Steady Rise in Loans and Deposits at Citigroup, UnitedHealth Net Doubles

Mukesh Buch
16 Jan, 2018
New York City

Avis Budget declined on weak revenue forecast. Citigroup reported loss of $18.3 billion on one-time charges linked to federal tax overhaul. Comerica net plunged 31%. First Republic missed revenues estimates. UnitedHealth profit more than doubled after one-time tax benefit.

[R]12:15 AM New York City, New York – Avis Budget declined on weak revenue forecast. Citigroup reported loss of $18.3 billion on one-time charges linked to federal tax overhaul. Comerica net plunged 31%. First Republic missed revenues estimates. UnitedHealth profit more than doubled after one-time tax benefit.[/R]

Tollbooth Index increased 29.50 or 0.2% to 14,572.08.

Earnings Review

Avis Budget Group Inc ((CAR)) plummeted 8.3% or $4.06 to $45.09 after the vehicle rental and sharing services provider forecasted fiscal 2017 revenues to increase to about $8.85 billion and pretax income between $205 million and $215 million and adjusted pretax income in the range of $340 million to $350 million.

Avis Budget schedule to release its earnings results on February 21.

Bank of The Ozarks Inc ((OZRK)) decreased 1.6% or 84 cents to $51.63 after the retail and commercial banking services provider stated net interest income in the revenues in the fourth-quarter ending in December increased 10.3% from a year ago to $214.8 million.

Net income in the quarter surged 66.5% to $146.2 million or $1.14 per diluted share from $87.8 million or 72 cents in the same quarter last year.

Citigroup Inc ((C)) increased 0.8% or 67 cents to $77.50 after the banking and financial services provider said revenues in the fourth-quarter ending in December increased 1% from a year ago to $17.3 billion.

Net in the quarter swung to a loss of $18.3 billion or $7.15 per diluted share from profit of $3.6 billion or $1.14 in the same quarter last year.

Excluding the one-time charges linked to the latest Tax Reform, Citigroup''s net income increased to $3.7 billion and total deposit increased 3% to $960 billion and total loans jumped 7% to $667 billion.

Comerica Inc ((CMA)) advanced 2.5% or $2.33 to $95.35 after the financial services said revenues in the fourth-quarter ending in December soared 19.4% from a year ago to $578 million.

Net income in the quarter plunged 31.3% to $112 million or 63 cents per diluted share from $163 million or 92 cents in the same quarter last year.

First Republic Bank ((FRC)) slumped 2.8% or $2.59 to $88.47 after the commercial bank and trust operator stated revenues in the fourth-quarter ending in December surged 23.3% from a year ago to $662.8 million.

Net income in the quarter jumped 11.3% to $180 million or $1.10 per diluted share from $161.7 million or $1.03 in the same quarter last year.

As of December 31, total deposits surged 17.6% to $68.9 billion and total loans soared 20.8% to $62.8 billion.

General Electric Company ((GE)) declined 2.8% or 53 cents to $18.23 after the industrial conglomerate said that in its fourth-quarter the engineering company will take $6.2 billion charge linked to a more than decade-old insurance portfolio.

UnitedHealth Group Inc ((UNH)) jumped 2.4% or $5.52 to $234.09 after the health insurer reported revenues in the fourth-quarter ending in December jumped 9.7% from a year ago to $52.1 billion.

Net income in the quarter soared to $3.6 billion or $3.65 per diluted share from $1.7 billion or $1.74 in the same quarter last year.

The insurer lifted fiscal 2018 earnings per share forecast to between $12.30 and $12.60 from the earlier estimate of $10.55 to $10.85 and revenues in the range of $223 billion to $225 billion.