US Bancorp has reported its latest financial results, including quarterly net income of $1.35bn, equating to $0.69 per diluted common share. This is substantially better than the corresponding period last year when the firm made $974m in net profits, or $0.49 per diluted common share. The fourth quarter of 2011 also saw net revenue rise [...]
The Goldman Sachs Group, Inc.has reported its financial results for the full-year and fourth quarter of 2011. The firm reported annual net revenues of $28.8bn, with net earnings of $4.44bn and diluted earnings per common share of $4.51. Revenues were down from $39.16bn of 2010, and net profits and diluted earnings per share also fell, [...]
Russian banking giant Sberbank has reported its financial results for 2011, in line with the institution’s own internal methodology. Year-on-year net interest income increased by 15.5%, with net fee and commission income up by 8.4% on the same basis. Before provisions are taken into account operating income rose by 14.1%, and was one and a [...]
The perilous state of the global economy has prompted the Financial Reporting Council (FRC) to publish an update for directors of listed companies in the UK, aimed at helping them respond to increased country and currency risk. According to the FRC, a number of factors now need careful consideration if a “balanced and understandable” assessment [...]
Wells Fargo & Company has reported that in the fourth quarter of 2011 it made a record net income of $4.1bn, equating to $0.73 per diluted common share. This exceeds by $700m the profits of the corresponding period last year ($3.4bn, $0.61 per share), which was a record at the time. The firm reported an [...]
Citigroup Inc. has reported its financial results for the fourth quarter and full-year 2011, including quarterly net income of $1.2bn ($0.38 per diluted share). This is marginally less than the $1.3bn of the corresponding period last year, and less than a third of the $3.8bn the firm made in Q3 2011. Quarterly revenues came to [...]
Royal Bank of Scotland (RBS) is selling its aircraft leasing business to Sumitomo Mitsui Banking Corporation (SMBC), for around £4.7 billion. By book value, the business is the fourth largest in the sector worldwide. SMBC says it expects demand for leased commercial aircraft to continue to increase steadily on the back of growth in emerging [...]
JPMorgan Chase has reported its annual results and its quarterly results for Q4 2011. The firm achieved quarterly net income of $3.7bn, down from $4.8bn in the corresponding period last year and $4.3bn in Q3 2011. Similarly, earnings per share fell year-on-year from $1.12 to $0.90. JPMorgan Chase also generated record annual net profits of [...]
Santander says it has completed a series of measures regarding capital that have allowed it to achieve a core capital ratio of 9% ahead of the European Banking Authority’s (EBA) deadline of June 30th 2012. The measures include an agreement to transfer 4.41% of Santander Brazil to a major international financial institution. Last year, the [...]
The Accountancy and Actuarial Disciplinary Board (AADB) of the Financial Reporting Council has fined PricewaterhouseCoopers (PwC) £1.4 million, following a disciplinary hearing regarding audits of JP Morgan Securities’ (JPMS) accounts over a number of years. The case hinged on PwC’s role in reporting to the Financial Services Authority (FSA) JPMS’s compliance or otherwise with rules [...]
Russian banking giant Sberbank has reported its financial results for the first 11 months of the year, in accordance with its own internal methodology. Year-on-year, net interest income increased by a healthy 14.9%, and net fee and commission income was up by 6.8% compared to the same period last year. Before provisions are accounted for [...]
Canadian Western Bank (CWB) has reported its financial results for the fourth quarter and fiscal year, including quarterly net income of $45m, with diluted earnings per share of $0.54. This marks a 15% ($5.9m) rise in quarterly net income, year-on-year, and is a modest rise on Q3 2011 when the firm made $44.7m. The firm [...]
Moody’s has today downgraded the standalone bank financial strength rating (BFSR) of three French banks. Société Générale has had its BFSR cut by two notches to C- from C+. As a result, the bank’s long-term debt and deposit rating has been downgraded one notch to A1. In the case of Crédit Agircole, the bank’s BFSR [...]
The Government is considering scrapping the Mortgage Interest Direct Scheme whereby homeowners in receipt of Support for Mortgage Interest (SMI) have their benefit paid direct to lenders. SMI helps people who are faced with selling their home or having it repossessed as a result of losing work. Minister for Welfare Reform, Lord Freud, wants the [...]
Brewin Dolphin Holdings PLC has reported its preliminary results for the year ended 30 September 2011. Annual pre-tax profits declined from £30m last year to £21.9m, a fall of 27%, and follow a 43% rise in the previous financial year. Total income during the year rose by 10% from £240m to £264m and total managed [...]
BMO Financial Group has reported its results for the fourth quarter and year ended 31 October 2011. Quarterly net income came to $897m, equating to $1.34 per share, $158m (21%) better than the corresponding period last year. It was also significantly better than the $793m ($1.27 per share) the firm made in the immediately preceding [...]
The Bank of England has felt the need to introduce a new emergency liquidity facility, despite last week’s coordinated action by a number of central banks to improve liquidity and ease strains in the financial markets. Since then, “continuing exceptional stresses” have resulted in the launch of an Extended Collateral Term Repo (ECTR) Facility, which [...]
Scotiabank has reported its annual and Q4 financial results, including record annual net income of $5.3bn with earnings per diluted share of $4.62. This is a substantial improvement (21%) on the previous financial year, when the firm made earnings per diluted share of $3.91. Quarterly net income was $1.24bn, an 11% rise on the $1.12bn [...]
