Breaking News
Apr 18, 2023
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Bank of America Corp reported better-than-expected revenue and earnings in the first quarter, reflecting a jump in net interest rate margin.
Total revenue, net of interest expense, in the first quarter increased 13% to $26.3 billion and net income increased to $7.6 billion from $6.6 billion and diluted earnings per share increased to 94 cents from 85 cents a year ago.
Client balances declined 2% from a year ago to $1.6 trillion but rose 2% from the fourth quarter and the bank increased its provision for loan losses to $931 million from $30 million a year ago largely driven by credit card balances. -
Goldman Sachs Group Inc reported lower-than-expected revenue and took a charge of $470 million related to the sale of its consumer loans business Marcus.
Revenue in the first quarter ending in March decreased 5% to $12.2 billion from $12.9 billion. Investment banking fees declined 26% to $1.6 billion, bonds, currencies and commodities business dropped 17% to $3.9 billion and equities segment revenue decreased 7% to $3.0 billion.
Asset and wealth management revenue rose 24% to $3.2 billion and platform solutions revenue soared 110% to $564 million.
Net income applicable to common stockholders fell 19% to $3.1 billion from $3.8 billion and diluted earnings per share fell to $8.79 from $10.76 a year ago. Provision for credit losses was a net gain of $171 million for the first quarter, compared with net provisions of $561 million for the first quarter of 2022 and $972 million for the fourth quarter of 2022. -
Lockheed Martin Corp, the aerospace company and defense contractor, reaffirmed its full-year outlook and posted better-than-expected quarterly results.
Net sales in the first quarter increased to $15.1 billion from $15.0 billion and net income was flat at $1.7 billion and diluted earnings per share rose to $6.61 from $6.44 a year ago.
The company paid $784 million in dividends and $500 million of its own shares in the first quarter. -
Johnson & Johnson the pharmaceuticals and consumer products maker, said first quarter revenue increased 5.6% to $24.75 billion.
The company swung to a net loss of $68 million from a profit of $5.2 billion and diluted earnings per share swung to ($0.03) from $1.93 a year ago.
Adjusted earnings, which excludes special items and amortization expenses, fell 0.9% to $7.06 billion from $7.2 billion and adjusted diluted earnings per share inched up to $2.68 from $2.67 a year ago. -
State Street Corp, the financial index manger, reported weaker-than-expected revenue and earnings.
Revenue in the first quarter ending in March 2023 increased 1% to $3.1 billion and net income declined 9% to $549 million from $604 million and diluted earnings per share fell to $1.52 from $1.57 a year ago.
Assets under management declined 10% to $3.6 billion from $4.02 billion a year ago, reflecting lower quarter-end market levels and net outflows.
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PNC Financial Services Group, Inc said total revenue in the first quarter increased 19% to $5.6 billion and net income rose to $1.7 billion from $1.4 billion and diluted earnings per share increased to $3.98 from $3.23 a year ago.
Net interest rate margin in the first quarter decreased to 2.82% from 2.92% in the fourth quarter of 2022 but rose from 2.28% in the quarter a year ago. Average deposits in the quarter dropped to $436.2 billion from $453.3 billion but average loans increased to $325. 5 billion from $290.7 billion a year ago.
Provision for credit losses in the first quarter of 2023 declined to $235 million from $408 million in the fourth quarter 2022. -
BlackRock Inc said revenue in the first quarter declined 10% to $4.2 billion and net income dropped 19% to $1.2 billion from $1.14 billion and diluted earnings per share fell to $7.64 from $9.35 a year ago.
Average assets under management decreased 8% to $8.9 trillion from $9.6 trillion and total net assets inflow in the quarter increased to $110.3 billion from $86.4 billion a year ago.
In the quarter, the company repurchased $375 million of its own stock and increased dividend by 2.5% to $5.0 a share. -
Citigroup Inc said revenue in the first quarter increased 12% to $21.4 billion and net income rose to $4.6 billion from $4.3 billion and diluted earnings per share increased to $2.19 from $2.02 a year ago.
Deposits at the end of the quarter were nearly unchanged at $1.3 trillion and loans declined 1% from a year ago to $652 billion. Cost of credit increased to $2.0 billion in the first quarter from $0.8 billion a year ago, primarily driven by higher credit balances and weakening of macroeconomic conditions. -
Wells Fargo & Company said total revenue in the first quarter increased 17% to $20.7 billion and net income soared 32% to $4.99 billion from $3.79 billion and diluted earnings per share rose to $1.23 from 91 cents a year ago.
Net interest margin increased to 3.20% in the first quarter 2023 from 3.14% in the fourth quarter 2022 and 2.16% a year ago. Average deposits in the quarter declined 7% from a year ago to $1.356 trillion from $1.464 trillion, loans increased 6% to $948.7 billion and assets fell 3% to $1.863 trillion.
Return on assets in the first quarter increased to 1.09% from 0.8% and return on equity rose to 11.7% from 8.7% a year ago. -
JPMorgan Chase & Company said first quarter revenue jumped 25% to $38.3 billion and net income soared 52% to $12.6 billion from $8.28 billion and diluted earnings per share increased to $4.10 from $2.63 a year ago.
Provision for credit losses rose to $2.27 billion from $1.46 billion a year ago. Return on equity jumped to 18% in the first quarter of 2023 from 13% and return on assets increased to 1.38% from 0.86% a year ago.
Loans net of allowances increased 5% to $1.1 trillion from $1.05 trillion, deposits fell 7% to $2.37 trillion and total assets fell 5% to $3.74 trillion from $3.95 trillion a year ago. Assets under management increased 2% to $3.0 trillion.
JPMorgan repurchased $1.9 billion of its own stock and paid a dividend of $3.0 billion or $1.0 a share in the first quarter.
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