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Market Update

Bank of America, BlackRock, Wells Fargo Profit Decline


Author: Mukesh Buch
ticker.com
Last Update: 6:44 AM ET April 14 2016

12:00 PM New York Bank of America net plunged 18% as trading revenue tumbled 16%. BlackRock net tumbled 20% and revenues fell 4%. Delta Air net soared 27%. Progressive net dropped 13% while revenues soared 15%. Wells Fargo profit declined 5% and non-performing assets increased.

Tollbooth Index gained 29.38 or 0.3% to 10,838.18.

Earnings Review

Bank of America Corporation (BAC) gained 1.3% or 18 cents to $13.97 after the banking and financial services provider reported net revenues in the first-quarter ending in March dropped 6.7% from a year ago to $19.51 billion.

Net income in the quarter plunged 18.1% to $2.22 billion or 21 cents per diluted share compared to $2.71 billion or 25 cents per share from the same quarter last year.

The bank said trading revenue in the quarter tumbled 15.5% to $3.29 billion from $3.89 billion and net interest income slumped 2.5% to $9.17 billion from $9.76 billion a year ago period.

The bank also said credit loss provisions jumped 30.3% to $997 million from $765 million a year earlier and soared 23.1% to $810 million from the fourth quarter.

BlackRock Inc (BLK) rose 21 cents to $348.50 after the investment and financial services provider said revenues in the first-quarter ending in March fell 4% from a year ago to $2.62 billion.

Net income in the quarter tumbled 20% to $657 million or $3.92 per diluted share compared to $822 million or $4.84 per share from the same quarter last year.

BlackRock reported total long-term net inflows in the quarter slumped 49% to $36.08 billion while iShares exchange-traded funds also plunged 32% to $24.25 billion in the same period a year ago.

However, the investment company said assets under management in the quarter slightly increased to $4.74 trillion from $4.65 trillion at the end of 2015.

Delta Air Lines, Inc (DAL) gained 1.4% or 67 cents to $48.71 after the airline operator stated revenues in the first-quarter ending in March fell 1.5% from a year ago to $9.25 billion.

Net income in the quarter soared 27% to $946 million or $1.21 per diluted share compared to $746 million or 90 cents per share from the same quarter last year.

Progressive Corp (PGR) slumped 3.5% or $1.22 to $33.54 after the insurance company said net premium written in the first-quarter ending in March soared 15% from a year ago to $5.82 billion.

Net income in the quarter dropped 13% to $258.2 million or 44 cents per diluted share compared to $295.6 million or 50 cents per share from the same quarter last year.

Wells Fargo & Company (WFC) slid 18 cents to $48.86 after the financial services and bank reported revenues in the first-quarter ending in March jumped 4% from a year ago to $22.2 billion.

Net income in the quarter declined 5.2% to $5.5 billion or 99 cents per diluted share compared to $5.8 billion or $1.04 per share from the same quarter last year.

Wells Fargo said non-performing assets in the quarter increased by $706 million to $13.5 billion and non-accrual loans jumped $852 million to $12.2 billion compared to fourth quarter 2015.

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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