The company said its net income for Q3 2024 was $5.1 billion, and its diluted earnings per common share (EPS) was $1.42, lower than $5.8 billion and $1.48 a year earlier. It cited the decrease in net income as mainly related to a $1.4 billion decline in net interest income, which was partially offset by a $924 million increase in noninterest income.

1. 01

   The company said its net income for Q3 2024 was $5.1 billion, and its diluted earnings per common share (EPS) was $1.42, lower than $5.8 billion and $1.48 a year earlier. It cited the decrease in net income as mainly related to a $1.4 billion decline in net interest income, which was partially offset by a $924 million increase in noninterest income.

2. 02

   Net interest income and net interest margin decreased in both Q3 2024 and the first 9 months compared with the same periods a year earlier, the company said. It cited higher interest rates on interest-bearing liabilities, a shift in the deposit mix toward interest-bearing deposits and lower loan balances as factors, and said higher interest rates on interest-earning assets partially offset these.

3. 03

   The company said that as of September 30, 2024, its total equity was $185.0 billion, and its CET1 ratio under the Standardized Approach was 11.34%, exceeding the regulatory minimum and buffers of 8.90%. The company said its LCR was 127%, above the regulatory minimum of 100%, and that its stress capital buffer rose to 3.80% from October 1, 2024.

4. 04

   The company said net loan charge-offs for its commercial portfolio were $323 million, or 24 basis points of average commercial loans, in Q3 2024, and net loan charge-offs for its consumer portfolio were $788 million, or 83 basis points of average consumer loans. It cited higher losses in its commercial real estate portfolio, driven by the office property type, as the factor for commercial losses, and higher losses in its credit card portfolio as the factor for consumer losses.

Key figures

Quarter ended September 30, 2024

Revenue

$20.4B

Net income

$5.1B

EPS

$1.42

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.