JP Morgan with 4% profit decrease for Q3 2011
The American Bank J.P. Morgan Chase & Co. announced that its profit for the third quarter fell by 4% annually to 4.26 billion dollars or 1.02 dollars per share compared to 4.42 billion dollars and 1.01 dollars per share in the third quarter of 2010. The revenues have remained almost unchanged at a level of 23.8 billion dollars, while adjusted earnings reached 24.4 billion dollars, registering an increase of $ 100 million. The analysts expected profit of 91, however cents per share on revenue of 23.3 billion dollars, according to a survey of FactSet Research. Within a quarter credit institution registered disposable earnings of 29 cents per share of the debit adjustment evaluation of its investment division, resulting from the increase of its credit spreads.The division to invest in unlisted companies announced a loss of 9 cents per share. Bank lost 15 cents per share of costs associated with mortgage securities. From J.P. Morgan said they faced a challenging program in terms of banking and capital markets, but so far retained its first place ranking in the lowest fees for investments as global banking.
Standard Chartered reported higher profit for Q2 2011
The British bank Standard Chartered, which operates mainly in Asia, said its first half profit before tax increased by 17% over the same period of 2010 to 3.6 billion USD, announced the Air Force. The profits rose in all regions where the bank operates, with the exception of its biggest markets - India, where registered a decline of 5%. For this particular result of the bank blamed rising interest rates, increased competition and changes in the regulatory framework of the financial sector. The earnings of Standard Chartered rose 23% in Hong Kong 34% Singapore 14% in South Korea and 19% in China. Growth in the Middle East is 4% in Africa - 10%, the Americas and Europe - 11%.
"The strong performance of the group during the first half of 2011 should be considered in the context of current economic uncertainty, especially in the West, and ongoing global changes in the rules", said Chairman of the Board of Directors of the Bank Sir Jin Peas. "Standard Chartered had a strong start to 2011 and this momentum continued into the second half of the year", he added.
Half-year profit of Barclays decreased with 30%
The British bank Barclays announced that its profit before tax for the first 6 months of the year was 2.6 billion pounds, which is 33% less than the same period of 2010. However, it includes a fee of £ 1 billion to settle claims for lost sales of insurance protection contributions. The bank also indicated that revenue from its investments in bonds and commodities fell. Most of the profits of the credit institution comes from its unit investment banking Barclays Capital, which includes part of the former U.S. bank Lehman Brothers, but even there profit decreased by 9% annually to 2.3 billion pounds. Despite reduced earnings chief executive of Barclays, Bob Diamond said he was pleased with the results in this economic environment, defined by him as "gray". He claimed that the bank has implemented and its agreement with the government to lend British businesses.
"We have delivered on their commitments under the Merlin and increased by 20 billion pounds of new lending business in the first half of the year", said Diamond. This figure also includes loans amounting to 7 billion pounds for small and medium businesses.
Royal Bank of Scotland reported 678 million GBP loses
The Royal Bank of Scotland announced a loss before taxes of 678 million GBP in the second quarter because of deterioration of the balance of loans caused by the loss of Greek government bonds and weak signs of improvement in Ireland.
During the same period of 2010 result was a profit of 1.17 billion GBP. The losses from bad loans rose to 2.3 billion pounds compared with 2 billion pounds in the first quarter, but for the same period the previous year were 2.5 billion GBP.
The Royal Bank of Scotland set aside reserves of 733 million GBP to cover losses on its portfolio of Greek government securities. The revenues of the bank in which the British government holds 83% after the financial assistance rendered during the financial crisis, were also affected by the allocation of reserves of 850 million pounds to cover the cost of compensating consumers, held at the conclusion of insurance.
HSBC reported 58% profit increase for the first quarter
The profit of the Europe's largest bank HSBC has increased by 58% in first quarter, due to the lower taxes and lower provisions for bad loans. The main profit of HSBC, however, decreased slightly after the costs for the period increased significantly, while the revenue is decreasing slightly. The HSBC net profit was amounted to 4.15 billion dollars for the first quarter compared with 2.6 billion dollars a year ago. The increase in positive financial result is due largely to lower taxes and increases of the Latest Gold Prices.
However, the profit before tax was amounted to $ 5.5 billion compared with $ 6 billion an year ago. The market expectations were for a higher profit before taxes of $ 6 billion.
The HSBC's revenue decreased slightly to 17.04 billion dollars compared with 17.9 billion dollars last year, mainly due to smaller revenues from consumer lending in the U.S. The aim of the new chief executive Stuart Gulliver of the Bank is to reduce costs to improve profitability of HSBC. In his words, HSBC will seek to improve not only profit from emerging markets, but also from developed markets such as Europe. The growth of HSBC in the first quarter is the strongest in Asia, Latin America and the Middle East, while in Europe, profit before tax have fallen sharply from about 65%, while in the U.S. fell by 60 per cent. The share of cost of revenues of the bank increased to 60.9 percent in the first quarter compared with 49.6 percent a year ago. The increase in operating costs comes as a result of the larger salaries of staff in the investment banking division of HSBC.
UBS with 18% profit decrease
The Swiss bank UBS reported 18% drop in profit in the first quarter of 2011 on an annual basis. This was below market expectations, but shares of the financial institution does not report serious decline. The profit of the bank for the first three months was 1.81 billion francs, or 0.47 Swiss francs per share. Over the same period last year profit was 2.2 billion francs, or 0.58 francs a share. Expectations of analysts was for a positive result of 1.84 billion francs. The UBS's revenue for the period were 8.3 billion francs. In the first quarter net income from fees and commissions fell 8 percent to 4.24 billion francs. When net interest income has decreased by 8 percent to 1.78 billion francs. The Swiss bank reported strong growth in the investment of funds from customers during the first quarter, recording the largest inflow in the unit to manage assets from the financial crisis so far, the report shows the financial institution. The Bank's customers are scoring 11.1 billion Swiss francs in the first three months of the year. Thus ended the trend of net withdrawals, which began in early 2010. In recent years the bank, which is the second in size of assets under management to customers institution in the world have downloaded nearly 400 billion francs. This is because of problems caused by global financial crisis and the huge amount of assets written off because the U.S. mortgage market.
Deutsche Bank is getting course to high profit
The biggest bank in Germany - Deutsche Bank AG, increased its profit for the first quarter despite the negative trend for the industry. Concern reported a profit of 3 billion before taxes, which is 8% higher than the result of too strong for the bank last quarter of 2010. The result is "an important step towards achieving our target of 10 billion euros this year," said Chairman of the Supervisory Board Josef Ackermann in a letter to shareholders. The analysts predicted a profit before tax of EUR 2.7 billion. Large banks in the U.S. and Switzerland, have already published their financial results, reported weaker results for the first quarter compared to last last year. Only in investment banking, the strongest part of the concern over first quarter profit was 2.6 billion. Revenue remained stable, unlike the foreign competitors of Deutsche Bank, which suffered mainly from a decline in trading bonds. "Our products in the entire sector expanded its market share and thus won recognition as a leader among investment banks," writes Ackerman in the interim report, quoted by Handelsblatt. The analysts say the result shows that investments that Deutsche Bank has undertaken during the crisis, already paid, and the gap between strong and weak banks is increasing. For a similar trend reported on Wednesday and the second largest Swiss bank Credit Suisse. She said 45 percent drop in profit for the first quarter, which did not meet analysts' expectations.
Wells Fargo’s profit is increasing
The fourth-largest U.S. bank Wells Fargo reported 48% jump in profit in the first quarter after holding its lending increased and decreased troubled assets. The shares of Wells Fargo, however, cheaper by almost 5% to 28.60 dollars in early trading on the New York Stock Exchange. The net profit of San Francisco-based financial services company rose to 3.76 billion dollars, or 67 cents a share, from 2.55 billion dollars, or 45 cents a share, a year ago. The revenues in the first quarter but fell by 5.2 percent annually to 20.3 billion dollars. The market forecasts were for net profit per share from 66 cents to 21.2 billion dollars.
"While the economy continues its uneven recovery, our business customers increased withdrawals and loans using lines of credit - a reliable sign that businesses are again investing for growth," said president and CEO of Wells Fargo, John Stumpf in a statement. The consumers, however, "continue to fluctuate in the drawing of new loans," he said. The net interest margin for the bank declined to 4.05 percent for the quarter from 4.27 percent a year earlier.
Bank of France profit increased to 2.56 billion EUR
From the Bank of France reported today that the net profit for 2010 rose by 86 million to 2.56 billion EUR. Finally was decided that, the bank will pay 1.56 billion dividend to the state. The central bank explained that the revenues were supported by growth in the volume of investment, after the amount of euros in circulation has increased. Revenues also increased due to the rising income from the long-term investments that are part of the response to the eurozone financial crisis. The impact of international currency markets has been modest, since the average value of the euro has dropped to 1.33 dollars in 2010 from 1.39 dollars in 2009.
The bank is having special management program to decrease the outcomes and spendings over the wages and bonuses, but together with this realized good loan policy. The bad loans of the bank decreased with more than 55% and the risk management is stabilizing the financial conditions of the institution. Also as it was mentioned before the bank has good long-term investments, which repaid and were successful.
Alpha Bank reported large profit decrease for 2010
The Greek Financial Group - Alpha Bank reported a sharp drop in profits last year after the deepening economic crisis in the country affected the growth of bank lending and increase reserves to cover problem loans. The third largest Greek lender has realized a net profit of 85.6 million for 2010 compared with a positive financial result of 349.8 million for 2009, writes Financial Times. The profit decreased sharply by 75.5 per cent, which contributes one-time tax of 61.8 million imposed by the government to curb the budget deficit. The Greek government, the country's international creditors, the European Commission and the International Monetary Fund (IMF) urged banks in Greece to unite to strengthen investor confidence to them and reduce their dependence on funding from the European Central Bank. The management of Alpha Bank, however, are adamant that merger talks with its larger rival National Bank of Greece have ended without success and will not be renewed. According to Alpha Bank was too risky to negotiate a merger at this stage because of the unstable economic environment. From Alpha Bank has indicated it will focus on reducing the cost and level of indebtedness to increase their liquidity. The provisions of the Bank's bad loans rose to a record 2.2 billion last year. Problem loans increased by 40% in 2010 amid debt crisis in the country. Their share of total loans reached 8.2 percent in the fourth quarter of last year compared with 5.7 percent a year earlier.
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