Bank profits up during the third quarter
Bank of America Corp.
Bank of America Corp. posted a major turnaround in the third quarter compared to a year ago, with net income of $6.2 billion compared to a net loss of $7.3 billion during the third quarter of 2010.
The bank continued to strengthen its balance sheet, shedding $33 billion in risky assets over the past quarter and $117 billion in assets over the past year.
Capital One Financial Corp.
Net income dropped slightly at Capital One Financial Corp. from the second to the third quarter, but was up over the past year from $803 million in the third quarter of 2010 to $813 million this quarter.
In the company earnings release, Chairman and CEO Richard Fairbank said he expects Capital One”™s acquisitions of ING Direct and the HSBC U.S. card business to strengthen income in the short- and long-term.
Citigroup Inc.
For the third quarter of 2011 Citigroup Inc. reported net income of $3.8 billion, an increase of 74 percent from the third quarter of 2010 and of 13 percent from the second quarter of this year.
At $20.8 billion, revenue grew slightly from both the third quarter of 2010 and the second quarter of 2011, but excluding a $1.9 billion credit valuation adjustment, Citigroup”™s revenue for the quarter was down by 8 percent both from the previous year and the previous quarter.
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JPMorgan Chase and Co.
Profits were down at JPMorgan Chase and Co. during the third quarter, with net income of $4.3 billion compared to $4.4 billion in the third quarter of 2010.
JPMorgan Chase ”“ currently both the nation”™s and the county”™s largest bank by deposits ”“ reported a 6 percent increase in revenue in its consumer and business banking sector compared to the third quarter of last year, and a 9 percent increase in revenue in its commercial banking sector during the same period.
KeyCorp
KeyCorp, the parent company of Key Bank, reported third quarter profits were down from the previous quarter but up significantly from the third quarter of 2010. Net income attributable to common shareholders stood at $212 million this past quarter, compared to $234 million in the second quarter and $178 million one year prior.
M&T Bank Corp.
Profits at M&T Bank Corp., based in Buffalo, were down from a year ago. The company reported net income of $183 million during the third quarter, compared to $192 million in the third quarter of 2010. The bank attributed the decline to lower residential mortgage banking revenues and higher non-interest expenses ”“ namely, the May acquisition of Wilmington Trust Corp.
NY Community Bancorp Inc.
Westbury-based New York Community Bancorp Inc., parent of New York Commercial Bank and New York Community Bank, reported third-quarter profits of $119.8 million, up a hair from second-quarter net income of $119.5 million but down from a net income of $135.6 million in the third quarter a year ago.
People”™s United Financial Inc.
People”™s United Financial Inc., based in Bridgeport, Conn., reported profits of $52.9 million for the third quarter, more than double the third-quarter 2010 net income of $24.1 million and slightly up from second-quarter 2011 net income of $51.2 million.
Signature Bank
Signature Bank, a New York City-based commercial bank, posted record profits of $38.4 million for the third quarter, up from $27.4 million for the third quarter of 2010. The bank said the past quarter represented the eighth consecutive quarter in which it posted record net income.
TrustCo Bank Corp.
TrustCo Bank Corp. NY, based in Glenville, reported net income of $9.2 million for the third quarter, up by more than 10 percent from net income of $8.4 million during the third quarter of 2010. However, diluted earnings per share were down, at $0.100 this past quarter compared to $0.109 in the third quarter of 2010.
Webster Financial Corp.
Webster Financial Corp., holding company for Webster Bank, posted significant profit increases during the third quarter, both from the second quarter of this year and the third quarter of 2010. Third-quarter net income stood at $42.3 million, up from $34.2 million last quarter and $22.7 million a year ago.
Wells Fargo and Co.
Wells Fargo and Co. reported mixed third-quarter results, with net income at $4.1 billion, up by 21 percent from a year ago and by 3 percent from the previous quarter. However, at $19.63 billion, revenue was down from both the previous year and the previous quarter.