Tag Archives: Profits

Citi also reported a 4 percent decline in retail banking revenues to $1.6 billion, "reflecting lower mortgage origination and servicing revenues."

When Congress enacted Dodd-Frank in retribution for perceived ills, you had to know banks would come up with new ways to replace lost revenues, but bankers were too clever by half.

Profits and loan volume declined at independent mortgage bankers in the first quarter of the year, the Mortgage Bankers Association (MBA) reported.

The recent slip in financial corporation profits comes at a particularly critical time for the financial sector, as housing is in the midst of a nascent recovery.

Overall, the commercial banks and savings institutions covered by the FDIC reported an aggregate net income yielding of $40.3 billion this quarter, an impressive $5.5 billion (or 15.8 percent) rise from last year's $34.8 billion. This statistic marks the 15th consecutive quarter that has reported an overall earnings increase. The average return on assets (ROA) also increased to a positive 1.12 percent, up from last year's 1.00 percent and likewise represents the highest quarterly ROA since 2007.

The nation's economy grew at a seasonally adjusted annual rate of 2.4 percent in the first quarter, slightly slower than originally reported, the Bureau of Economic Analysis (BEA) said Thursday. At the same time, BEA said corporate profits in the first quarter were $1.97 trillion, down almost $44 billion from the fourth quarter. The last time corporate profits showed a quarter-over-quarter decline was in the first quarter of 2012. Corporate profits are considered a key indicator of employment trends.

When the Federal Open Market Committee completed its two-day meeting at the beginning of May, it issued the usual six-paragraph post-meeting statement.

In the first quarter of this year, Fannie Mae reported pre-tax income of $8.1 billion, the largest in its history.

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.

Ocwen Financial Corporation reported $45.1 million in net income in this year's first quarter, more than double the $19.3 million recorded at the same time last year.