CIT reported Q4 and FY net income was $34 million and $28 million, respectively, compared to $83 million and $526 million for the same periods in 2010. The company said funded new business volume of $2.9 billion increased 55% sequentially and 92% from the prior-year quarter.
Fifth Third said fourth-quarter and full-year 2011 net income was $305 million and $1.1 billion, respectively up from $270 million and $503 million for the same periods in 2010. The bank also noted continuing improvement in credit trends.
GE said its GE Capital finance unit fourth-quarter earnings were $1.6 billion, up 58% from the prior year. The company noted that volume grew to $49 billion, up 13% from the third quarter and margins remained “healthy” at 5.4%.
Bank of America said net income of $2 billion for the fourth quarter compared with a net loss of $1.2 billion in the year-ago period. The bank noted that its provision charge was $2.9 billion, down from $5.1 billion in the same quarter in 2010.
PNC Financial reported Q4 net income of $493 million, or $0.85 EPS, down 40% compared to last year’s net income of $820 million. Analysts had expected PNC’s Q4 EPS of $1.41
U.S. Bancorp reported Q4/11 net income of $1.35 billion, or $0.69 EPS. Analysts had expected EPS of $0.63. The bank noted that earnings were driven by an 8.1% increase in net revenue and a 46% drop in its provision for credit losses.
Wells Fargo reported record Q4 net income of $4.1 billion, or a record $0.73 per diluted common share, up from $3.4 billion for Q4 in 2010. Analysts had expected earnings per share of $0.72. Full year net income was a record $15.9 billion, up 28% from 2010.
Citigroup reported its net income declined 11% from Q4/10 to $1.2 billion in Q4/11, reflecting a $1.2 billion decline in Y/Y revenues, a $465 million increase in operating expenses and a $470 million increase in the provision for taxes.
JPMorgan Chase reported net income of $3.7 billion for the fourth quarter of 2011 was down from $4.8 billion, or 23% lower compared to the same quarter in 2010. The bank said the decrease in earnings was driven by a $4.5 billion, or 17%, drop in net revenue.