Company Reports

Launch Scotiabank 2Q15: The Pan Am Bank


Reported 2Q15 EPS of $1.42 which beat street consensus of $1.14.  Scotiabank’s major drivers included: Canadian banking’s good loan growth & NIM improvement and strong AUM growth, international banking’s good revenues and loan growth...

Launch Bank of Montreal: Jumpin’ Jack Flash, Oil & Gas


Reported 2Q15 EPS of $1.49, but $1.71 on an adjusted basis which beat street consensus of $1.36.  Major drivers included solid asset growth in wealth management, strong loan growth in personal and commercial banking operations, plus a small improvement in interest margins.

Launch CIBC: The 4C’s - Cards, Condos, Carbon, Caribbean


Reported 2Q15 EPS of $2.25 ($2.28 on an adjusted basis) which beat street consensus of $1.89 adj.  CIBC’s major drivers included: retail banking’s strong volume growth and margin expansion, wealth management’s solid asset growth, and wholesale banking’s strong client-oriented results.

Launch Societe Generale: Wrestling with Social-Welfare Sovereign Past


Reported 1Q15 EPS of EUR 0.96 that missed consensus of EUR 1.09 as a result of higher expenses and lower revenues than expected. 

Capital One 1Q15: Still “Card” Crazy After All These Years


Reported 1Q15 EPS of $2.00, beating street consensus of $1.87.  Strong loan growth in credit cards (+8% YoY) and commercial loans (+10%) helped drive revenue growth.  Still, net income was flat as higher expenses from marketing, technology and headcount for compliance, plus higher provisions for the energy portfolio offset the revenue gains.

Launch BB&T 1Q15: Acquisition-Addicted, Better Way?


Reported 1Q15 EPS of $0.67, but $0.68 on an adjusted basis which fell short of street consensus of $0.70.  The company had pre-tax merger-related charges ($13 million) that reduced earnings by $0.01 per diluted share.

Launch Deutsche Bank: Went Postal, Becoming GS-Like?


Deutsche Bank to spin-off Postbank by 2016, due to the big bank’s GSIB status weighing on its capital ratios and other regulatory burdens. DB’s very low ROA at less than 0.5% is another catalyst for its “breaking up the bank” actions.

Launch PNC 1Q15:  Mystified by Change in Methodology


Reported 1Q15 EPS of $1.75, beating street consensus of $1.73 by $0.02.  Still, net income fell 5% as interest rate compression more than offset loan growth (+3%) and higher fee income.  Retail banking and residential mortgage banking divisions both reported improved results.

MS 1Q15 FI Investor Call: Capital High, Supply Risk Low


MS provided a detailed review of its capital and liquidity risk management efforts that surpass what was discussed in its 1Q15 earnings call (see:  Launch Morgan Stanley: 1Q15 Beat, 6-Point Spot On!).

Launch STT 1Q15: FX Trading Revenues Trumps Legal Charges


Reported 1Q15 EPS of $0.90, but $1.27 on an adjusted basis which exceeds street consensus of $1.05.  The difference was primarily related to a charge to increase a legal accrual associated with indirect foreign exchange matters ($0.36) and an acquisition charge of $0.01.

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