Company Reports

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.

Launch Report Credit Suisse: Clipper Ship's New Captain, New Strategy?


Upcoming new CEO signals a strategic shift away from high-capital intensive trading towards high intellectual-capital investment banking & wealth management 

Citigroup 1Q15 FI Call: Who Wants to Buy This Debt Deluge?


In its 1Q15 fixed income investor call, Citi provided a more thorough review of its capital structure and potential actions to increase its total loss absorbing capacity (TLAC), as well as solid information regarding its liquidity profile than was provided in the prior week’s 1Q15 earnings call...

Launch BNY Mellon 1Q15: FX and Servicing Revenues Lead Growth


Reported 1Q15 EPS of $0.67, blasting pass street consensus of $0.60.  Profitability was not enhanced by any 1x items, although above-trend strong earnings from FX trading due to high levels of FX volatility contributed to the beat. 

Launch Regions: 1Q Miss, Needs a New Region?


Reported 1Q15 EPS of $0.16, missing the Street consensus of $0.18.  The difference was related to an extinguishment of higher cost debt charge - redemption of $250 million ($43 million or $0.03) and a charge for office space optimization ($9 million or $0.01).

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