Bank of America, Citigroup, Wells Fargo, JPMorgan Chase Report Billions in Profit

Must be nice. No federal tax expense and billions in profit.

Bank Of America Rakes In $6.2 Billion Profit

Bank of America reported net income of $6.2 billion, or 56 cents per share, for the third quarter of 2011, compared with a net loss of $7.3 billion, or 77 cents per share a year-ago period.

The nation’s largest bank reported total revenue of $28.5 billion, a 6% increase. Analysts’ consensus forecast for earnings per share of 20 cents on revenue of $25.9 billion.

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Citigroup Earnings Rise 74% to $3.8 Billion 

With a big push from a one-time accounting gain, Citigroup on Monday squeezed out its seventh consecutive quarterly profit, but it faces significant challenges to growth.

Citigroup announced a third-quarter profit of $3.8 billion, or $1.23 a share, beating analyst consensus estimates of 81 cents a share. That represented a 74 percent increase from a year ago, when the bank announced a quarterly profit of $2.2 billion, or 72 cents a share.

Wells Fargo 3Q profit up 21 percent

Wells Fargo & Co.’s CEO John Stumpf says he understands the “angst and anger” being expressed by the protesters at Occupy Wall Street and its spin-off sites around the country.

“This downturn has been too long. Unemployment is too high. And people are hurting. We get that,” he said on Monday in response to a question on the demonstrations. Stumpf was speaking on a conference call to discuss third-quarter results for the nation’s fourth-largest bank by assets and its largest mortgage lender.

Wells Fargo’s net income rose to $4.06 billion, or 72 cents per share, matching the forecasts of analysts surveyed by FactSet. In the same period a year ago the bank earned $3.34 billion, or 60 cents per share.

JPMorgan Profit Falls 4%, to $4.26 Billion

Despite a paper gain that helped lift earnings by nearly $2 billion, JPMorgan Chase & Company reported on Thursday that profit fell 4 percent in the third quarter amid lingering mortgage troubles and weak investment banking results.