US banks see earnings increase in Q3 with economic recovery

By Ovunc Kutlu

ANKARA (AA) - A number of American banks saw their earnings increase during the third quarter, according to data released Thursday.

Bank of America's net income rose to $7.7 billion in the July-September period, up 57% from $4.9 billion during the same period last year.

Revenue increased to $22.8 billion -- up 12.3% from $20.3 billion year-over-year, according to its financial results statement.

Chairman and CEO Brian Moynihan noted that strong results reflect improvement in the American economy.

Citigroup's income came in at $4.6 billion, rising 48.8% from $3.1 billion.

Its revenue fell slightly to $17.2 billion, from $17.3 billion.

Citi CEO Jane Fraser said the recovery from the coronavirus pandemic continues to drive corporate and consumer confidence.

Wells Fargo's net income increased 59% to $ 5.1 billion from $3.2 billion.

But revenue fell to $18.8 billion from $19.3 billion -- a 2.6% decline

About the rise in earnings, Wells Fargo CEO Charlie Scharf pointed to benefits the bank experienced from the economic recovery.

US-based global financial services corporation Morgan Stanley saw its net income reach $3.7 billion -- up 37% from $2.7 billion.

Revenue rose to $14.8 billion, from $11.7 billion a year ago -- a 26.5% increase year-over-year.