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Limited spots available, first come first served. Let us embark on this sustainable journey together! [Click to register] The three major US banks reported third-quarter results on Wednesday, with new data indicating that the US economy remains resilient even with interest rates at elevated levels. In the face of rising borrowing costs, US individual and corporate clients have shown relatively strong risk resistance.

The earnings reports of JPMorgan Chase (NYSE: JPM), Wells Fargo (NYSE: WFC), and Citigroup (NYSE: C) show that consumer spending and lending volumes continued to grow year-over-year, with credit default risks broadly under control.

JPMorgan Chase reported that average credit card loans grew 7% year-over-year, while its credit card charge-off rate dropped from 3.15% to 2.91%. Wells Fargo saw personal loan balances rise 4%, with its credit card charge-off rate falling from 4.02% to 3.73%. Citigroup disclosed that US credit card spending increased 11% year-over-year, and its charge-off rate improved from 4.0% in the same period last year to 3.6%.

Wells Fargo CEO Charlie Scharf said on Tuesday: "Our data shows that individual and corporate clients are in good condition. Consumers' willingness to spend has increased, loan delinquency rates remain low, and both deposit and investment asset volumes have grown." Scharf noted that the benefits from AI infrastructure investment, high employment rates, and rising wages continue to outweigh various risks brought by rising bond yields, Middle East geopolitical conflicts, and inflation.

JPMorgan Chase CEO Jamie Dimon took a more cautious stance. During a conference call with reporters, he warned that if interest rates were raised by another 1 percentage point, it would bring significant impact — borrowers would need to refinance debt at higher costs, and credit spreads would widen.

Although overall individual credit conditions remain acceptable, the total loan loss provisions of Citigroup and Wells Fargo have still increased compared to the same period last year; JPMorgan Chase's provision level also rose compared to the previous quarter.