Company Reports

Royal Bank of Canada 4Q15: Strong Year in Main Lines


RBC posted record earnings of CAD 10 billion for 2015 with steady performance in its Canadian banking unit and good results in capital markets despite choppy conditions.  A deep deposit base, strong capital, and steady credit quality underpinned results. 

MS 3Q15 FI Investor Call: TLAC Ready, Deposits High


We believe Morgan Stanley is TLAC compliant from proactive debt issuance and management.  Liquidity position remains strong as deposits increase to 32% of total funding stack. 

Ally 3Q15: Tranformation with Encouraging Growth, Sub-Prime Flavah


ALLY’s transition from GM is continuing well.  Loan growth drove increased provisions. But strong non-GM originations and robust deposit growth are on track to set ALLY up for a return to shareholder payouts in next year’s CCAR. Sub-prime lending set to increase as restrictions relax.

BNP 3Q15: Bucking European Tide with Another Growth Quarter?


With the gradual pickup in the European economy, BNP posted good results across its franchise.  While French banking was flat, other countries saw more growth and the personal finance business in emerging Europe had strong revenues.  Still, we remain cautious on the credit development though we are factoring in the positives more. BNP

Barclays 3Q15: Core Unit Strength, Deals with Non-Core Drag


Core business unit profitability exhibited positive progression as the company deals with non-core drag of non-strategic activities.  We believe the incoming new CEO Staley will be tasked with accelerating momentum across the divisions, especially investment banking and accelerate disposal of non-core assets.

Citigroup 3Q15 FI Call: Within Estimated TLAC Range


Balance sheet management via RWA reduction and debt and preferred stock issuances brings Citi within estimated TLAC requirements.  Most capital issuances done for year with limited additional senior debt and preferred stock left. 

Discover 3Q15: Growing in Slow Consumer Spend World


Discover experienced good growth across its card, student loan and personal loan businesses. More enhancements on its Cash Back Rewards and mobile channels is sustaining the growth. Credit still benign.

COF 3Q15: Trick or Treat? GE Treats, Commercial Gets Tricky


Capital One welcomed strong credit card performance after a rough 2Q, enough for a $0.03 cent EPS beat.  But all is not well.  Energy and taxis are still hitting the commercial bank hard while the consumer bank languishes with low rates.

Synchrony 3Q15: To Go Standalone as SLHC, Share Exchange Next


Synchrony continues to show operating metric progress in loans and volumes. Final separation from GE with a share exchange is last step as a standalone SLHC.

AXP 3Q15: Chilly Autumn w/ USD & Macro Headwinds


Strong quarter in Global Network & Merchant Services swamped by weakness in cards. This coincided with USD headwinds and the long anticipated post-Costco spending. Quarterly buybacks and dividends to shareholders in excess of 100% of earnings (partially debt financed) shows AXP is shareholder oriented.

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