NEW YORK - PNC the 6th largest bank in the United States reported on Thursday and surprised investors with its strong profit. PNC recorded a profit of $820 million or $1.52 a share well above analyst estimates. The company reported strong revenue of $3.9 billion and said that loans had grown from the previous quarter. Despite this the stock was down a puzzling 1.7%. On top of this the stock was already down 3.7% on the week due to Citigroup's poor results. To see the PNC report click here.
U.S. Bancorp the 5th largest bank in the U.S. reported net income of $974 million or 49 cents a share. Nonperforming assets decreased to $5 billion from $5.4. The company continues to over provision for loan losses as it has an allowance for loan losses at a higher amount than its nonperforming loans. USB is down 1.3% since it reported.
Hudson City Bancorp one of the 20 largest banks in the U.S. reported disastrous results on Wednesday and its stock has shed nearly 15% of its value. EPS came in at an impressive 25 cents but it was full of accounting tricks. Without one time gains EPS was only 12 cents a share. Revenue also fell off a cliff as banks used GSE's to refinance instead of HCBK. To see the HCBK report click here.
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