Jim Cramer Says He Likes Earnings From These Big Banks 'So Much' — Here's Why
Jim Cramer Says He Likes Earnings From These Big Banks 'So Much' — Here's Why
When you read through all the big bank quarters so far you like GS and MS so much because of the fees, not the net interest income. Same with Wells Fargo, which had a very good quarter. Big boost in feesWith big bank earnings now in the rearview mirror, CNCB Mad Money host and stock picker Jim Cramer on Wednesday weighed in on which of them impressed him the most.
隨着大銀行的收益現已浮出水面，CNCB Mad Money主持人兼選股者吉姆·克萊默週三權衡了其中哪一個給他留下了最深刻的印象。
What Happened: Cramer was impressed with the earnings reports of Goldman Sachs Group, Inc. (NYSE:GS) and Morgan Stanley (NYSE:MS). He added the name of Wells Fargo & Co. (NYSE:WFC) in the same breath.
發生了什麼：高盛集團公司（紐約證券交易所代碼：GS）和摩根士丹利（紐約證券交易所代碼：MS）的收益報告給克萊默留下了深刻的印象。他添加了富國銀行的名字。（紐約證券交易所代碼：WFC）也是一樣。
Cramer premised his picks based on the fee income these banks generated rather than on the net interest income. Fees include income generated from equity and debt underwriting, as well as advisory and asset & wealth management fees. Net interest income, on the other hand, is the difference between the money the banking operation receives on the loans it extends and the money it owes to its depositors.
克萊默的選擇是基於這些銀行產生的費用收入，而不是淨利息收入。費用包括股權和債務承保產生的收入，以及諮詢和資產與财富管理費。另一方面，淨利息收入是銀行業務從其發放的貸款中獲得的資金與欠存款人的錢之間的差額。
When you read through all the big bank quarters so far you like GS and MS so much because of the fees, not the net interest income. Same with Wells Fargo, which had a very good quarter. Big boost in fees
— Jim Cramer (@jimcramer) April 17, 2024
當你通讀到目前爲止的所有大銀行季度時，你之所以喜歡GS和MS，是因爲費用，而不是淨利息收入。富國銀行也是如此，該銀行的季度表現非常出色。費用大幅上漲
— 吉姆·克萊默 (@jimcramer) 2024 年 4 月 17 日
Why It's Important: The Fed funds rate, which is used as a benchmark to fix various interest rates, is now at a 22-year high of 5.25%-5.50%. This is positive for the net interest income of banks.
爲何重要：用作固定各種利率的基準的聯邦基金利率目前處於22年來的最高水平，爲5.25％-5.50％。這對銀行的淨利息收入有利。
The net interest income's health also hinges on the provisioning a company sets aside for credit losses.
淨利息收入的健康狀況還取決於公司爲信貸損失預留的準備金。
For Goldman, which reported a stellar quarter, non-interest revenue rose 21% year-over-year and 26% quarter-over-quarter. Net interest income, meanwhile, was down 10% year-over-year and up 20% sequentially.
對於報告表現出色的高盛而言，非利息收入同比增長21％，同比增長26％。同時，淨利息收入同比下降10％，環比增長20％。
JPMorgan Chase & Co., Inc. (NYSE:JPM), which did not appease the Street with its earnings, did report a double beat. Much of the upside was from higher interest income, facilitated by higher rates and larger loan balances stemming from its First Republic Bank takeover.
摩根大通公司（紐約證券交易所代碼：JPM）的收益並未安撫華爾街，但確實公佈了雙倍增長。大部分上行空間來自於更高的利息收入，這得益於收購第一共和國銀行所帶來的更高利率和更大的貸款餘額。
After taking a dovish stance immediately after the March Federal Open Market Committee meeting, Jerome Powell has reverted to his hawkish stance. In a speech on Tuesday, he said the restrictive rates should persist as long as the inflation remained above the 2% upper ceiling set by the central bank.
傑羅姆·鮑威爾在三月份聯邦公開市場委員會會議後立即採取鴿派立場後，又恢復了鷹派立場。他在週二的一次講話中表示，只要通貨膨脹率保持在央行設定的2％的上限以上，限制性利率就應該持續下去。
The futures market, however, is pricing in a 67.3% possibility of a rate cut in the September meeting.
但是，期貨市場認爲9月會議降息的可能性爲67.3％。
The iShares U.S. Financials ETF (NYSE:IYF) ended Tuesday's session down 0.68% at $88.39, according to Benzinga Pro data.
根據Benzinga Pro的數據，iShares美國金融ETF（紐約證券交易所代碼：IYF）週二收盤下跌0.68％，至88.39美元。
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