Citigroup, Wells Fargo Miss Estimates, JPMorgan Reported Record Profit

Mukesh Buch
13 Jul, 2018
New York City

Citigroup reported weaker-than-expected results. First Republic Bank net jumped on strong demand in business loans. JPMorgan reported record second-quarter profit. PNC Financial profit beat estimates. Wells Fargo net plunged on weak revenues.

[R]1:05 PM New York City, New York – Citigroup reported weaker-than-expected results. First Republic Bank net jumped on strong demand in business loans. JPMorgan reported record second-quarter profit. PNC Financial profit beat estimates. Wells Fargo net plunged on weak revenues.[/R]

Tollbooth Index advanced 85.01 or 0.6% to 15,586.62 but for the year-to-date soared 13.3%.

Earnings Review

Citigroup Inc ((C)) slumped 2.8% or $1.89 to $66.62 after the financial services provider reported total revenues in the second-quarter ending in June rose 2% from a year ago to $18.5 billion.

Net income in the quarter declined 13.4% to $4.5 billion or $1.63 per diluted share from $3.9 billion or $1.28 in the same quarter last year.

The bank said as of June 30, total loans jumped 4% to $671 billion and total deposit advanced 4% to $997 billion and total asset rose 3% to $1.9 trillion.

First Republic Bank ((FRC)) rose 36 cents to $98.72 after the private banking and wealth management services provider said revenues in the second-quarter ending in June soared 16% from a year ago to $744.1 million.

Net income in the quarter jumped 12.4% to $209.8 million or $1.20 per diluted share from $186.6 million or $1.06 in the same quarter last year.

The lender said as of June 30, total loans, excluding loans held for sale surged 19% to $69.1 billion and total deposit jumped 15% to $72.8 billion and wealth management assets soared 26.9% to $121.1 billion.

JPMorgan Chase & Co ((JPM)) slid 14 cents to $106.71 after the corporate banking services provider reported total revenues in the second-quarter ending in June jumped 8% from a year ago to $27.8 billion.

Net income in the quarter surged 18% to $8.3 billion or $2.29 per diluted share from $7 billion or $1.82 in the same quarter last year.

The bank said as of June 30, client investment assets jumped 12% to $284 billion and credit card sales volume soared 11% and merchant processing volume surged 12%%.

PNC Financial Services Group Inc ((PNC)) increased $1.21 to $139.20 after the diversified financial services provider stated revenues in the second-quarter ending in June advanced 5% from a year ago to $4.3 billion.

Net income in the quarter jumped 12.4% to $1.4 billion or $2.72 per diluted share from $1.1 billion or $2.10 in the same quarter last year.

The lender said as of June 30, total loans rose 1% to $222.7 billion and total deposit increased 1.1% to $261 billion but average balances held with the Federal Reserve Bank declined $4.7 billion to $20.7 billion.

Wells Fargo & Co ((WFC)) slipped 1.7% or 93 cents to $55.11 after the banking, wealth, brokerage and retirement services provider revenues in the second-quarter ending in June dropped 2.7% from a year ago to $21.6 billion.

Net income in the quarter plunged 12.5% to $5.2 billion or 98 cents per diluted share from $5.9 billion or $1.08 in the same quarter last year.

The bank said as of June 30, total loans slid 1% to $944.1 billion and total deposit fell 2% to $1.3 trillion and total asset rose 3% to $1.9 trillion.

The brokerage services provider said as of June 30, nonperforming assets decreased 4% to $8 billion and nonaccrual loans decreased $233 million to $7.5 billion.