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AmericasMay 2 2004

US economic recovery feeds through to banks’ Q1 results

US banks reported strong first quarter results on the back of a solidifying economic recovery, demand for banking products and improved asset quality. Here are the highlights of some of the top banks:
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Citigroup, the largest bank in the world, reported a 29% increase in first quarter net income at $5.27bn over the first quarter of 2003. The bank saw revenue growth in each of its nine businesses, including record profitability in its capital markets and investmentbanking income.

Bank of America, reported an 11% increase in first quarter earnings to $2.68bn. The results do not include profits for FleetBoston Financial Corporation, which it boughton April 1.

JP Morgan Chase reported a 38% growth in first quarter net income to $1.93bn. A three-year record in its investment banking activity lay behind the increase. The earnings in private banking were also strong.

Wells Fargo reported a record $1.8bn, an 18% rise. The bank saw major gains in its efficiency ratio, which fell to 56% from 61% in the fourth quarter of 2003.

Bank One, which is due to be acquired by JP Morgan Chase by mid-year, reported a 50% increase in first quarter profits to $1.23bn. It is the first time in five years that quarterly profits have topped $1bn reflecting the bank’s overall improved financial performance. Profits at the credit card division increased 29% to $319m as customer balances rose, commercial banking profits climbed 41% to $310m.

US Bancorp reported a 14% increase in profits to hit a record net income of $1bn.

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Read more about:  Analysis & opinion , Americas , US