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Tag Archives: Profits

Wells Fargo, JPMorgan Chase Post Record Quarterly Profits

Wells Fargo and JPMorgan Chase both pulled in record quarterly profits during the first months of 2013, according to earnings reports released Friday by both banks. 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. 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).

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Per-Loan Profits Fall in Q4 as Costs Rise

Rising costs took a toll on per-loan profits in the fourth quarter of 2012, according to data from the Mortgage Bankers Association (MBA). Independent mortgage banks and mortgage subsidiaries of chartered banks earned an average profit of $2,256 on each loan originated in Q4, down quarter-over-quarter from $2,465, MBA reported. The decline in profits came despite a rise in production volume. According to MBA, average production volume was $488 million per company in the Q4, up from $450 million in the prior quarter.

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Credit Union Earnings Rise to All-Time High in 2012

Federally insured credit unions brought in record-high earnings last year, the National Credit Union Administration (NCUA) reported. NCUA reported earnings of $8.5 billion across the industry in 2012, the highest annual figure ever posted. Earnings last year were 36.1 percent higher from the $6.3 billion reported in 2011. The rise in earnings came largely from reductions in loan loss reserves, "a positive sign of improving economic conditions," NCUA said in a release.

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Freddie Mac Posts $11B Profit in 2012


Freddie Mac's net profit for 2012 totaled $11 billion, a marked turnaround from 2011's net loss of $5.3 billion. According to the company's earnings release, the increase reflects a decrease in delinquent single-family loans, improved national home prices, and a higher income tax benefit. Freddie Mac CEO Donald Layton attributed the reversal to last year's strengthened housing market and the company's efforts to "minimize legacy losses and build a strong book of business."

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FDIC Institutions Report Increased Earnings

Institutions insured by the Federal Deposit Insurance Corporation (FDIC) recorded their second-highest annual earnings ever in 2012, according to the FDIC's Quarterly Banking Profile for the fourth quarter of 2012. High noninterest income and declining loan loss provisions contributed to the increase, according to the FDIC. Net income for all FDIC-insured institutions over the year was $141.3 billion, a 19.3 percent increase from net income recorded in 2011.

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