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DAILY EARNINGS

Blackrock, Wells Fargo Net Surge; JPMorgan Net Declines


Author: Mukesh Buch
ticker.com
Last Update: 12:28 PM EST January 12 2018

11:45 PM New York Blackrock fourth-quarter net surged 171% to $2.3 billion. JPMorgan fourth-quarter net declined 37% to $4.2 billion. PNC Financial fourth-quarter net more than doubled to $2 billion. Shaw Communications first-quarter net soared 28.1% to C$114 million. Wells Fargo fourth-quarter net surged 18% to $5.7 billion.]

Tollbooth Index advanced 112.75 or 0.8% to 14,507.18.

Earnings Review

Blackrock Inc (BLK), the investment manager reported revenues in the fourth-quarter ending in December soared 20% from a year ago to $3.5 billion.

Net income in the quarter surged 171% to $2.3 billion or $14.07 per diluted share from $851 million or $5.13 in the same quarter last year.

At the end of 2017, asset under management jumped 22% to $6.3 trillion from $5.1 trillion in the same a year ago.

JPMorgan Chase & Co (JPM), the banking and financial services provider reported revenues in the fourth-quarter ending in December jumped 5% from a year ago to $25.5 billion.

Net income in the quarter declined 37% to $4.2 billion or $1.07 per diluted share from $6.7 billion or $1.71 in the same quarter last year.

JPMorgan said provision for credit losses surged 51% to $1.3 billion and average loan balances advanced 7% to $203 billion and took $2.4 billion charge under the tax cuts and jobs act.

PNC Financial Services Group Inc (PNC), the diversified financial services provider said total revenues in the fourth-quarter ending in December advanced 10% from a year ago to $4.3 billion.

Net income in the quarter more than doubled to $2 billion or $4.18 per diluted share from $982 million or $1.97 in the same quarter last year.

Shaw Communications Inc (SJR), Canada-based communications services provider said revenues in the first-quarter ending in November increased 2.7% from a year ago to C$1.25 billion.

Net income in the quarter soared 28.1% to C$114 million or 22 cents per diluted share from C$89 million or 18 cents in the same quarter last year.

In the quarter, Shaw Communications added 34,000 wireless net new subscribers compared with 9,500 in the same quarter a year ago period.

Wells Fargo & Co (WFC), the banking and diversified financial services provider reported revenues in the fourth-quarter ending in December soared 6% from a year ago to $14.9 billion.

Net income in the quarter surged 18% to $5.7 billion or $1.16 per diluted share from $4.9 billion or 96 cents in the same quarter last year.

Wells Fargo said it returned to shareholders a record amount of $14.5 billion through dividends and share repurchases and also reported pre-tax expense of about $3.25 billion on litigation accruals to settle fraudulent accounting scandal related charges in fiscal 2016.
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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