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Data: FactSet; Chart: Axios Visuals

Lending profits helped boost Bank of America's and Morgan Stanley’s third quarter. 

  • Net interest income jumped 10% and 52%, respectively, over last year, the companies reported this morning. 

Where else they were strong: Investment banking fees rose 65% at Bank of America.

  • For Morgan Stanley, fees reached a new quarterly record.
  • Citigroup’s fees more than tripled from last year. 

By the numbers: Profits jumped 59% at Wells Fargo, 58% at Bank of America, 48% at Citigroup and 36% at Morgan Stanley. 

  • JPMorgan, which reported on Wednesday, reported a 24% increase in profit.
  • Still to come: Goldman Sachs tomorrow.

What to watch: Consumer and business spending are pacing above pre-pandemic levels, signaling a greater appetite for debt, which is good for all of the banks.

Go deeper

Most community bank execs expect housing market crash

Illustration: Aïda Amer/Axios

The housing market has been on a tear. And 78% of community bank executives think it will "crash" in the next five years, according to a new survey out this morning.

The big picture: While execs signaled caution on the housing market — where median prices are up 15% in the last year — nearly all of them (95%) are optimistic about local economic conditions over the next year.

Updated 7 hours ago - World

U.S. airstrike kills senior al-Qaeda leader in Syria, DOD says

A displacement camp near the village of Qah in Syria's northwestern Idlib province. Photo: Ahmad Al-Atrash/AFP via Getty Images

A U.S. airstrike in northwest Syria on Friday killed senior al-Qaeda leader Abdul Hamid al-Matar, U.S. Central Command said in a statement.

Why it matters: Syria serves as a "safe haven" for the extremist group to plan external operations, according to U.S. Army Maj. John Rigsbee.

Updated 12 hours ago - Politics & Policy

Giuliani associate Lev Parnas convicted of campaign finance crimes

Lev Parnas, a former associate of then-President Donald Trump’s personal lawyer Rudy Giuliani. Photo: Stefani Reynolds/Bloomberg via Getty Images

Florida businessman Lev Parnas was convicted Friday on charges of conspiracy to make foreign contributions to political campaigns, according to multiple outlets.

Why it matters: Prosecutors said Parnas, then an associate of former President Donald Trump's personal lawyer Rudy Giuliani, funneled over $150,000 from a Russian businessman into U.S. campaigns as part of an effort to land licenses in the U.S.'s legal cannabis industry.