Tuesday, April 16, 2024

First-quarter earnings have begun to arrive — and as always, Calcbench is on the scene with the latest data to help you with your financial analysis! Let’s begin with a look at the Wall Street banks.

Figure 1, below, shows interest expense for six of the largest players on Wall Street, including Morgan Stanley ($MS) which filed its Q1 2024 earnings release just this morning. 



Altogether, interest expense for the six banks cited above rose a whopping 63.3 percent, from $74.25 billion in first-quarter 2023 to $121.25 billion in first-quarter 2024. 


Clearly the one paying the most on interest is Wells Fargo ($WFC). Its interest expense soared 279 percent, enough that if an emoji with vertigo existed, we’d include that here. 


Meanwhile, the six banks have a more varied picture on net interest income, as seen in Figure 2, below. 



Notice that Citigroup ($C) soared past all others here; its net interest income popped 171.4 percent from the year-earlier period. And yes, Wells Fargo did see its net interest decline, but then again so did Goldman Sachs ($GS), Bank of America ($BAC), and Morgan Stanley, so we won’t pick on Wells any further. 


Of course banks disclose a lot of data in their reports, such as loans in arrears, return on equity, exposure to commercial real estate, and much more. Those nuggets of information are tucked away in the footnotes, but Calcbench has them all! We’ll have more analysis of our own in coming days and weeks — let us know how we can help you with yours. 
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