Citigroup reported 3 billion USD profit for the first quarter of 2011
The third-largest U.S. bank Citigroup reported 32 percent drop in profit for the first quarter, which however was higher than market forecasts. The net profit for the financial giant is estimated at $ 3 billion, or 10 cents a share, for the three months to the end of March. A year ago it was the amount of 4.43 billion dollars, or 15 cents a share. The average forecasts of market analysts was for net earnings per share of 9 cents. The revenues of the financial giant fell to 19.7 billion dollars compared with 25.4 billion dollars a year. The Citigroup lost a total of 29.3 billion dollars in 2008 and 2009 during the global financial crisis, but in the last five quarters has been profitable. The analysts said the bank's net profit will reach 9.85 billion dollars for the entire 2011. The Citigroup's recovery from heavy losses came after losses on problem loans began to decline and the bank began to set aside fewer provisions to cover them. Citigroup, which received the largest government grant among U.S. banks in late 2008, has lost 6.6 percent of its market capitalization this year. In 2010, however, shares of the bank rose 15 percent. Citigroup plans to invest in expanding services for consumer banking, mainly in emerging markets, including Chile, Brazil, Colombia, Mexico and Peru.
Visa reported 16% profit growth in the last quarter of 2010
The American company Visa announced the profit growth of 16 percent in the fourth quarter of 2010 on an annual basis. This is a signal that consumers begin to spend again, which in turn gives arguments that the economy has stabilized. The volume of transaction cards issued by Visa, increased by 14 percent during the quarter to 30 September. These are the most recent data that has card operator. The Visa's Earnings for the fourth quarter of 2010, the first for the fiscal year for the company is 884 million dollars or 1.23 dollars per share of Class A. For the same period last year the company achieved a profit of 763 million dollars or 1.02 dollars per share. The company's revenues amounted to 2.24 billion dollars. The number of transactions in the company's network even has jumped by 15 per cent. The preliminary estimates of analysts was for profit of 1.21 dollars per share and revenue of 2.23 billion dollars. Shares of Visa declined in increased trading period, since in the regular session, rose 2 percent to 72.09 dollars a share.
Siemens surprised the markets with 17% profit growth
The German company Siemens surprised markets with profit growth from 17 percent in the fourth quarter of last year. A positive result from the main activity of the giant amounts to 1.79 billion euro. The revenue for the period of Siemens, which is the first quarter of the financial year the company increased by 12 percent to 19.49 billion. The results of the German company shows that the global economy continues to recover. Siemens is considered a good indicator of the state of economic activity, as operating in 190 countries and has over 400 thousand employees. The company also has an extremely large product portfolio that covers nearly the entire spectrum of the economy. During the quarter the company received orders worth 22.59 billion, an increase of 19 percent annually. Operating profit of the three main sectors in which the company operates - industry, energy and health care increased by 6 percent annually to 2.23 billion dollars. From the company Siemens announced that much of the improvement in results is due to strong interest and significant orders from developing countries.
Bank of America with 7.3 billion loses for the quarter
The largest U.S. bank - Bank of America, announced a loss of 7.3 billion dollars for the third quarter because of high costs associated with implementation of new rules of financial regulators in the U.S. in terms of consumer bank accounts and credit cards. The shares of financial giant cheaper by two percent in the hours before the start of the regular trading session on the New York Stock Exchange. The loss, which accounted for one share in the third quarter amounted to 77 cents. A year ago, Bank of America announced a loss of $ 1 billion, or 26 cents a share. If we exclude the exceptional income and expenses, the financial results of Bank of America for the past quarter was positive and amounted to 3.1 billion dollars, or 27 cents a share. This was more than forecast by analysts of 14 cents per share. The revenues of the bank without interest expense increased by 2% yoy to 26.98 billion dollars. Big loss for the third quarter due to the voluntary provision of 10,4 billion dollars, which Bank of America has set aside because of expectations that the laws on consumer protection relating to banking and adopted by the government this year, may reduce by up to 80% of the revenues of the bank debit cards. JPMorgan, the second largest U.S. bank in assets, announced a profit of 4.42 billion dollars for the third quarter. Citigroup, the third largest, came to 2.17 billion dollars profit.
Alcoa’s profit decreased only with 21%
The largest U.S. aluminum producer Alcoa reported third-quarter profit that topped forecasts of financial analysts, thanks to increased demand for aluminum in the second-largest economy in the world - China. The company's management predicts that the turbulent growth of the Chinese economy may increase demand for aluminum in the world by 13% this year. Her previous demand forecasts predicting growth of 12 per cent. The company, which participates in the index Dow Jones IA, announced after yesterday's session net earnings per share from 9 cents last quarter, which was nearly twice the expectations of economists polled by Bloomberg. This excludes one-off effects on financial results. Because of its better-than-expected reports on Alcoa shares rise in price by 2.7 percent to 12.54 dollars in electronic trading today on the New York Petroleum Exchange. Alcoa net profit decreased by 21% yoy to 61 million dollars, or 6 cents a share, in the third quarter compared to 77 million dollars, or 8 cents a share, a year ago. Sales increased by 15% yoy to 5.3 billion dollars during the period. Alcoa has supplied 1.22 million tons of aluminum, which is 0.6 percent less than the third quarter of 2009. The company got very good mortgage discount to invest into the new factories in Asia, which was the main reason for the bad financial report. The remortgage rate was quite high, so the business management of the company got new loan fro covering the expenses for this large investment.
Profit for the quarter of Raiffeisen increased triple
The Austrian bank holding company Raiffeisen International Bank Holding announced triple profit growth for the second quarter. However, the results remain well below analyst estimates. Profit of the bank, which operates in 17 countries from Central and Eastern Europe amounted to 71 million after the second quarter of last year the positive result was 22 million. Preliminary expectations were for profit of 99 million. With a major contribution to the growth of profit due to lower provisions for bad loans, which fell by half - from 523 million in the second quarter of last year to 265 million for the same period of this. Net interest income of the bank which shows the difference between received interest on loans and interest on borrowed funds increased by 1.5 percent to 740 million euros. By the financial institution remain uncertain prospects in the global economy in 2011. Significant improvement in the situation, however, observed in Russia and Ukraine, which still gives cause for optimism. When you compare fixed rate mortgage from the bank with another competitors, you will see that the bank is offering good and quality service for credits and loans. This increases its market stake, which was moving the profits up.
High increase of DuPont profits
The U.S. chemical group DuPont announced almost threefold increase in its net profit for the quarter thanks to a jump in sales, in addition, increased its forecast for annual profit. For the period April to June the company had a profit of 1.16 billion dollars against 421 million dollars a year earlier, transmits AP. Earnings per share was 1.17 dollars with an average forecast of analysts for 93 cents cash. For the year DuPont expects earnings per share of 2.90 to 3.05 dollars with an average market forecast of 2.64 dollars for experts in number. In April the company had already raised every year forecast to 2.50 to 2.70 dollars per share following strong first quarter of 2010. In the second quarter had a positive impact on sales increase by 26% yoy to 8.6 billion dollars, which was also above average expectations (8.23 billion dollars). Performance is reported in all divisions of the group states that its business has returned to levels before the crisis. In 2009 DuPont made savings of over one billion dollars and cut more than 2 thousand jobs.
Fiat went on profit
The Italian auto giant Fiat managed to come out of profits in the second quarter. With a major contribution to this high demand for trucks and tractors. Fiat's profit for the quarter was EUR 90 million after last year was reported loss of 168 million. Profit before taxes, interest and lump-effects, which the company defines as business profits nearly doubled from 359 to 651 million. Prior expectations were that this indicator will be 359 million euros. During the quarter the company has managed to neutralize the negative effects of declining demand for cars in Europe since the end of the "cash for old cars, due to increased demand for Iveco trucks and tractors, New Holland. By the end of the year is expected to split the Fiat car business from the production of trucks and tractors. They will be separated into a company called Fiat Industrial. Current shareholders will receive one share of each new company, currently owned by Fiat.
JPMorgan with 76% growing of the quarterly profit
The U.S. bank JPMorgan said its profit growth of 76 percent annually in the second quarter. Much of the positive result is due to the reduction of reserves to cover possible credit losses of 1.5 billion dollars. The Bank has made a profit of 4.8 billion dollars or 1.09 dollars per share in the quarter after the same period last year the positive result was 2.7 billion dollars, or 28 cents a share, writes Market Watch. If you do not take into account the effect of lower reserves and the cost of 550 million dollars come tax because bankers bonuses in the UK, JPMorgan profit is 87 cents a share. Revenues of the financial institution does have declined from 8 percent to 25.61 billion dollars. Preliminary analyst expectations were for earnings of 74 cents a share and revenue of 25.81 billion dollars. JPMorgan net profit from investment banking fell by 6 percent to 1.4 billion dollars. Fees from getting of share issues have fallen by 68 per cent, while the issuance of debt securities have dropped by 6 per cent. The bank realized good profits from fixed rate mortgage offers, which they made with customers in the years of the crisis. The loans were covered with insurance, which was good action from the bank.
According to banking analyst Dick Bouv Rochdale Securities report by the bank is not very good because it shows not so good performance of the bank as a reduction in the allowance. His opinion is that the revenue of the financial institution are also more limited than was expected.
Caterpillar got on profit because of the good financial conditions
The U.S. company Caterpillar, that is the largest manufacturer of agricultural, mining and construction equipment in the world, said it issued a profit in the first quarter thanks to improved economic conditions worldwide. Increased demand for its machines, especially in rapidly developing Asian countries is therefore the responsibility of the company to raise its forecast for the unexpected results for all of 2010, sent Wall Street Journal. The company realized high profits from Cheap Mortgage Rates, which supported the investors and sales of the company. The CEO of Caterpillar said Jim Owen, the company will increase its production to meet growing demand, stating that contracts for certain machines have reached record levels. For all Caterpillar expects 2010 earnings per share between 2.5 and 3.25 dollars and earnings of 38 to 42 billion dollars. In January, management forecast earnings per share of 2.5 U.S. dollars and revenues from 35.6 to 40.5 billion dollars. For the first three months of this year, Caterpillar reported net profit of 233 million dollars, or 36 cents a share, compared with a loss of 112 million dollars, or 19 cents a share, a year ago. After excluding one-off revenues and expenditures, industrial company realized 50 cents earnings per share compared with a positive result of 39 cents per share a year ago. According to the companies offical website the profits are due to cheap mortgages, because of the financial support, which US government gave to business.
Categories
- American Companies
- Asian Companies
- Australian Companies
- European Companies
- Half Year Report
- Monthly Report
- Quarter Reports
- Yearly Report
Useful Links
Calendar
Recent Comments
- zaki on Unilever with unexpected high profit
- alam on Unilever with unexpected high profit
- Tailynn on Veolia with a profit jump of 44 percent for the year 2009
- Alina Thornton on AT&T hardly increased its profit in the first quarter
- Darrell Hardaway on Adidas with profit increase with the support of the World Cup