Tuesday, October 18, 2011

Bank of America, Citigroup, Wells Fargo, JPMorgan Chase Report Billions in Profit

Must be nice. No federal tax expense and billions in profit.

Bank Of America Rakes In $6.2 Billion Profit

Bank of America reported net income of $6.2 billion, or 56 cents per share, for the third quarter of 2011, compared with a net loss of $7.3 billion, or 77 cents per share a year-ago period.

The nation’s largest bank reported total revenue of $28.5 billion, a 6% increase. Analysts’ consensus forecast for earnings per share of 20 cents on revenue of $25.9 billion.

Citigroup Earnings Rise 74% to $3.8 Billion 
With a big push from a one-time accounting gain, Citigroup on Monday squeezed out its seventh consecutive quarterly profit, but it faces significant challenges to growth.

Citigroup announced a third-quarter profit of $3.8 billion, or $1.23 a share, beating analyst consensus estimates of 81 cents a share. That represented a 74 percent increase from a year ago, when the bank announced a quarterly profit of $2.2 billion, or 72 cents a share.
Wells Fargo 3Q profit up 21 percent
Wells Fargo & Co.’s CEO John Stumpf says he understands the “angst and anger” being expressed by the protesters at Occupy Wall Street and its spin-off sites around the country.

“This downturn has been too long. Unemployment is too high. And people are hurting. We get that,” he said on Monday in response to a question on the demonstrations. Stumpf was speaking on a conference call to discuss third-quarter results for the nation’s fourth-largest bank by assets and its largest mortgage lender.

Wells Fargo’s net income rose to $4.06 billion, or 72 cents per share, matching the forecasts of analysts surveyed by FactSet. In the same period a year ago the bank earned $3.34 billion, or 60 cents per share.
JPMorgan Profit Falls 4%, to $4.26 Billion
Despite a paper gain that helped lift earnings by nearly $2 billion, JPMorgan Chase & Company reported on Thursday that profit fell 4 percent in the third quarter amid lingering mortgage troubles and weak investment banking results.


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