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Market Update

Citigroup, Wells Fargo Net Fall; First Horizon, U.S. Bancorp Net Jump


Author: Mukesh Buch
ticker.com
Last Update: 12:38 PM ET July 15 2016

12:30 PM New York Citigroup net plunged 17% on 10% decline in revenues. First Horizon net surged 12% on 8% advance in revenues. PNC Financial net slumped 7%. U.S. Bancorp net soared 10% and revenues jumped 8%. Wells Fargo profit fell 2% but revenues increased 4%.

Tollbooth Index slipped 38.71 or 0.4% to 10,852.50.

Earnings Review

Citigroup Inc (C) fell 42 cents to $44.05 after the financial services provider reported total revenues in the second-quarter ending in June declined 10.3% from a year ago to $17.5 billion.

Net income in the quarter plunged 16.7% to $4 billion or $1.24 per diluted share compared to $4.8 billion or $1.51 per share from the same quarter last year.

First Horizon National Corp (FHN) decreased 1 cent to $14.48 after the bank stated total revenues in the second-quarter ending in June advanced 8% from a year ago to $321.8 million.

Net income in the quarter surged 12% to $56.5 million or 24 cents per diluted share compared to $50.6 million or 22 cents per share from the same quarter last year.

PNC Financial Services Group Inc (PNC) slid 32 cents to $82.56 after the diversified financial services provider said total revenues in the second-quarter ending in June slipped 2.1% from a year ago to $3.79 billion.

Net income in the quarter slumped 6.9% to $923 million or $1.82 per diluted share compared to $992 million or $1.88 per share from the same quarter last year.

U.S. Bancorp (USB) gained 39 cents to $41.63 after the multi-state financial services provider stated total revenues in the second-quarter ending in June jumped 8.2% from a year ago to $5.45 billion.

Net income in the quarter soared 9.8% to $1.52 billion or 83 cents per diluted share compared to $1.48 billion or 80 cents per share from the same quarter last year.

Wells Fargo & Co (WFC) slumped 2.9% or $1.41 to $47.53 after the banking and investment services provider reported revenues in the second-quarter ending in June jumped 4% from a year ago to $22.2 billion.

Net income in the quarter fell 2% to $5.6 billion or $1.01 per diluted share compared to $5.7 billion or $1.03 per share from the same quarter last year.

Wells Fargo said total loans in the quarter soared 9% to $950.8 billion and total deposits jumped 4% to $1.2 trillion.

Net charge-offs in the quarter were $924 million, up $274 million from a year ago period on higher losses in the oil and gas portfolio.

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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