- JPMorgan Chase reported second-quarter earnings of $6.496 billion, or $1.60 a share, increasing from $6.529 billion, or $1.59 a share the previous quarter, and $4.960 billion, or $1.21 a share, a year earlier. The company released $1.396 billion in loan loss reserves during the second quarter, increasing from a release of $1.156 billion in the first quarter, but declining from a release of $2.080 billion in the second quarter of 2012.
- Bank of America (BAC - Get Report) reported second-quarter earnings of $4.012 billion, or 32 cents a share, increasing from $1.483 billion, or 10 cents a share, in the first quarter, and $2.463 billion, or 19 cents a share, during the second quarter of 2012. The company had restated its first-quarter results to reflect a $1.6 billion settlement with bond insurer MBIA (MBI). Second-quarter earnings benefited from a $1.206 billion release of loan loss reserves, declining from releases of $1.738 billion the previous quarter and $1.923 billion a year earlier.
- For Citigroup, second-quarter earnings rose to $4.182 billion, or $1.34 a share, from $3.808 billion, or $1.23 a share, the previous quarter, and $2.946 billion, or 95 cents a share, a year earlier. The company's allowance for loan losses declined by $2.147 billion during the second quarter. However, a Citi spokesman said part of the decline in the allowance reflected loan sales. Citi said in its earnings announcement that it actually released $784 million in reserves during the second quarter because of an improved outlook for credit losses, compared to a release of $1.0 billion a year earlier.
- Wells Fargo reported record second-quarter earnings of $5.5 billion, or 98 cents a share, increasing from $5.2 billion, or 92 cents a share, in the first quarter, increasing from $4.6 billion for 82 cents a share, a year earlier. The company released $567 million in loan loss reserves during the second quarter, compared to releases of $284 million the previous quarter and $843 million a year earlier.
3 Banks with 'Near-Term Catalysts' as Expenses Decline
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