Textron Reports Increased Q1/12 Finance Segment Revenues
Textron said that Q1/12 finance segment revenues increased $35 million compared to the first quarter of 2011.
April 18, 2012
ABF Journal
Textron said that Q1/12 finance segment revenues increased $35 million compared to the first quarter of 2011.
PNC Financial reported first-quarter net income of $811 million, compared with net income of $493 million for Q4/11 and $832 million for Q1/11. Loans of approximately $15 billion were added in the RBC Bank (USA) acquisition.
U.S. Bancorp reported net income of $1,338 million for the first quarter of 2012 with earnings driven by year-over-year growth in total net revenue and a lower provision for credit losses.
Citigroup reported first-quarter net income of $2.9 billion, or $0.95 per diluted share on revenues of $19.4 billion. Analysts had expected EPS of $1.02 on adjusted earnings. The bank noted, excluding the adjustments, EPS were $1.11.
Bloomberg noted that JPMorgan Chase reported a 3.1% drop in earnings, a smaller decline than analysts estimated as mortgage revenue surged and trading almost doubled from the fourth quarter.
Wells Fargo reported record net income of $4.2 billion for the first quarter, up from $3.8 billion in the same period last year. The bank noted that its charge off rate reached its lowest level since 2007.
Medallion Financial said that its continued use of Medallion Bank as a primary funding source for originations resulted in a net interest margin of 7% in the fourth quarter, up from 4.72% one year ago.
AIG reported net income of $19.8 billion in the fourth quarter 2011 compared to $11.2 billion the prior year. The company noted the increase reflected a deferred tax asset valuation allowance release of $17.7 billion in the quarter.
In its news release on fourth-quarter and full-year results, CapitalSource notes that its year-end 2011 asset-based portfolio of $1,451 million was up from $974 million or almost 50% higher compared to the end of the same 2010 period.
NewStar Financial reported net income for 2011 was $14.2 million, up from $10.2 million, or 38%, compared to 2010. Total funded origination volume in 2011 was $858 million, or 50% higher, compared to $572 million the previous year.