Commercial average transaction deposits increased 5 percent sequentially and 8 percent from the previous year. Sequential performance reflected higher demand deposits and money market balances. Year-over-year growth was primarily driven by higher inflows to interest checking and demand deposit account balances, partially offset by lower foreign office balances. Average public funds balances were $5.0 billion compared with $5.1 billion in the third quarter of 2012 and $5.6 billion in the fourth quarter of 2011.
Consumer average transaction deposits increased 2 percent sequentially and increased 4 percent from the fourth quarter of 2011. The sequential increase reflected higher money market, demand deposits, and interest checking balances, which were partially offset by lower savings balances. Year-over-year growth was primarily driven by increased interest checking and demand deposit balances partially offset by lower savings balances. Consumer CDs included in core deposits declined 3 percent sequentially, driven by customer reluctance to purchase CDs given the current low rate environment, and declined 17 percent year-over-year driven by maturities of higher-rate CDs.
|For the Three Months Ended||% Change|
|Noninterest Income ($ in millions)|
|Service charges on deposits||$134||$128||$130||$129||$136||5%||(1%)|
|Corporate banking revenue||114||101||102||97||82||13%||38%|
|Mortgage banking net revenue||258||200||183||204||156||29%||65%|
|Investment advisory revenue||93||92||93||96||90||1%||3%|
|Card and processing revenue||66||65||64||59||60||2%||10%|
|Other noninterest income||215||78||103||175||24||NM||NM|
|Securities gains, net||2||2||3||9||5||-||(60%)|
Securities gains (losses), net - non-qualifying hedges on mortgage servicing rights
|Total noninterest income||$880||$671||$678||$769||$550||31%||60%|
|NM: Not Meaningful|
Noninterest income of $880 million increased $209 million sequentially, or 31 percent, and increased $330 million, or 60 percent, compared with prior year results. The sequential and year-over-year increases were both driven by a $157 million gain from the sale of Vantiv shares and higher mortgage banking and corporate banking revenue.
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