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DAILY EARNINGS

Bank of America, JPMorgan Net Jump; BlackRock, Wells Fargo Net Drop


Author: Mukesh Buch
ticker.com
Last Update: 2:52 AM ET January 13 2017

12:00 PM New York – Bank of America fourth-quarter net surged 48% to $4.3 billion. BlackRock fourth-quarter net fell 1% to $851 million. JPMorgan fourth-quarter net surged 24% to $6.7 billion. Wells Fargo fourth-quarter net declined 5.4% to $5.3 billion.

Tollbooth Index increased 19.33 or 0.2% to 11,362.85.

Earnings Review

Bank of America Corp (BAC), the financial services provider reported revenues in the fourth-quarter ending in December grew 2% from a year ago to $20 billion.

Net income in the quarter surged 48.3% to $4.3 billion or 40 cents per diluted share compared to the $2.9 billion or 41 cents per share in the same quarter last year.

The bank said loan balances gained $19 billion to $915.9 billion and deposit balances increased $64 billion to $1.26 trillion while client balances increased $50.5 billion to more than $2.5 trillion.

Provision for credit losses declined to $774 million and net charge-offs declined to $880 million.

The financial services provider said active users in mobile banking jumped 16% to 21.6 million and Total credit/debit card spending up 6%.

BlackRock, Inc (BLK), the investment management said total revenues in the fourth-quarter ending in December rose 1% from a year ago to $2.9 billion.

Net income in the quarter fell 1% to $851 million or $5.13 per diluted share compared to the $861 million or $5.11 per share in the same quarter last year.

BlackRock said as of December 31, assets under management jumped 11% to $5.15 trillion and long-term net inflows in the quarter were $87.8 billion.

The company raised 9% in quarterly dividend to $2.50 per share along with additional 6 million of share repurchases.

JPMorgan Chase & Co (JPM), the banking and investment services provider said revenues in the fourth-quarter ending in December increased 2% from a year ago to $24.3 billion.

Net income in the quarter surged 24% to $6.7 billion or $1.71 per diluted share compared to the $5.4 billion or $1.32 per share in the same quarter last year.

The lender said provision for credit losses in the quarter was $864 million and fixed-income trading revenue soared 31% to $3.37 billion while equities-trading revenue jumped 8.1% to $1.15 billion.

Active mobile customers in the quarter advanced 16% to 26.5 million and credit card sales volume jumped 14% and merchant processing volume increased 10%.

JPMorgan raise $1.2 trillion of capital for corporate clients and non-U.S. government entities.

“Our results this quarter were a strong end to another record year,” chairman and chief executive officer Jamie Dimon said.

Wells Fargo & Co (WFC), the banking, insurance and brokerage services provider reported revenues in the fourth-quarter ending in December were flat from a year ago at $21.6 billion.

Net income in the quarter declined 5.4% to $5.3 billion or 96 cents per diluted share compared to the $5.6 billion or $1 per share in the same quarter last year.

Wells Fargo said total average deposits for fourth quarter of 2016 were $1.3 trillion, 2% increase from the prior quarter.

Client assets in retail brokerage segment jumped 7% to $1.5 trillion and client assets in wealth management business increased 3% to $231 billion from prior year.

Total assets under management fell 2% to $482 billion.
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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc