Bank of America
reported first-quarter earnings of $4.99 billion, or $1.07 a share, up from $4.39 billion, or $1.07 a share, a year ago. Revenue rose 30% to $17.7 billion.
Excluding a $98 million merger-related charge, the bank would have earned $1.08 a share. Analysts surveyed by Thomson Financial were calling for earnings of $1 a share and revenue of $16.79 billion. Bank of America's shares rose 43 cents, or 0.9%, to $46.48.
, the parent company of City National Bank, posted first-quarter net income of $57.2 million, or $1.12 a share, compared with $55.5 million, or $1.09 a share, a year ago. Revenue totaled $207.3 million, a 5% increase.
Looking ahead, City National cut its forecast, saying it now expects earnings-per-share growth of 8% to 10% for 2006, down from its prior outlook of 9% to 12%. City National was falling $6.05, or 7.8%, to $71.95.
Bank of New York
earned $422 million, or 55 cents a share, in the latest quarter, up from $379 million, or 49 cents a share, in the year-ago period. Revenue advanced 23% to $2.34 billion.
Analysts were looking for earnings of 54 cents a share and revenue of $1.8 billion. Bank of New York's shares were off 81 cents, or 2.3%, at $34.80.
said its first-quarter profits climbed to $431.5 million, or 79 cents a share, from $395 million, or 71 cents a share, last year. Analysts were calling for 76 cents a share. BB&T's stock was rising $1.77, or 4.4%, to $41.87.
said its first-quarter earnings were unchanged from a year ago. PNC had net income of $354 million, or $1.19 a share, vs. $354 million, or $1.24 a share, a year ago. Revenue advanced 17% to $1.75 billion.
Last year's results included a gain of $45 million that added 16 cents a share to earnings. For the most recent quarter, analysts were expecting earnings of $1.17 a share with revenue of $1.68 billion. Shares of PNC tacked on 92 cents, or 1.3%, to $69.76.
Fifth Third Bancorp
named Christopher G. Marshall as the company's new chief financial officer. Marshall currently serves on Bank of America's management operating committee and is a senior executive for the company's global consumer and small-business segment.
He will take his new role at Fifth Third in late May. Shares of Fifth Third were down 52 cents, or 1.3%, at $39.86.
, the holding company for Astoria Federal Savings & Loan, posted net income of $48.9 million, or 49 cents a share, for the first quarter. The company earned $59.5 million, or 57 cents, a year ago.
The latest quarter includes a charge of $3.6 million, or 4 cents a share, for the termination of interest-rate swap agreements. Astoria's shares were slipping 12 cents, or 0.4%, to $31.51.