In today’s SEC filings digest, Wells Fargo profit rises, Citigroup profit increases, and JPMorgan revenue and earnings rise.
Wells Fargo & Company (WFC) announced its financial results for the third quarter of fiscal year 2014, posting a rise in profit from a year-ago. The largest U.S. bank by market cap reported a 3.5% increase in revenue to $21.21B, beating analyst predictions of $21.08B. As the country’s largest home mortgage provider, its results can lead analysts to predict the state of the U.S. housing market. Net income rose from the year-ago $5.58B and $0.99 per share to $5.73B and $1.02 per share, meeting analyst expectations. Total loans increased 3.4% from last year to $838.9B while net interest margin, a key metric that measures the difference in what it earns on lending and what it pays depositors, tightened from 3.39% a year-ago to 3.06%.
Citigroup, Inc. (C) announced its financial results for the third fiscal quarter of 2014, reporting a rise in profits from the year-ago quarter. Revenue jumped from last year’s $17.9B to $19.6B, beating analyst expectations of $19.05B. Net income rose from the year-ago $3.2B and $1.00 per share to $3.4B and $1.07 per share, while adjusted earnings were $1.15 per share, beating analyst $1.12 predictions. In addition to its earnings announcement, the company also disclosed it has opened a second investigation related to fraud in its Banamex Mexican business. Citigroup is also exiting 11 foreign markets that it has identified as being smaller profit with little potential for significant profit. These markets include operations in South Korea, Japan, Egypt, Guam, and several others.
JPMorgan Chase & Co. (JPM) announced its financial results for the third quarter of fiscal year 2014, posting a swing to profitability. The company, which posted a net loss of $380M and $0.17 per share in the year-ago quarter due to $7.2B in legal and regulatory expenses, reported a profit of $5.6B and $1.36 per share. Revenue steadily increased 5.4% to $25.2B, while fixed-income trading revenue increased 2% to $3.5B, beating $3.2B estimates. CEO Jamie Dimon, who revealed in July his battle with throat cancer, remarked that the company is delivering strong performance despite some of the challenges it is facing. The company has vowed to double its cybersecurity budget in light of its October 2nd security breach which compromised 76 million households and 7 million businesses.← Back to all news