[1/2] The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017.
First-quarter 2023 earnings from JPMorgan Chase & Co (JPM.N), Citigroup Inc (C.N) and Wells Fargo & Co (WFC.N) beat Wall Street expectations on Friday as consumer and corporate spending held up in the face of rate rises, although all three saw signs of a slowdown and made provisions accordingly.
Net interest income, a measure of how much a bank earns from lending, surged 49% to $20.8 billion.
Meanwhile, Wells Fargo set aside $1.21 billion in the quarter to cover for potential loan losses, compared to a release of $787 million a year earlier.
"While most consumers remain resilient, we've seen some consumer financial health trends gradually weakening from a year ago," Mike Santomassimo, Wells Fargo finance chief, told analysts.