Which U.S. banks topped Q4 earnings estimates?

Major U.S. banks are reporting Q4 earnings. Below is a rundown of the results so far.

BofA

Bank of America’s fourth-quarter profit jumped 47% from a year ago as the nation’s largest consumer bank benefited from higher interest rates and lower expenses.

The Charlotte, North Carolina-based bank said it earned a profit of $4.34 billion after payments to preferred shareholders, or 40 cents per share, up from $2.95 billion, or 27 cents a share, in the same period a year earlier. The results topped analysts’ expectations, who were looking for 38 cents per share, according to FactSet.

In BofA’s consumer banking division, the bank’s largest business by profit and revenue, had net income of $1.92 billion in the quarter, compared with $1.74 billion in the same period a year earlier. The business had been helped by higher interest rates, as net interest income rose from $5.23 billion to $5.47 billion year over year.

Like many consumer banks, BofA struggled to grow profits for the last several years due to record low interest rates. Now that the Federal Reserve has started increasing rates, BofA can charge more for loans.

The Fed’s most recent interest rate hike, in mid-December, will benefit BofA going forward.

“While the recent rise in interest rates came too late to impact fourth-quarter results, we expect to see a significant increase in net interest income in the first quarter of 2017,” Paul Donofrio, BofA’s chief financial officer, said in a statement.

The bank also benefited from the improving health of the U.S. consumer and businesses. The bank set aside less money for bad loans, and its net charge-off ratio, or the% of loans that BofA considers unrecoverable, fell to 0.39% from 0.52% a year earlier.

BofA’s global markets division also benefited in the quarter, following the stock market rally after the 2016 presidential election. Global markets had net income of $658 million, compared with $171 million in the same period a year earlier.

The nation’s second-largest bank posted adjusted revenue was $19.99 billion, which missed Street forecasts. Seven analysts surveyed by Zacks expected $20.62 billion.

On a full-year basis, BofA had a profit of $16.22 billion, or $1.50 per share, compared with $14.35 billion, or $1.31 per share, a year earlier. Revenue net of interest expense for 2016 was $83.70 billion, up modestly from $82.97 billion the previous year.

Bank of America shares rose 0.3% in early pre-market trading.

JP Morgan Chase

JPMorgan Chase & Co. said its fourth quarter profits rose 24% from a year earlier, helped by higher interest rates and strong results from its trading operations.

The nation’s largest bank by assets said it earned $6.73 billion, or $1.71 per share, compared with a profit of $5.43 billion, or $1.32 per share, in the same period a year ago. The results beat analysts’ forecast of $1.42 per share.

“Our results this quarter were a strong end to another record year,” JPMorgan Chairman and CEO Jamie Dimon said in a prepared statement.

JPMorgan’s investment bank division had a stellar quarter, reporting net income of $3.43 billion compared with $1.75 billion in the same period a year earlier. The bank’s fixed income, currencies and commodities trading division reported a 31% jump in revenue, while stock trading had an 8% jump in revenue from the previous year.

Like most of Wall Street, JPMorgan benefited heavily from the stock market’s big rally that came after the U.S. presidential election.

JPMorgan’s consumer banking division, its largest business by revenue, had a sluggish quarter, reporting net income of $2.36 billion compared with $2.41 billion in the same period a year earlier. Most of the decline was tied into a drop in revenue from credit cards and auto loans.

JPMorgan launched the Chase Sapphire Reserve Card last year, which became popular overnight. However, there were significant costs associated with the program.

JPMorgan posted overall revenue of $26.09 billion in the period. Its adjusted revenue was $23.38 billion, which also beat Street forecasts. Five analysts surveyed by Zacks expected $23.24 billion.

JP Morgan shares have decreased slightly since the beginning of the year, while the Standard & Poor’s 500 index has risen slightly more than 1%. The stock has increased 46% in the last 12 months.

Wells Fargo

Wells Fargo also reported Friday that its Q4 profit fell 5%, in the first full quarter after regulators said that bank employees opened millions of customer accounts fraudulently to meet sales goals. The scandal has kept new customers away, with the bank reporting that new account openings plummeted last month.

In September, regulators fined the San Francisco-based bank $185 million for opening more than two million unauthorized accounts. The scandal brought nationwide attention to the bank, leading to the resignation of the bank’s CEO John Stumpf in October.

Earlier this week, the company announced a new pay plan for bank branch employees that would eliminate incentives for opening accounts or meeting sales goals.

“While we have more work to do, I am proud of the effort of our entire team to make things right for our customers and team members and to continue building a better Wells Fargo for the future,” CEO Tim Sloan said in a statement.

Overall, Wells Fargo reported net income of $5.27 billion, or 96 cents per share, in the three months ending Dec. 31, compared with $5.58 billion, or $1 per share, in the same quarter the year before. Earnings, adjusted for non-recurring costs, came to $1.03 per share, beating the $1 per share analysts expected, according to Zacks Investment Research.

Wells Fargo reported revenue of $23.24 billion in the period. Its adjusted revenue was $21.58 billion, which fell short of the $22.42 billion that analysts expected.