State Street Juneja, Vivek; Grassano, John P; Baydar, Chris K
J.P. Morgan Equities Research Reports,
10/2014
Report
STT posted strong operating 3Q EPS of $1.31, by our estimates, adjusting for a couple of additional items, well above our and consensus estimates. 3Q results were led by: 1) strong F/X trading ...revenues; 2) solid asset management fees; and 3) lower expenses, partly due to delay in some costs to 4Q...
Large Cap Banks Juneja, Vivek; Baydar, Chris K; Grassano, John P
J.P. Morgan Equities Research Reports,
10/2014
Report
Key surprise from 3Q results was that efficiency ratio rose qoq for majority of our regional banks despite continued cost controls. Key challenge for most regional banks is limited options and ...continued pressure on earnings until rates rise as they are working hard on controlling costs but facing...
Large Cap Banks Juneja, Vivek; Baydar, Chris K; Grassano, John P
J.P. Morgan Equities Research Reports,
10/2014
Report
Last week saw a strong rise in C&I loans after starting 4Q on a weak note, along with a sharp rise in other loans and leases. CRE loans were also up a tad last week, and as a result, loans on a core ...basis (excl. resi mortgages) were up at a good pace. However, residential mortgages, which tend to...
U.S. Bancorp Juneja, Vivek; Grassano, John P; Baydar, Chris K
J.P. Morgan Equities Research Reports,
10/2014
Report
USB posted mediocre 3Q EPS of $0.78 in-line with our estimates and consensus. 3Q was marked by slow core fee revenue growth yoy, flattish net interest income due to a large drop in net interest ...margin (NIM) and a sharp slowdown in loan growth, and higher core expenses. Fee revenue was hurt by slo...
Northern Trust Juneja, Vivek; Grassano, John P; Baydar, Chris K
J.P. Morgan Equities Research Reports,
10/2014
Report
Northern Trust posted moderate 3Q EPS of $0.84, below our estimate and consensus of $0.87. 3Q results were led by good growth in custody and moderate growth in expenses, but offset by surprisingly ...sharp qoq drop in F/X trading revenues, plus seasonal drop in securities lending, higher money marke...
Regions Financial Juneja, Vivek; Baydar, Chris K; Grassano, John P
J.P. Morgan Equities Research Reports,
10/2014
Report
Regions posted weak core EPS of $0.20, below our and consensus $0.21 EPS – reported EPS was $0.22. 3Q was marked by a sharp drop in net interest margin (NIM), flat loans and material worsening of ...efficiency ratio vs. 2Q. These offset sharply higher loan loss reserve release and continued good cre...
SunTrust Banks, Inc Juneja, Vivek; Baydar, Chris K; Grassano, John P
J.P. Morgan Equities Research Reports,
10/2014
Report
SunTrust posted good 3Q results with core EPS of $0.82 (reported EPS of $1.06), well above our estimate of $0.77. 3Q was led by sharp decline in operating expenses, solid loan growth (well above ...peers), continued strong credit quality and sizable share buybacks along with strong capital ratios. T...
Bank of New York Mellon Corp Juneja, Vivek; Baydar, Chris K; Grassano, John P
J.P. Morgan Equities Research Reports,
10/2014
Report
BK posted mixed 3Q with core EPS around $0.63-0.64 by our calculations, above consensus. 3Q was led by strong increase in F/X trading revenues, seasonal rise in Depositary Receipts (DRs), and good ...growth in Clearing Services. These offset weak growth in Asset Servicing and investment management f...
Large Cap Banks Juneja, Vivek; Grassano, John P; Baydar, Chris K
J.P. Morgan Equities Research Reports,
10/2014
Report
The first week of 4Q showed a continuation of sluggish 3Q trends for loan growth. 3Q earnings announced thus far have generally shown loan growth trends consistent with what we saw in our H-8 data ...review through the quarter. C&I and credit card loans fell sharply last week and CRE loans were flat...
BB&T Corporation Juneja, Vivek; Grassano, John P; Baydar, Chris K
J.P. Morgan Equities Research Reports,
10/2014
Report
BBT reported mediocre 3Q14 operating EPS of $0.72 vs. our estimate of $0.73 and consensus of $0.71, with disappointing expense trends. 3Q was marked by: 1) good growth in mortgage banking revenues ...and service charges; 2) strong credit quality, with small reserve release; and 3) continued strong c...
