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mortgage advisors
Big Banks Post Record Profits
By Jonathan Stempel NEW YORK (Reuters) - Three of the biggest U.S. banks, led by Bank of America Corp., reported record quarterly profits on Tuesday as consumers and companies borrowed more and credit quality improved. Bank of America (BAC.N: Quote , Profile , Research ) , the No. 3 U.S. bank, said fourth-quarter net income rose 41 percent. No. 5 Wells Fargo & Co. (WFC.N: Quote , Profile , Research ) posted a 10 percent increase, and No. 8 National City Corp. (NCC.N: Quote , Profile , Research ) reported a 76 percent jump. U.S. Bancorp (USB.N: Quote , Profile , Research ) , the No. 6 bank, said profit rose 8 percent, while No. 9 Fifth Third Bancorp (FITB.O: Quote , Profile , Research ) and No. 10 State Street Corp. (STT.N: Quote , Profile , Research ) reported lower earnings. "Loan growth looks good, and fee revenue is surpassing my expectations," said Hilary Hayes, a portfolio manager at Victory SBSF Capital Management in New York. "The consumer is still doing OK." Consumers are taking on more debt as the economy expands, though borrowing growth is slowing. Banks are also benefiting from rising stocks and increased investment banking activity, and corporate customers are borrowing more to fund expansion. This helps offset the slowdown in
mortgage refinancing demand. "Banks with well-balanced business mixes, and exposure to many areas such as capital markets and asset management, will probably benefit more than companies with large exposure to
mortgage banking," said Mark Batty, an analyst at PNC
advisors Inc. in Philadelphia. Bank of America shares rose 84 cents to $45.73, Wells Fargo rose 77 cents to $61.46, U.S. Bancorp rose 84 cents to $31.03, National City rose $1.15 to $36.37, Fifth Third rose $2.66 to $47.17, and State Street fell 16 cents to $46.52. All but Wells Fargo and State Street outpaced the Philadelphia KBW Bank Index , which rose 1.7 percent. No. 2 bank J.P. Morgan Chase & Co. (JPM.N: Quote , Profile , Research ) and No. 4 Wachovia Corp. (WB.N: Quote , Profile , Research ) are expected to report quarterly results on Wednesday. No. 1 Citigroup Inc. (C.N: Quote , Profile , Research ) is due on Thursday. BANK OF AMERICA, WELLS FARGO Bank of America said profit rose to $3.85 billion, or 94 cents per share, from $2.73 billion, or 92 cents per share, a year earlier. Excluding one-time items, profit totaled 98 cents per share, 4 cents above the average forecast among analysts polled by Reuters Estimates. Revenue rose 42 percent to $13.9 billion. Continued ...
Source: reuters.com