Citigroup Q2 Earnings Off 12% on Lower Revenues
Citigroup reported revenues and net income in the second quarter were $18.6 billion and $2.9 billion, respectively, off from $20.6 billion and $3.3 billion for the same period in 2011.
Citigroup reported revenues and net income in the second quarter were $18.6 billion and $2.9 billion, respectively, off from $20.6 billion and $3.3 billion for the same period in 2011.
Wells Fargo said its second-quarter net income was a record $4.6 billion, up 17% from the prior year. The bank noted its Q2 annualized net charge rate was the lowest since third quarter 2007.
JPMorgan Chase reported Q2 net income of $5 billion, or $1.21 per share, which was higher than the $0.76 per share expected by analysts. Results included $4.4 billion of CIO trading losses.
NewStar Financial reported first quarter 2012 net income of $6.1 million was up from $0.9 million for the same quarter last year. The company noted that total new funded origination volume was $241 million, up from $160 million or 51% higher than the same year-ago quarter.
CapitalSource reported first-quarter net income of $25 million, up from net income of $3 million in first quarter one-year ago. The company noted loans and leases at CapitalSource Bank were $5.1 billion at quarter end compared to $4.0 billion at the end of the same quarter in 2011.
CIT reported a Q1/12 net loss of $447 million on debt refinancing charges of $620 million. Funded new business volume of $2 billion was 51% higher from the prior-year quarter.
SunTrust Banks reported Q1/12 net income of $245 million was up from $38 million for the same quarter one year ago. The bank noted that credit quality continued to improve with provision charges down 29% compared to the first quarter 2011.
According to GE’s report on first-quarter results, GE Capital’s earnings of $1.79 billion represented over 55% of GE’s total earnings of $3.25 billion from continuing operations.
Bank of America reported first-quarter net income of $653, down from $2 billion one year ago. Revenues of $22.5 billion were down from $27.1 billion in 2011. The bank said results included a negative valuation adjustment of $4.8 billion.
Taylor Capital reported that its Cole Taylor Business Capital portfolio showed “strong” loan growth of $42 million, or 9% in the first-quarter 2012, and since the first quarter of 2011, loans outstanding have grown by $130 million, or 33%.