The company said net income for Q3 was $6.9 billion ($0.81 per diluted share) and net income for 9 months was $20.5 billion ($2.40), down from $7.8 billion and $23.4 billion in the same periods a year earlier. The company cited higher noninterest expense and provision for credit losses as the reasons for the decrease.

1. 01

   The company said net income for Q3 was $6.9 billion ($0.81 per diluted share) and net income for 9 months was $20.5 billion ($2.40), down from $7.8 billion and $23.4 billion in the same periods a year earlier. The company cited higher noninterest expense and provision for credit losses as the reasons for the decrease.

2. 02

   The company said net interest income for Q3 was $412 million lower at $14.0 billion, and for the 9 months it was $1.3 billion lower at $41.7 billion. On a fully taxable-equivalent (FTE) basis, net interest yield fell 19 basis points to 1.92% and 17 basis points to 1.95%, respectively. The company attributed the decreases to higher deposit costs.

3. 03

   The company said noninterest expense rose $641 million to $16.5 billion for Q3 and rose $1.9 billion to $50.0 billion for the 9 months. It said the 9-month figure included an additional accrual of $700 million for the Federal Deposit Insurance Corporation (FDIC) special assessment recorded in Q1. Provision for credit losses was $1.5 billion for Q3 and $4.4 billion for the 9 months.

4. 04

   The company said that as of September 30, 2024, its CET1 capital ratio under the Standardized approach was 11.8%. It said its stress capital buffer (SCB) rose from 2.5% to 3.2%, resulting in a minimum CET1 capital ratio requirement of 10.7% effective October 1, 2024. The company said its Board approved a $25 billion common stock repurchase program on July 24 and declared a quarterly common stock dividend of $0.26 per share on October 16.

Key figures

Quarter ended September 30, 2024

Revenue

$25.3B

Net income

$6.9B

EPS

$0.81

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.