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Market Update : 
Citigroup, Wells Fargo Beat Estimates; JP Morgan Drops on Outlook
Author: Mukesh Buch
123jump.com
Last Update: 12:22 PM ET July 14 2017



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12:15 PM New York Citigroup profit dropped and trading revenue declined 6%. JPMorgan declined on lowered outlook but quarterly net soared 13%. PNC Financial net surged 14% on higher interest income. Wells Fargo & Co net jumped but the bank said it trimmed auto loan as the market softened.

Tollbooth Index gained 29.47 or 0.2% to 12,281.92.

Earnings Review

Citigroup Inc (C)) slipped 1.3% or 84 cents to $66.17 after the financial services provider reported revenues in the second-quarter ending in June advanced 2.3% from a year ago to $17.9 billion.

Net income in the quarter dropped 2.5% to $3.9 billion or $1.28 per diluted share from $4 billion or $1.24 in the same quarter last year.

The bank said revenues in consumer banking business grew 5% to $4.9 billion and Citi-branded cards revenues soared 10% to $2.1 billion but trading revenue declined 6% and fixed income slumped 6%.

The lender said total deposits in the quarter increased 2% to $959 billion and total loans grew 2% to $645 billion.

First Republic Bank (FRC) dropped 1.9% or $2.01 to $99.34 after the banking and wealth management services provider said revenues in the second-quarter ending in June soared 19.9% from a year ago to $641.3 million.

Net income in the quarter jumped 25% to $172.3 million or $1.06 per diluted share from $147.6 million or 97 cents in the same quarter last year.

JPMorgan Chase & Co (JPM) declined 1.5% or $1.42 to $91.67 after the investment banking and financial services provider reported revenues in the second-quarter ending in June jumped 5% from a year ago to $26.4 billion.

Net income in the quarter soared 13% to $7 billion or $1.82 per diluted share from $6.2 billion or $1.55 in the same quarter last year.

The PNC Financial Services Group Inc (PNC) fell 46 cents to $126.86 after the diversified financial services provider stated revenues in the second-quarter ending in June advanced 7% from a year ago to $4.1 billion.

Net income in the quarter surged 14.4% to $1.03 billion or $2.10 per diluted share from $914 million or $1.82 in the same quarter last year.

Wells Fargo & Co (WFC) slumped 1.8% or 98 cents to $54.62 after the diversified financial services revenues in the second-quarter ending in June were flat from a year ago at $22.2 billion.

Net income in the quarter increased 5% to $5.8 billion or $1.07 per diluted share from $5.6 billion or $1.01 in the same quarter last year.

Wells Fargo said total average deposits jumped 5% to $1.3 trillion and total loans increased 1% $956.9 billion. Nonaccrual loans dropped 24% of $9.1 billion.




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