Citigroup reported a net income of $4.2 billion in Q2. The bank's earnings represent a 42 percent increase over Q2 2012's estimated $2.9 billion. According to Citi's quarterly earnings filing, the increase was driven by the higher revenues and lower net credit losses, which were partially offset by higher legal and related costs, a lower loan loss reserve release and a higher effective tax rate.
Read More »Wells Fargo, Chase Improve Earnings in Q2
Wells Fargo reported record net income of $5.5 billion for the second quarter, up from $5.2 billion in Q1 and $4.6 billion in Q2 2012. For the first six months of the year, net income was a record $10.7 billion compared to $8.9 billion last year. Credit performance was also improved, according to chief risk officer Mike Loughlin. Credit losses were $1.2 billion in Q2 2013, a decline of $1 billion year-over-year. Meanwhile, JPMorgan reported net income of $6.5 billion for Q2, beating last year's $5.0 billion but falling just short of the first quarter.
Read More »Fannie Mae Sets Another Record in Q1, Will Pay $59.4B to Treasury
In the first quarter of this year, the mortgage giant reported pre-tax income of $8.1 billion, the largest in its history. Fannie Mae attributed the improvement to ""strong credit results driven by an increase in home prices, including higher average sales prices on Fannie Mae-owned properties, a decline in the number of delinquent loans, and the company's resolution agreement with Bank of America."" The GSE also announced it will pay $59.4 billion to Treasury.
Read More »Freddie Mac Records 2nd Largest Profit in Q1
Freddie Mac's first-quarter earnings came in slightly ahead of last year's final quarter, the company revealed in its quarterly filing. First-quarter net income at Freddie Mac was $4.6 billion, barely above the $4.5 billion recorded in Q4 2012 but well above the $577 million in last year's first quarter--and the second largest in company history.
Read More »Nationstar Expands Origination Business with Greenlight Purchase
Nationstar Mortgage revealed an agreement to acquire Greenlight Financial Services for up to $75 million in cash. The Lewisville-Texas based servicer made the announcement in its first quarter earnings report Tuesday.
Read More »Ocwen Reports Surge in Profit, Record Revenue in Q1
Ocwen Financial Corporation experienced a surge in net income for the first quarter, which more than doubled over a year, and reported record revenue. In Q1 2013, Ocwen's net income jumped to $45.1 million, or $0.31 per share, up from 19.3 million, or $0.14 per share, a year ago. Revenue for the Atlanta-based company also surged 147 percent year-over-year to $406.7 million in Q1 2013, while income from operations increased 108 percent to $163.1 million during the same time period. ""Ocwen's core earnings and cash-flow were strong in the first quarter, and we should see these trend higher as a percentage of revenue as we drive down costs and delinquencies on newly acquired business,"" said Bill Erbey, Ocwen's chairman.
Read More »BofA’s Profits Quadruple in Q1, Mortgage Banking Income Drops
BofA reported Wednesday net income of $2.6 billion for the first quarter of 2013, up from $653 million the same quarter last year. On the residential lending front, the company reported lower mortgage banking income, largely as a result of lower servicing income. However, first-lien mortgage production rose 57 percent to $24 billion, approximately 91 percent of which was for refinances. In addition, the number of 60-plus day delinquent first mortgage loans dropped by more than 100,000 from Q4, falling to 667,000.
Read More »Citigroup Reports 31% Improvement in Earnings
Citigroup Inc.'s earnings improved 31 percent year-over-year in the first quarter as the recovering economy helped bolster the bank’s income. Citigroup reported net income of 3.8 billion (on revenues of $20.5 billion) for the first quarter of 2013, an improvement over the $2.9 billion (on revenues of $19.4 billion) reported for the same quarter last year. According to the company, the increase ""was driven by revenue growth and lower net credit losses, partially offset by higher expenses, a lower loan loss reserve release and a higher effective tax rate.""
Read More »Wells Fargo, JPMorgan Report Record Profits in Q1
Wells Fargo reported record net income of $5.2 billion for Q1 2013, up from $5.1 billion quarter-over-quarter and from $4.2 billion year-over-year. Tim Sloan, CFO at Wells Fargo, credited the record results to a rise in average loans and deposits, a drop in expenses, and improvement in credit metrics. However, origination volume dropped at the nation’s biggest mortgage lender. JPMorgan also posted strong performance across its businesses, recording a net income of $6.5 billion (compared with $4.9 billion in the first quarter of 2012).
Read More »Fannie Mae Closes 2012 with Record Annual, Quarterly Profits
Fannie Mae earned a quarterly net income of $7.6 billion in Q4 and an annual net income of $17.2 billion throughout 2012. Both figures represent the largest quarterly and annual net incomes in the company's history. Fannie Mae credited last year's growth to improved credit results driven by a decline in serious delinquency rates, an increase in home prices, and higher sales prices on Fannie Mae-owned properties. For the full year, Fannie Mae paid $11.6 billion in dividends to Treasury under the senior preferred stock purchase agreement between the two organizations.
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