5 Most Profitable Banks in the US in 2024

In this piece, we will take a look at the five most profitable banks in the US in 2024. If you want to skip our coverage of the latest news in the US banking industry, then you can take a look at the 20 Most Profitable Banks in the US in 2024.

5. Morgan Stanley (NYSE:MS)

Trailing Twelve Month Net Income: $9 billion

Morgan Stanley (NYSE:MS) is one of the biggest investment banks in the world. After a strong first quarter earnings report that beat analyst estimates and marked a 16% annual growth in its investment banking earnings, Morgan Stanley (NYSE:MS) was eager to keep up the momentum as it dismissed concerns of a potential US investigation into its wealth management.

By the end of Q4 2023, 56 out of the 933 hedge funds part of Insider Monkey’s database had bought and owned Morgan Stanley (NYSE:MS)’s shares. Ken Fisher’s Fisher Asset Management was the firm’s biggest investor due to its $1.8 billion stake.

4. First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Trailing Twelve Month Net Income: $11.4 billion

First Citizens BancShares, Inc. (NASDAQ:FCNCA) is a North Carolina based regional bank. A year after the regional banking turmoil in America, the bank made big moves in March 2024 when it announced that it would buy the defunct Silicon Valley Bank’s Indian operations.

For their December quarter of 2023 shareholdings, 54 out of the 933 hedge funds surveyed by Insider Monkey were the bank’s shareholders. First Citizens BancShares, Inc. (NASDAQ:FCNCA)’s largest hedge fund shareholder is Natixis Global Asset Management’s Harris Associates as it owns $710 million worth of shares.

3. Wells Fargo & Company (NYSE:WFC)

Trailing Twelve Month Net Income: $17.9 billion

Wells Fargo & Company (NYSE:WFC) is the mega American bank with more than two hundred thousand employees. Like other banks, it also faced a favorable investment management environment during Q1 but had to struggle with predictability on the net interest income front.

During the previous quarter, 72 out of the 933 hedge funds part of Insider Monkey’s database had bought and owned Wells Fargo & Company (NYSE:WFC)’s shares. Peter Rathjens, Bruce Clarke, and John Campbell’s Arrowstreet Capital  owned the biggest stake which was worth $1.5 billion.

2. Bank of America Corporation (NYSE:BAC)

Trailing Twelve Month Net Income: $26.5 billion

Bank of America Corporation (NYSE:BAC) is another mega American bank. It led the charge this bank earnings season, and the revenue and EPS of $25.82 billion and 83 cents beat analyst estimates of  $25.5 billion and 76 cents, respectively.

Insider Monkey scoured through 933 hedge fund portfolios for last year’s fourth quarter to find that 96 had invested in the bank. Warren Buffett’s Berkshire Hathaway is the largest Bank of America Corporation (NYSE:BAC) hedge fund shareholder through its $34.7 billion investment.

1. JPMorgan Chase & Co. (NYSE:JPM)

Trailing Twelve Month Net Income: $49.5 billion

JPMorgan Chase & Co. (NYSE:JPM) is the world’s largest bank in terms of net assets. Its trailing twelve month profit of $49.5 billion also makes it the most profitable bank. JPMorgan Chase & Co. (NYSE:JPM)’s shares are rated Buy on average, and the average analyst share price target is $205.

103 out of the 933 hedge funds part of Insider Monkey’s Q4 2023 survey had held JPMorgan Chase & Co. (NYSE:JPM)’s shares. Ken Fisher’s Fisher Asset Management owned the biggest stake which was worth $2 billion.

Disclosure: None. You can also take a look at the 16 Best Dividend Stocks of All Time and Warren Buffett’s Portfolio: 15 Longest Held Stocks.

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