Citigroup with 1.3 billion USD profit, but disappoint analysts
Citigroup, which is the third-largest U.S. bank, announced weaker than expected profit for the last three months of 2010 from 1.31 billion dollars, or 4 cents a share. An year ago the U.S. financial giant out significant loss of 7.58 billion dollars, or 33 cents a share. But since then the bank's revenues have increased more than twice that with the decline in its reserves helped her turn a profit at the end of 2010 revenues of Citigroup rose double to 18.37 billion dollars. The financial results, however, proved to be weaker than expected by economists net profit of 7 cents a share and revenue of 20.4 billion dollars. The last year was the first profitable for Citigroup under the leadership of Chief Executive Vikram Pandit. He led the bank in December 2007 and the next two years Citigroup suffered losses for a total of 29.3 billion dollars. In the autumn of 2008, Citigroup received a bailout loan of 45 billion dollars by the U.S. government, which was among one of its main shareholders. In the fourth quarter, however, the U.S. Treasury and has sold its last shares in the bank. Shares of Citigroup rose 43 percent last year. JPMorgan Chase, which is the second largest U.S. bank, announced a net profit of 4.83 billion dollars on January 14.
Time Warner’s profit dropped with 21%
The U.S. company Time Warner said its profit drop 21% in the third quarter on an annual basis, among the main reasons for this is off costs of 295 million dollars associated with debt repayment. The business management of the company made successful Debt Consolidation of the credits and decreased the expenses of the company for the quarter. Even this was not enough for the company to increase its profit for the third quarter of 2010. Time Warner Earnings for the third quarter was 522 million dollars, or 46 cents a share. Over the same period last year profit of the company was 622 million dollars, or 55 cents a share. However, the company increased target for growth in profits at the top of the range 20-30%. Previous expectations were for profit growth to "at least 20%," recalls the newspaper. The company revenue rose 1.8 percent to 6.38 billion dollars. The biggest profits of the company in the television sector, there has been a growth of 23% on a revenue increase of 9 per cent. The successful management of the company reduced the high loses from the beginning of financial crisis and the analyzers are still optimists for the future of Time Warner.
Ford reported 1.7 billions USD profit
The U.S. carmaker Ford reported a profit of 1,7 billion dollars for the third quarter, the sixth consecutive quarter with positive financial results. Earnings per share was 43 cents, which is a significant increase compared to earnings of 29 cents per share achieved for the same period last year. As the exclusion of certain one-off effects, profit, Ford is 48 cents a share, well above analysts' expectations of 38 cents per share. Revenues of the American company, without taking into account the results of Volvo Cars, amounted to 30.7 billion dollars. Due to the improved financial condition by Ford have paid a credit line of $ 2 billion. The company also announced that this week will be paid 3.6 billion dollars to cover commitments associated with health insurance for employees. The company reduced debt by 27.3 billion dollars at the end of the second quarter to 22.8 billion dollars to 30th September. The company repaid its Loans got in the beginning of the financial crisis, and now feel the recovery of the economy and good business conditions.
Freddie Mac with 2.5 billion USD loses for the 3rd quarter
The U.S. Mortgage giant Freddie Mac announced a loss of 2.5 billion dollars for the third quarter. Thus, the company reported a quarterly loss for the 12th of last 13 quarters. In the third quarter of 2009, the mortgage giant Freddie Mac reported a loss of 5.4 billion dollars. During the period were earmarked 3.7 billion dollars to meet the credit losses, which is less than five billion dollars earmarked for this purpose during the previous quarter. However, the company turned to the Finance Ministry with a request for $ 100 million. This means that funding from the state to Freddie Mac will swell to 63.2 billion dollars. By these means the company pays 10% dividend to the state, adds the newspaper. In the third quarter loss of Freddie Mac reduced due to an increase in the value of certain securities, resulting in a cash flow of 1.4 billion dollars. After payment of appropriate dividends worth 1.6 billion dollars, however, Freddie Mac has proved without sufficient cash to carry out its functions. The company realized good business management, but the bad loans are increasing and the continued bankruptcies in US banking system are still shaking the Freddie Mac financial report.
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.
BNP Paribas increased with 31% its profit for the quarter
The reduced provision for possible losses on bad loans and bad credits have helped the biggest French bank BNP Paribas SA to increase its 31% profit for second quarter annualized. Provisions of the bank problem loans in the second quarter fell to its lowest level in two years from 1.08 billion. This is 54% less than the value in the second quarter of last year. BNP Paribas shares rose 4 percent over the Paris Stock Exchange today after the bank announced a net profit of 2.11 billion for the second quarter. That topped analysts' expectations of a positive financial result of 1.61 billion. Earnings per units of BNP Paribas in France, Belgium and the U.S. increased the most, offset by a 30 percent decline in revenues of its link to corporate and investment banking. Like its rivals Deutsche Bank and Goldman Sachs, the French bank also recorded a decline in earnings from securities trading in the previous quarter because of deterioration in global financial markets along the Debt Crisis in Europe. The purchase of the assets of the Dutch-Belgian Fortis Insurance Company last year also helped the French banking giant increased its profits this year.
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.
Bank of New York Mellon with 273% profit growth
The largest U.S. Bank, Bank of New York Mellon, which is the largest custodian bank services in the world, announced 273% growth in profits in the second quarter on an annual basis. With a major contribution to this significant growth in revenues from fees for managing investment assets. The profit of the bank amounted to 658 million dollars, or 54 cents a share, after last year was achieved profit of 176 million dollars, or 15 cents a share. Preliminary expectations did it for a positive result of 55 cents per share. Fees rose 1.8 percent while the fees of services relating to securities, fell by 2%. Fees for asset management does have risen by 6.1 per cent against the growth in assets under management by 13 per cent. The bank is having low number of bad credit loans and was admired by the US government for correct politic. The financial management of the Bank of New York Mellon had decreased its bonuses, which brought serious confidence from the customers. The bank also increased its market rate, by offering best mortgages. This is serious sign for recovering of the US economy.
Alcoa with strong quarterly report
The company to produce aluminum Alcoa launched the reporting season of American Stock Exchange after the report submitted yesterday for the second quarter. It proved to be stronger than projected, and it creates positive expectations and other leading companies. In the second quarter of 2010 Alcoa managed to hit the profit of 136 million dollars, or 13 cents per share. For the same period last year was recorded a loss of 454 million dollars, or 47 cents a share, writes AP. The revenue the company did jump over 22 percent annually - from 4.24 billion dollars 5.19 billion dollars. An interesting detail of the report is fairly sharp drop in revenue from commercial construction sector in North America, as their share in total income fell from 27 to 23 per cent. These results exceeded analysts' expectations, which were for profit of 12 cents per share based on 5.05 billion revenue. This has led to increased Alcoa shares by 2,7 per cent in the hours trading after the official trading session in New York. The report of Alcoa was expected with great interest from the market because a company is the first index of U.S. blue-chip Dow Jones Industrial Average.
Financial report of Electrolux better than expectings
The Swedish appliance company Electrolux announced 56% rise in profit for the second quarter on an annual basis. However, revenues dropped, mainly due to reduced demand in southern Europe at the end of the reporting period, reported Wall Street Journal. Earnings per Elecrolux amounted to 1.03 billion Swedish kronor (140.6 million dollars). A year earlier the success of the company was 658 million kronor, and now analysts expect it to grow to 908 million kroner. The revenue the company reported a minimal decrease from 27.48 to 27.31 billion kronor, which coincides with the preliminary expectations. Operating profit did increase from 1.05 to 1.27 billion kroner. From the company's statement shows that demand for the U.S. market increased by 10 percent during the reporting period. In Europe as a whole, stabilization, and at the end of the quarter was registered significant drop in demand in southern Europe, indicated by the company. The company is leader it while technique producing and for the period repaid debt consolidation loans from the previous year. This was serious sign for recovering of the company after hard years of debts, loans and unknown future, because of the sales decrease.
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