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00:02Major U.S. banks reported strong loan and deposit growth in the third quarter,
00:06but rising funding costs pressured profit margins, according to Reuters.
00:10JPMorgan Chase, Citigroup, and Wells Fargo reported higher net interest income.
00:15Citigroup's average deposits rose 11%, while loans increased 12%.
00:19Wells Fargo reported a 10.7% increase in average deposits and an 11% rise in average loans,
00:25driven by its consumer banking division.
00:27JPMorgan's deposits rose 4%, while loans increased 2%.
00:32However, competition for customer funds forced lenders to raise deposit rates.
00:36JPMorgan's deposit margin narrowed to 2.78%, while Wells Fargo's net interest margin fell to 2.43%.
00:43Analysts reported no major deterioration in credit quality,
00:46although a weakening labor market and rising living costs could pressure borrowers.
00:51Wells Fargo and Citigroup also increased their provisions for credit losses.
00:54For all things money, visit Benzinga.com.
