a>. JPMorgan's net interest income, or the margin between what a bank pays on deposits and what it earns on loans, is set to climb thanks to its deal for First Republic earlier in May.But "sources of uncertainty remain," it said, including balance sheet growth, the magnitude of deposit repricing, the pace of quantitative tightening, and the severity of a recession. The estimate is based on the assumptions that the fed funds target upper bound reaches 4.75% by year end, after two rate cuts in the fourth quarter, as well as mid-single digit loan growth and slightly lower deposits year-over-year.Meanwhile, the medium-term outlook for net interest income hovers in the mid-$70 billion range, JPMorgan noted, because it will eventually need to pay higher interest rates to those saving money at the bank, which digs into profit margins.Larger banks like JPMorgan have been able to capitalize on the Federal Reserve's rising interest rates over the last year, as it allows them to charge borrowers more for loans, and they don't have to significantly pass on higher rates to savers.

JPMorgan expects to earn $3 billion more in net interest income this year after its takeover of failed First Republic Bank

New Delhi: As the earnings season for the second quarter of FY25 unfolds, <keyword id="19959986" type="General" weightage="20" keywordseo="public-sector-banks" source="keywords">public sector banks</keyword> (PSBs) are expected to see a slight dip in profits compared to the previous quarter, according to a report by <keyword id="19896146" type="General" weightage="100" keywordseo="Motilal-Oswal" source="keywords" meta.keywordsubtype="org" meta.entityname="Motilal Oswal" meta.hostid="153" meta.entityid="Motilal Oswal">Motilal Oswal</keyword>. The report estimates that PSBs' Profit After Tax (PAT) will decline by 0.6 per cent quarter-on-quarter (QoQ), while showing a stronger year-on-year (YoY) growth of 17.2 per cent. "We estimate PSBs to report moderate <keyword id="19899597" type="General" weightage="20" keywordseo="earnings-growth" source="keywords">earnings growth</keyword> of 17.2 pc YoY/ a decline of 0.6 pc QoQ in 2QFY25," the report stated. The slower pace of growth can be attributed to flat net interest margins (NIMs) and a slight increase in loan loss provisions (LLP). The <keyword id="20171160" type="General" weightage="20" keywordseo="Net-Interest-Income" source="keywords">Net Interest Income</keyword> (NII) for PSBs is expected to grow by around 6 per cent YoY, although interest margins are likely to remain under pressure. Despite these near-term challenges, the report suggests that public sector banks are on track to post a compound annual growth rate (CAGR) of 15 per cent between FY24 and FY26, pointing to sustained long-term growth. In the private sector banking space, the report forecasts mixed results for the same quarter. For private banks under the coverage, Pre-Provision Operating Profit (PPoP) is expected to grow by 12 per cent YoY and 1 per cent QoQ. However, PAT growth is predicted to be more modest, increasing by 5 per cent YoY and 0.6 per cent QoQ. "For our private bank coverage universe, we estimate a PPoP growth of 12 pc YoY/1 pc QoQ and a PAT growth of 5 pc YoY/0.6 pc QoQ in 2QFY25," the report added. Looking ahead, private sector banks are expected to experience steady profitability growth, with earnings projected to grow at a CAGR of 12.4 per cent over FY24-FY26. Overall, while both public and private sector banks may face moderate growth in the second quarter due to margin pressures and higher provisions, their long-term earnings prospects remain positive. (ANI)

Profit of public sector banks expected to decline by 0.6 percent QoQ : Motilala Oswal

<div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/Rick WilkingWells Fargo</div></div></div><ul><li>Wells Fargo beat Wall Street's estimates for revenue and profits in the second quarter.</li><li>But the bank failed to top even the lowest expectation for net interest income, suggesting that it's grappling with the impact of lower rates earlier than expected.</li><li>Wells Fargo blamed "higher deposit costs and the lower interest rate environment" for the missed beat.</li><li><a href="https://markets.businessinsider.com/stocks/wfc-stock">Watch Wells Fargo trade live here</a>.</li></ul><a href="https://markets.businessinsider.com/stocks/wfc-stock">Wells Fargo</a> posted <a href="https://www.sec.gov/Archives/edgar/data/72971/000007297119000311/wfc2qer7-16x2019exx991.htm">second-quarter results</a> Tuesday morning, reporting earnings per share of $1.17, narrowly beating consensus expectations. The bank also announced better-than-expected figures for quarterly income and revenue.But the troublesome area in the earnings report was net interest income, which failed to top even the lowest Wall Street estimate. The firm's shortcoming there pushed shares down more than 1%.Here are the key numbers:<ul><li>Adjusted net income: $5.27 billion, versus the $5.19 billion estimate</li><li>Earnings per share: $1.17, versus the $1.15 estimate</li><li>Revenue: $21.58 billion, versus the $20.91 billion estimate</li><li>Net interest income: $12.10 billion, versus the $12.33 billion estimate</li></ul>"In second quarter 2019, we recorded strong earnings and continued to make progress on our top priorities: focusing on our customers and team members; meeting the expectations of our regulators; and continuing the important transformation of our Company," interim CEO Allen Parker <a href="https://www08.wellsfargomedia.com/assets/pdf/about/investor-relations/earnings/second-quarter-2019-earnings.pdf" target="_blank" rel="noopener">said in a statement</a>.Wells Fargo's second-quarter net interest income - the difference between revenue made from the bank's assets and the expenses paid for liabilities like customer interest - came in at $12.10 billion, down roughly 3.6% over the past year and hitting its lowest point since 2016, according to Bloomberg data.Wall Street's expectations for net interest income ranged from $12.23 billion to $12.41 billion. The bank's report attributed the drop to "balance sheet mix and repricing" and impacts of "higher deposit costs and the lower interest rate environment."<a href="https://www.surveymonkey.com/r/BI-Young-Investor-Panel">Markets Insider is looking for a panel of millennial investors. If you're active in the markets, CLICK HERE to sign up.</a>The bank also said it would increase its quarterly dividend as part of its 2019 Capital Plan, from $0.45 per share to $0.51 per share.Wells Fargo's Wealth and Investment Management division reported net quarterly income of $602 million, up 35% from second quarter 2018. Its community banking division brought in $3.1 billion, up 26% over the same period.Wells Fargo stock is down roughly .5% at the start of trading Tuesday. The stock is currently down about 1.2% in the year to date.Now read more markets coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/goldman-sachs-2q-earnings-results-beat-estimates-in-second-quarter-2019-7-1028356115">Goldman Sachs beats Wall Street forecasts amid stronger-than-expected trading revenue</a><a href="https://markets.businessinsider.com/news/stocks/next-stock-market-crash-recession-record-investor-worry-allianz-survey-2019-7-1028353514?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Investors are more worried than ever that a major recession or market crash is right around the corner</a><a href="https://www.businessinsider.com/bond-market-outlook-high-correlation-with-stocks-says-sell-treasurys-2019-7">An 'icy' ending: A Wall Street expert sees a critical market metric stretched to 'extreme' levels - and warns of a painful reckoning to come</a><div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://markets.businessinsider.com/stocks/wfc-stock">Markets Insider</a></div></div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/animated-map-where-american-accents-come-from-2018-5">Animated map shows where American accents came from</a></h3> <div> </div> </div>

Wells Fargo is already feel the heat from lower interest rates as results disappoint

<ul><li>Banks' lending profits fell the most since at least 1986 in the third quarter as the coronavirus slammed profit margins, the <keyword id="126536" type="ORGANIZATION" weightage="60" keywordseo="Federal-Deposit-Insurance-Corporation">Federal Deposit Insurance Corporation</keyword> said Tuesday.</li><li><keyword id="466771" type="PERSON" weightage="60" keywordseo="net-interest-income">Net interest income</keyword> fell by 7.2%, or $10 billion, to $129 billion from the year-ago period, according to the agency's <a href="https://www.fdic.gov/news/press-releases/2020/pr20131.html">report</a>.</li><li>Net interest margins fell to a record-low 2.68% over the three-month period. That's 0.68 points lower than in the third quarter of 2019.</li><li>The drop in <keyword id="10364447" type="UNKNOWN" weightage="60" keywordseo="lending-income">lending income</keyword> did little to dent overall profitability. Slashed loan-loss provisions helped net profits jump $32.4 billion to $51.2 billion in the third quarter, the <keyword id="115108" type="ORGANIZATION" weightage="60" keywordseo="FDIC">FDIC</keyword> said.</li><li><a href="https://www.businessinsider.com/?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestutm_source=msn.com&amp;utm_medium=referral&amp;utm_content=msn-slideshow&amp;utm_campaign=bodyurl?utm_source=markets&amp;utm_medium=ingestts&amp;utm_medium=ingest">Visit the Business Insider homepage for more stories</a>.</li></ul>Net interest income — profits made through banks' lending arms — fell the most on record through the third quarter as the coronavirus dragged on margins, the Federal Deposit Insurance Corporation said in a Tuesday <a href="https://www.fdic.gov/news/press-releases/2020/pr20131.html">report</a>.Lending profits fell by 7.2%, or $10 billion, to $129 billion from the year-ago quarter, marking the fourth straight quarter of declines. Nearly half of all banks reported lower net interest income year-over-year, according to the FDIC.<keyword id="6357061" type="SPONSORED" weightage="60" keywordseo="earnings">Earnings</keyword> were pressured by the lowest net interest margins in the agency's 34-year history. The average net interest margin fell 0.68 points from the year-ago period to 2.68%.Read more: <a href="https://www.businessinsider.com/real-estate-investing-strategy-airbnb-shelby-osborne-shares-unique-strategy-2020-12">Shelby Osborne achieved financial freedom using a unique twist on a classic real-estate investment strategy. Here's how she built a portfolio of 53 units, starting in her early 20s.</a>The decline in lending income was still overshadowed by gains elsewhere. Banks' net profits climbed $32.4 billion to $51.2 billion in the third quarter, the FDIC said. The sum is still down $6.2 billion from the year-ago period but shows the industry bouncing back significantly from virus-induced lows. Earnings were largely boosted by a $47.5 billion decline in loan-loss provisions."Lower provisions reflect the improving economy and a general expectation from the banking industry of stabilization in the expected future credit performance of the loan portfolio," FDIC Chairman Jelena McWilliams said in a statement.More than half of all banks reported higher income compared to the second quarter. Still, the share of unprofitable firms rose year-over-year to 4.7%.The third quarter saw one new bank open and 33 banks absorbed through mergers. No banks failed through the period, the FDIC said.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/blackberry-stock-price-record-rally-automotive-software-deal-amazon-bb-2020-12-1029854658">BlackBerry spikes record 65% after finalizing deal with Amazon for automotive data software</a><a href="https://markets.businessinsider.com/news/stocks/zoom-video-q3-earnings-stock-price-slowing-revenue-growth-guidance-2020-12-1029854162">Zoom slides 14% as slowing sales-growth forecasts make investors question the stock's 200% post-COVID rally</a><a href="https://www.businessinsider.com/stocks-to-buy-31-set-to-become-growth-engines-hsbc-2020-12">HSBC says buy these 31 global stocks that are exposed to the pandemic's biggest tech disruptions and set to become growth engines of the future</a>

US banks weathered a record plunge in lending income as COVID-19 hit profits

<ul><li><keyword id="46717" type="CITY" weightage="20" keywordseo="IndusInd-Bank">IndusInd Bank</keyword> today posted 33% increase in its third quarter net profit to ₹1,309 crore. </li><li>Its net interest income too went up by 34% to ₹3,074 crore from ₹2,288 crore in the comparable quarter. </li><li>The fee income of this bank which has been banking heavily on its retail business, also went up by 22%. </li><li>Its deposits and advances too went up by a robust 22% on an annual comparison.</li></ul>Hindujas owned IndusInd Bank today posted 33% increase in its third quarter net profit to ₹1,309 crore from ₹985 crore in the same quarter last year. Its net interest income or revenues too went up by 34% to ₹3,074 crore from ₹2,288 crore in the comparable quarter. The fee income of this bank which has been banking heavily on its retail business, also went up by 22%. Its deposits and advances too went up by a robust 22% on an annual comparison. “During Q3 FY-20, the Bank witnessed a healthy growth in its topline as well as in operating profits. The Bank also reached a milestone as the Balance Sheet footage crossed ₹ 3 trillion and the advances crossed the ₹2 trillion-mark. PCR (provisioning coverage ratio) has been increased to 53% to strengthen the balance sheet,” said Romesh Sobti, managing director and CEO, IndusInd Bank said. However, the bank’s stock dropped by 2.9% to ₹1,493 as per BSE data at 3 pm. The bank which acquired Bharat Financial in 2017, is banking on its expanded footprint especially in the rural areas to drive growth going ahead. The acquisition turned effective on July last year, allowing the bank to derive full benefits of acquiring the shadow bank. A research note by Nomura says that the acquisition is a moat for the bank. “The asset side franchise has strengthened with BHAFIN, and IIB will undergo a full-fledged extension of the pilots that management believes will enable it to use Bharat Financial’s reach to create a rural touchpoint network that provides significant cross sell opportunity and also improve efficiency in a manpower-intensive MFI business,” said Nomura. The research note also believes that asset side strengths of the bank will be able to offset weaknesses in liabilities. “Bulkiness in liabilities and fees, apart from recent corporate asset quality issues, has been IIB's key weakness. While it is easier said than done, if the bank delivers well on granularizing its liabilities and successfully monetizing rural distribution via BHAFIN, it should drive a sustainable re-rating, in our view,” the note said.

IndusInd Bank stock falls 3.9% as its net profit grows by 33%

<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div><ul><li><a href="https://markets.businessinsider.com/stocks/wfc-stock">Wells Fargo</a> missed third-quarter earnings estimates after posting a continued drop in net interest income.</li><li>The bank cited the "lower interest rate environment" for the figure's decline. Wells Fargo stock fell as much as 1.2% following the report's release.</li><li>Wells Fargo also announced a $1.6 billion expense related to its sales malpractice litigation. The bank remains steeped in controversy following its 2016 fake account scandal.</li><li>The firm recently ended its months-long search for a new CEO in September, <a href="https://www.businessinsider.com/wells-fargo-names-charles-scharf-as-ceo-2019-9">announcing Charles Scharf</a> as its new chief executive. The former BNY Mellon CEO takes over Monday. </li><li><a href="https://markets.businessinsider.com/stocks/wfc-stock">Watch Wells Fargo trade live here</a>.</li></ul><a href="https://markets.businessinsider.com/stocks/wfc-stock">Wells Fargo</a> narrowly missed third-quarter earnings estimates after posting a continued decline in net interest income.Net interest income - the difference between asset-based revenues and the expenses paid for liabilities like customer interest - was among the most important metrics for investors eyeing the latest report. The Federal Reserve's recent rate cuts increased pressure on bank margins, and Wells Fargo cited the "lower interest rate environment" for the figure's decline.The bank also took out a $1.6 billion expense related to sales malpractice lawsuits. Wells Fargo faces several investigations and a Fed-imposed growth restriction following a slew of controversies, including its 2016 fake account scandal.Wells Fargo stock fell as much as 1.1% on the news.Here are the key numbers:Revenue: $22.01 billion, versus the $21.17 billion estimateEarnings per share: $1.07, versus the $1.14 estimateNet interest income: $11.63 billion, versus the $11.75 billion estimateNet interest margin: 2.66%, versus the 2.69% estimateThe bank ended its months-long search for a new CEO in September, <a href="https://www.businessinsider.com/wells-fargo-names-charles-scharf-as-ceo-2019-9">announcing Charles Scharf</a> as its new chief executive. Scharf formerly served as chairman and CEO of <a href="https://markets.businessinsider.com/stocks/bk-stock">Bank of New York Mellon</a>.Read more: <a href="https://www.businessinsider.com/wells-fargo-advisors-head-of-next-gen-talent-hiring-challenges-2019-9">Wells Fargo has seen 1,000 financial advisers depart since its sales scandal broke in 2016. Here's how it's fighting back to retain talent and attract young hires.</a>Wells Fargo remains steeped in regulatory scrutiny after bank employees created millions of fake accounts to pad sales figures in 2016. The controversy led to former CEO John Stumpf leaving the firm."We have more work ahead, but I'm confident that our focused efforts and the fundamental strengths of Wells Fargo will continue to enable us to achieve success," interim CEO Allen Parker said in a statement. Scharf is scheduled to take over on Monday.Wells Fargo closed at $49.27 per share Monday, up roughly 7% year-to-date.The bank has 10 "buy" ratings, 17 "hold" ratings, and five "sell" ratings from analysts, with a consensus price target of $50.38, according to Bloomberg data.Now read more markets coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/goldman-sachs-q3-earnings-stock-price-investment-banking-decline-writedowns-2019-10-1028599314">Goldman Sachs' quarter soured by disappointing banking revenue, writedowns for Uber and other investments</a><a href="https://markets.businessinsider.com/news/stocks/citigroup-q3-earnings-stock-price-after-earnings-trading-beat-2019-10-1028599365">Citigroup posts strong trading results amid layoffs, beats profit estimates</a><a href="https://www.businessinsider.com/stock-picks-investing-strategy-from-invesco-fund-manager-ronald-zibelli-2019-10">A fund manager who's averaged a 16% annual return since the financial crisis shares his 'secret weapon' - and unpacks 3 stocks driving his success</a><div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div><a href="https://www.businessinsider.com/intelligence/banking?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_subscription&amp;itm_content=wallstreet&amp;itm_campaign=banking_launch"></a>

Wells Fargo posts earnings miss driven by $1.6 billion expense linked to scandals

REUTERS/Arnd Wiegmann Bank of America CEO Brian Moynihan can't be happy that the firm saw net interest income fall, just months after hyping the bank as a major beneficiary of higher interest rates.<a href="http://markets.businessinsider.com/stock/BAC-Quote">Bank of America</a> isn't living up to its self-generated hype, and investors are making the bank pay.The company's stock dropped as much as 1.7% on Tuesday, even after it reported quarterly profit and sales figures that beat estimates.The problem? Net interest income (NII), which saw a surprise drop after climbing 7% in the first quarter.To add insult to injury, <a href="http://markets.businessinsider.com/stock/JPM-Quote">JPMorgan</a> and <a href="http://markets.businessinsider.com/stock/WFC-Quote">Wells Fargo</a> - two of the bank's biggest rivals - saw their respective measures rise during the period.Bank of America's results flew in the face of conventional wisdom - not to mention guidance from the bank itself - suggesting that Federal Reserve interest rate hikes would boost the metric. And now here it sits, firmly in the red in an area that was supposed to be one of its greatest strengths.On the earnings call, CFO Paul Donofrio blamed the shortcoming on the sale of a credit card business in the UK, which he said suppressed long-term interest rates and other "transient factors."Still, the miss wouldn't be quite as bad if Bank of America hadn't touted itself as the biggest beneficiary of higher interest rates. In a <a href="https://www.sec.gov/Archives/edgar/data/70858/000007085816000222/bac-930201610xq.htm">regulatory filing</a> from last year, the firm estimated that every 100-basis-point interest rate hike would yield $5.3 billion of NII. That blew <a href="https://www.fool.com/investing/2016/11/22/why-bank-of-america-will-benefit-more-than-other-b.aspx">estimates</a> for competitors JPMorgan ($2.8 billion) and Citigroup ($2 billion) out of the water.But fear not, said Bank of America in an online presentation. It sees NII climbing back into positive territory in the third quarter, although on the call Donofrio stopped short of giving a numerical forecast.At the end of the day, Bank of America investors are still in good shape. Even following Tuesday's decline, the firm is still the third best-performing company in the 24-stock KBW Bank Index since the presidential election, up a whopping 41%.The bank pared earlier losses in late trading on Tuesday, falling 0.4% to $23.93 at 2:15 p.m. ET.<a href="http://markets.businessinsider.com/stock/BAC-Quote">Markets Insider</a>Bank of America dropped on Tuesday after reporting a loss in net interest income, an area it was supposed to dominate. <h3>NOW WATCH: <a href="http://www.businessinsider.com/tech-stocks-overvalued-but-still-buy-them-wells-fargo-john-manley-2017-7">Wells Fargo Funds equity chief: Tech stocks are 'overvalued,' but you should still buy them</a></h3> Please enable Javascript to watch this video

Bank of America is getting punished for missing on a key metric

<ul class="summary-list"><li>Bank of America published third-quarter earnings on Monday that beat Wall Street's forecasts.</li><li>The banking giant's net revenue rose 8% to $24.5 billion, but net income slid 8% to $7.1 billion.</li></ul><a href="https://markets.businessinsider.com/stocks/bac-stock">Bank of America</a> reported <a href="https://investor.bankofamerica.com/quarterly-earnings">third-quarter earnings</a> on Monday that beat Wall Street's expectations, sending its stock up as much as 3% in premarket trading.<h2>Here are the key numbers:</h2><ul><li>Revenue: $24.5 billion versus a consensus estimate of $23.6 billion from analysts polled by Refinitiv</li><li>Adjusted net income: $7.1 billion versus a $6.3 billion estimate</li><li>Adjusted EPS: $0.81 versus a $0.77 estimate</li></ul>Bank of America posted an 8% increase in net revenue to $24.5 billion, as sales grew in three of its four main divisions. However, its net income slid 8% to $7.1 billion as profits fell in the global banking and wealth management segments.The US banking giant's net interest income surged 24% to nearly $14 billion on the back of higher interest rates and strong demand for loans. However, its non-interest income dropped by 8% to below $11 billion, as lower fees from investment banking and asset management more than offset higher sales and trading revenues.Moreover, the bank added a net $378 million to its credit reserves, likely because it expects an economic downturn to spark a jump in loan defaults. It released $1.1 billion of reserves in the third quarter of last year. "We continued to see strong organic client growth across our businesses, with increased client activity helping to drive revenue up by 8%," CEO Brian Moynihan said in a statement."Our US consumer clients remained resilient with strong, although slower growing, spending levels and still maintained elevated deposit amounts," he added.<h2>Here's a breakdown of how the bank's four key divisions performed:</h2>Bank of America's key consumer-banking division grew revenue by 12% to $9.9 billion, as higher balances and interest rates boosted net interest income. Net income only inched up 1% to $3.1 billion, reflecting business investments and a nearly $500 million increase in provision for credit losses.The bank's global wealth and investment management segment posted a 2% rise in revenue to $5.4 billion, as higher net interest income was partly offset by lower market valuations. Net income slid 3% to $1.2 billion thanks to higher non-interest expenses.Global banking revenue jumped 7% to $5.6 billion due to higher interest rates and strong loan growth, partly offset by a 46% plunge in investment-banking fees to $1.2 billion. The division's net income tumbled 20% to $2.8 billion, largely because it set aside $170 million to cover anticipated credit losses in light of a weaker macroeconomic outlook. In contrast, it released $781 million of reserves in the same period last year.Finally, global market revenue slipped 1% to $4.5 billion, as a roughly 50% slump in investment-banking fees more than offset a 13% rise in sales and trading revenue. The segment's net income grew 15% to $1.1 billion, reflecting lower non-interest expenses.Read more: <a href="https://www.businessinsider.com/where-to-invest-now-stock-market-rally-advice-ubs-haefele-2022-10">The CIO of the world's largest wealth manager shares 9 places to put your money in the near-term as a sustained rally in stocks looks 'unlikely' and uncertainty remains high</a>

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Banking sector net interest income and net interest margins

Sam Ro

JPMorgan expects to earn $3 billion more in net interest income this year after its takeover of failed First Republic Bank

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Profit of public sector banks expected to decline by 0.6 percent QoQ : Motilala Oswal

ANI

Wells Fargo is already feel the heat from lower interest rates as results disappoint

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US banks weathered a record plunge in lending income as COVID-19 hit profits

Ben Winck

IndusInd Bank stock falls 3.9% as its net profit grows by 33%

Katya Naidu

Wells Fargo posts earnings miss driven by $1.6 billion expense linked to scandals

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Bank of America is getting punished for missing on a key metric

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Bank of America posts a Q3 earnings beat as it cashes in on higher interest rates and strong demand for loans

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