Based on the results, the US banks reported strong net interest income due to relatively high interest rates, better equity trading revenues as a result of volatility and higher volumes of trading over the quarter. Morgan Stanley saw equity trading revenues soar 45% during the first quarter, JPMorgan set a record for equities trading revenue, and Goldman Sachs saw an increase of 27% for the metric.
Although some-market watchers have turned cautious on the local banks, signs are emerging that they may perform better than expected based on the US banks' results for the January to March quarter as the underpinnings are similar. United Overseas Bank (SGX:U11
) reports its 1QFY2025 results on May 7, DBS Group Holdings reports on May 9 and Oversea-Chinese Banking Corp on May 9.
The US banks have reported better-than-expected earnings for the three months to March 31. The six of the biggest US banks - Morgan Stanley, JPMorgan Chase, Wells Fargo, Goldman Sachs, Bank of America and Citigroup - beat FactSet's Wall Street consensus expectations on the bottom-line, and only Wells Fargo missed on the top-line, according to Advisor Perspectives, a data analytics financial services platform.
