Societe Generale increased its profit for the second quarter
The second largest French bank Societe Generale shareholders happy with triple increase in profit for the second quarter on an annual basis due to larger revenues from retail banking in France and profits from the revaluation of its debt. The net profit of Societe Generale rose to 1.08 billion euros for the period from 309 million a year ago. The financial results of the Paris-based bank has been a lot more than analysts expected profit 690 million. Societe Generale plans to come out of profit of 3 billion this year, the goal of its chief executive Frederick Udea is to double its size to around 6 billion by the end of 2012. He relies in large revenues from the French branch network and the growth of its market share in Russia to maintain profitability, while bank assets reduces the removal of the unit for investment banking, which reported a record loss on trading securities a year ago. Losses from risky assets this year will probably be near the lower limit of the expected direction between 700 million and 1 billion loss. Net profit of the international branch network of Societe Generale fell by 0.8% yoy in the second quarter to 125 million. The reason for this lies mainly in increasing provisions for bad loans with Greece and Romania. In comparison with the bank the UK Mortgage Rate is quite high which attracted many customers for investing into Societe Generale.
Deutsche Bank with profit и спад на приходите
The German Deutsche Bank announced a rise in profit to 1.2 billion for the second quarter, up 100 million over the same period last year. In this major contribution to the lower provisions for bad loans, reported BBC. The banks offered best tracker mortgages and increased its market stake. The reserves for bad loans fell to 234 million euros after the second quarter of last year they were 1 billion. Negative news from the report is associated with decreased revenues from the financial institution 7.9 billion for the second quarter of last year to 7,2 billion for this. Particularly significant was the decline in revenue from investment banking, the bank reported. "In the quarter, which was characterized by increased uncertainty among investors and high market volatility, investment banking, Deutsche Bank has followed the trend of lower profitability, which is observed in the entire sector," said Chairman of the Board of Directors of the Bank Josef Ackermann. At the start of new week of Deutsche Bank shares have come under strong pressure at the beginning of yesterday's session, losing more than 3 per cent. The reason for this stress tests have become the banking sector in Europe, where many believe that is Deutsche Bank was among the financial institutions with the least performance.
Investment banking brought high profits of UBS
The biggest Swiss bank UBS issued a profit for the third consecutive quarter that surpassed expectations of analysts thanks to the good performance of its unit investment banking. Its net profit for the second quarter amounted to 2.01 billion Swiss francs (1.91 billion dollars) compared with a loss of 1.4 billion francs a year ago. That topped analysts' forecasts for a positive financial result of 1.12 billion francs. Earnings per unit for the management of its assets before tax jumped 21% yoy to 1.13 billion francs. Investment banking division reported a profit in turn from 1.3 billion francs compared with a loss of 1.85 billion francs a year ago. Redemptions of unit management assets decreased by 8.1 billion francs in the second quarter compared with 15.4 billion francs in the first three months of this year. This also helps to increase the profit of the financial giant. Shares of UBS were fell 2.2 percent this year. UBS and the second largest bank Credit Suisse in Switzerland have been successful stress testing of the Swiss regulatory authorities. They showed that the two banks maintain capital adequacy ratio (tier 1 capital ratio) of more than 8% even in the worst scenarios applied economic decline and tremor in the financial markets. The bank realized tracker mortgages, which increased the profits in comparison with the previous months.
Wells Fargo increased its profit for the quarter
The U.S. bank Wells Fargo lay another surprise in financial markets. She announced profit growth of 12 percent and signaled that the situation in problem loans is beginning to stabilize, AP reported. The profit financial institution for the second quarter amounted to 2.88 billion dollars, or 55 cents a share. For the same period last year profit was 2.58 billion dollars, but then fell for 57 cents a share because of fewer shares of the bank. The preliminary analyst expectations were for a positive result of 48 cents per share. The financial institution has achieved a revenue of 21.39 billion dollars, down from the same period last year. And revenues were 22.51 billion dollars. Positive trend shown by reducing write-offs of bad loans from the first quarter, and slower growth in loans under surveillance, which may be bad. The good news led to increased shares of Wells Fargo by 6% before the start of today's trading session in the U.S. The bank realized good incomes and profits from the mortgage online campaign, which followed.
Morgan Stanley gone on profit for the second quarter
The U.S. bank Morgan Stanley announced that it has issued a profit in the second quarter of 2010. The main role is played revenue growth in the company's three main business segments in which it operates - asset management and investment activities. Profit for the period the bank was 1.96 billion dollars or 1.09 dollars per share. Year earlier, financial institution reported a loss of 1.26 billion dollars or 1.10 dollars per share. Preliminary analyst expectations were for earnings of 57 cents per share. The revenues of the bank amounted to 7.95 billion dollars, an increase of 53% over the same period last year. However, below estimates were for earnings of 8.11 billion dollars. Trading in shares of the bank has achieved revenues of 1.42 billion dollars, which is twice more than last year. This result than achieved by Goldman Sachs 1,21 billion dollars and 1.04 billion dollars from JPMorgan. Investment banking has brought 885 million dollars in Morgan Stanley, and from asset management have also received 207 million dollars, the report shows.
Credit Suisse with higher profit than expected
The second largest bank in Switzerland, Credit Suisse announced better than expected second-quarter profit after financial giant won on its debt and obtain a loans. Net profit of the bank increased by 1.4 percent annually to 1.59 billion Swiss francs (1.5 billion dollars) in the second quarter to 1.57 billion francs a year ago. This was well above market analysts expected 1.23 billion francs profit. Revenues of Credit Suisse from trading securities fell by 27% in the quarter because the volatility of financial markets caused the debt crisis in Europe. It is negatively affected and the financial performance of U.S. banking giants Goldman Sachs and Citigroup. According to the management of Credit Suisse economic and market situation currently remains uncertain and challenging. Credit Suisse has received a tax credit of 522 million francs and a profit of 922 million francs for its debt in the second quarter, which offset the additional costs for its bank tax, which was introduced in Britain.
Bank of America surprised the US markets
The U.S. Bank, Bank of America lay another surprise on the market. After General Electric and Citigroup have announced higher profits than analysts had expected, and that made Bank of America. Profit of the financial institution for the second quarter was 3.12 billion dollars, or 27 cents a share. This is 3.1 percent less than the same period last year, when profit was 3.22 billion dollars, or 33 cents a share. Revenues of the financial institution, however, decreased more strongly - by 11 percent to 29.15 billion dollars. Analysts estimates were for earnings of 22 cents a share and revenue of 29.75 billion dollars. "We managed to improve its capital position through retained earnings and credit quality improves us even faster than expected," said CEO Brian Moinahan bank. By the financial institution said they had made a profit of credit card transactions amounted to 806 million dollars, while the number of the bad credit decreased with more than 30%. This is double less than last year, as lower provisions were offset by a sharp drop in revenue. Provisions for bad loans decreased from 13.38 billion dollars for the second quarter of last year to 8.11 billion dollars for this same period. During the first three months of this year provisions were 9.81 billion dollars.
Citigroup with small profit decrease
The U.S. bank Citigroup said its profits drop 37 percent in the second quarter on an annual basis. However the statement of the financial institution out better than analysts' estimates. The company decreased the number of unsecured personal loans and won the approval from the financial analyzers and US government. Of Citigroup profits in the second quarter was 2.7 billion dollars, or 9 cents a share. For the same period last year it was 4.3 billion dollars. Profits to holders of ordinary shares does is 2,7 billion dollars, which is 300 million less than last year, data show. The evenue in the financial giant have fallen by 33%, having dropped from 33.1 billion to 22.1 billion dollars. Preliminary analyst expectations were for earnings of 5 cents per share based on 22.4 billion dollars revenue, reported Market Watch. "Although the market situation has led to declining revenues from investment banking, lending improves for the fourth consecutive quarter," said CEO Vikram Pandit of Citigroup. Positive moment in the statement of the bank is reducing by half the reserves to cover possible credit losses. They are down from 12.68 billion dollars for the second quarter of last year to 8.62 billion dollars during this reporting period.
Societe Generale turned back to profit
The second largest French bank Societe Generale announced more than expected profit for the first quarter of this year thanks to good financial results point to corporate and investment banking and best rate mortgages. Net profit of the bank for three months to March 31 amounted to 1.06 billion. For the same period in 2009, it experienced the loss of 278 million. Market analysts had expected Societe Generale to leave a profit of 654 million. The leadership of the Paris-based bank expects financial results for the year to meet its forecasts. In the previous two years, the bank reported a record loss on trading securities. More than 50% of the profits of Societe Generale for the first quarter comes from the Department of Corporate and Investment Banking. It amounted to 541 million compared with a loss of 171 million euros a year ago. Its revenues rose by 74 percent annually to 2.14 billion. Provisions and write-offs of problem financial assets worth 273 million euros, compared with 1.8 billion a year ago. Shares of Societe Generale are weakened by 21% since the beginning of this year, which has decreased its market capitalization to 28.6 billion. Shares of France's biggest bank BNP Paribas at the same time fell by 12 per cent and those of Credit Agricole - with 16 per cent.
Commerzbank realized high increase of quarterly profits
The second largest bank in Germany - Commerzbank, announced a profit of 708 million for the first quarter. This is achieved much more than the same period last year 864 million euros and is due to improved performance of the commercial department of the bank. Earnings per unit for trade and investment reached 850 million euros after the first three months of last year it was EUR 527 million. "Overall, first quarter went better than we expected," said Finance Director Eric Shtruts Bank, quoted by AP. Net interest income of the bank grew by 12 percent to 1.88 billion asset does have shrunk by 16 percent to 846 billion. The bank realized high increase of the profit because of the good investment policy, but also because it offered best mortgage fixed rates, which increased the number of clients and the incomes in the bank. Commerzbank is well known German bank with good and very strong financial policy, which is bringing the bank to good financial results and carrying large incomes for the bank and investors.
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