Analysts’ Corner announced new research reports highlighting Bank of America Corporation, The PNC Financial Services Group, Inc., KeyCorp., First Republic Bank, and Credit Suisse Group AG.
Bank of America Corporation Research Report
On July 17, 2013, Bank of America Corporation (Bank of America) released its Q2 2013 financial results. Net income was up 63% YoY to $4 billion, while diluted EPS was up 68.4% YoY to $0.32 per share. Revenue, net of interest expense, on a fully taxable-equivalent (FTE) basis was up 3% YoY to $22.9 billion. Bank of America reported that its Q2 2013 financial results were driven by year-over-year improvements in net interest income, investment and brokerage income, investment banking fees, sales and trading revenue, equity investment income and credit quality, as well as expense reductions. Brian Moynihan, CEO of Bank of America, stated, “We are doing more business with our customers and clients, and gaining momentum across every customer group we serve.” Moynihan added, “We must keep improving, but with the consumer recovering and businesses strong, we have lots of opportunity ahead.” The Full Research Report on Bank of America Corporation – including full detailed breakdown, analyst ratings and price targets – is available to download free of charge at: [ http://www.AnalystsCorner.com/r/full_research_report/fb34_BAC]
The PNC Financial Services Group, Inc. Research Report
On July 17, 2013, The PNC Financial Services Group, Inc. (PNC) released its Q2 2013 financial results. Net income was up 10% QoQ and 101.5% YoY to $1.1 billion, or $1.99 per diluted share in Q2 2013. Net income for H1 2013 was up 50% YoY to $2.1 billion, or $3.76 per diluted common share. William S. Demchak, President and CEO of PNC, commented, “PNC’s second quarter results reflect the progress we’re making in the execution of our strategic priorities.” Demchak continued, “We grew revenue on the strength of noninterest income, benefited from market conditions and remained disciplined on expense management. Overall credit quality continued to improve and our strong capital position should enable us to create greater long-term value for our shareholders.” The Full Research Report on The PNC Financial Services Group, Inc. – including full detailed breakdown, analyst ratings and price targets – is available to download free of charge at: [ http://www.AnalystsCorner.com/r/full_research_report/2733_PNC]
KeyCorp. Research Report
On July 18, 2013, KeyCorp. (Key) released its Q2 2013 financial results. Net income from continuing operations attributable to common shareholders was down 11.1% YoY to $193 million, $0.21 per common share. Key reported that during Q2 2013, it incurred $37 million, or $0.03 per common share of costs related to its previously announced efficiency initiative. Net income from continuing operations attributable to common shareholders for H1 2013 was down 5.6% YoY to $389 million, or $0.42 per common share. The Company reported that during H1 2013, it incurred $52 million, or $0.04 per common share of costs related to its efficiency initiative. Beth Mooney, Chairman and CEO of Key, said, “During the second quarter, the strength of our business model continued to drive results. Key made clear progress implementing growth initiatives, improving its cost structure and executing capital priorities.” The Full Research Report on KeyCorp. – including full detailed breakdown, analyst ratings and price targets – is available to download free of charge at: [http://www.AnalystsCorner.com/r/full_research_report/039c_KEY]
First Republic Bank Research Report
On July 17, 2013, First Republic Bank released its Q2 2013 financial results. Net income was up 16.1% YoY to $113.7 million, while diluted EPS was up 28.3% YoY to $0.77 per common share. For H1 2013, net income was up 24.4% YoY to $236 million while diluted EPS was up 26.8% YoY to $1.61 per common share. Jim Herbert, Chairman and CEO of First Republic Bank, stated, “Deposit and loan growth for the quarter were up 5% and 7%, respectively. Wealth management assets increased by 6% and our credit quality remains strong.” Katherine August-deWilde, President and Chief Operating Officer of First Republic Bank, continued, “Record loan originations and renewed deposit growth were the result of healthy conditions in our markets and the continued execution of our business model.” The Full Research Report on First Republic Bank – including full detailed breakdown, analyst ratings and price targets – is available to download free of charge at: [ http://www.AnalystsCorner.com/r/full_research_report/9f6f_FRC]
Credit Suisse Group AG Research Report
On July 15, 2013, Credit Suisse Group AG (Credit Suisse) released the performance of the Credit Suisse Hedge Fund Index (Broad Index) for the month of June 2013. Credit Suisse reported that the Broad Index was down 1.66% in June 2013, compared to a growth of 0.42% in May 2013. Year-to-date, the Broad Index was up 3.68%. Credit Suisse reported that 5:15 Partners, Henderson European Absolute Return Fund Limited, and Tewksbury Investment Fund Ltd. were dropped from the Broad Index in June 2013. The Company also stated that no new funds were added to the Broad Index in the month of June 2013. The Full Research Report on Credit Suisse Group AG – including full detailed breakdown, analyst ratings and price targets – is available to download free of charge at: [ http://www.analystscorner.com/r/full_research_report/78e3_CS]
