NEW YORK (
reported net income of $208 million, or 30 cents per diluted common share, in the fourth quarter of 2010, compared with $185 million, or 27 cents per diluted common share, during the fourth quarter of 2009.
Analysts on average predicted a profit of 26 cents per share for the quarter, according to Reuters.
Revenue was $2.33 billion, above analyst estimates of $2.2 billion.
Credit losses for the fourth quarter of 2010 declined to $182 million, down 25 percent from the fourth quarter of 2009.
To reduce credit losses management de-risked the investment securities portfolio by selling $6.1 billion of agency mortgage-backed securities and replaced them with shorter duration and floating rate securities, according to a company statement. About $400 million of nonagency mortgage-backed securities were also sold.
--Written by Maria Woehr in New York.
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