Banking Sector Reports Quarterly Financial Results - Research Reports on Bank of America, Citigroup, JPMorgan, Wells Fargo and PNC

NEW YORK, October 20, 2014 /PRNewswire/ --

Today, Analysts Review released its research reports regarding Bank of America Corporation (NYSE: BAC), Citigroup Inc (NYSE: C), JPMorgan Chase & Co. (NYSE: JPM), Wells Fargo & Company (NYSE: WFC) and The PNC Financial Services Group, Inc. (NYSE: PNC). Private wealth members receive these notes ahead of publication. To reserve complementary membership, limited openings are available at: http://www.analystsreview.com/7298-100free.

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Bank of America Corporation Research Reports
On October 15, 2014, Bank of America Corporation (Bank of America) reported its Q3 2014 financial results. Total revenue, net of interest expense, on a GAAP basis came in at $21.2 billion as compared to $21.5 billion in Q3 2013. The bank posted a net loss attributable to common shareholders of $70 million, or a loss of one cent per share, compared with a profit of $2.22 billion, or 20 cents per share in Q3 2013. Net income before preferred stock dividends fell to $168 million from $2.50 billion in the year-ago period. The Company stated that the earnings for the period were impacted by the pretax charge of $5.3 billion for the settlement with the Department of Justice, certain federal agencies and six states. According to Reuters, analysts on average were expecting a loss of 9 cents per share. Shares of the bank fell 4.60% to end the session at $15.76 on the day of the earnings release. The full research reports on Bank of America are available to download free of charge at:

http://www.analystsreview.com/Oct-20-2014/BAC/report.pdf

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Citigroup Inc Research Reports
On October 14, 2014, Citigroup Inc. (Citigroup) released its Q3 2014 financial results. The Company reported Q3 2014 total revenues, net of interest expense, of $19.6 billion, up 9.5% YoY, driven by 8% growth in Citicorp revenues, due to increased revenues in both Institutional Clients Group and Global Consumer Banking and a 30% increase in Citi Holdings revenues. During the quarter, the Company's Basel III Tier 1 Capital Ratio was 11.5%, compared to 10.93% in Q3 2013. The Company's Q3 2014 net income came in at $3.4 billion or $1.07 per diluted share, compared to net income of $3.2 billion or $1.00 per diluted share in Q3 2013. According to Zacks Investment research, the Company was expected to report Q3 2014 revenue of $19.02 billion and adjusted EPS of $1.12. Following the earnings release, the Company's stock moved up 3.15%. The full research reports on Citigroup are available to download free of charge at:

http://www.analystsreview.com/Oct-20-2014/C/report.pdf

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JPMorgan Chase & Co. Research Reports
On October 14, 2014, JPMorgan Chase & Co. (JPMorgan) announced its Q3 2014 financial results. Net income stood at $5.6 billion or $1.36 per diluted share, compared with a loss of $0.4 billion, or $0.17 per diluted share, in Q3 2013. On average, analysts polled by Thomson Reuters expected earnings of $1.38 per share. JPMorgan informed that its Q3 2014 results included a significant item of $1.0 billion after-tax firm-wide legal expense. The Company's GAAP total net revenues during the quarter stood at $24.2 billion, up 4.88% YoY. The full research reports on JPMorgan are available to download free of charge at:

http://www.analystsreview.com/Oct-20-2014/JPM/report.pdf

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Wells Fargo & Company Research Reports
On October 14, 2014, Wells Fargo & Company (Wells Fargo) announced its Q3 2014 financial results with total revenue of $21.2 billion, up 3.6% YoY. Net income was reported at $5.7 billion or $1.02 per diluted shares compared to $5.6 billion or $0.99 per diluted share in Q3 2013. Total revenue rose 3.6% YoY to $21.2 billion during the period. Total non-performing assets declined 14.6% YoY to $17.7 billion. CFO John Shrewsberry said, "This was a strong quarter for Wells Fargo and again demonstrated the benefits of our diversified business model. Despite the low interest rate environment, revenue and pre-tax pre-provision profit increased linked quarter, and we continued to operate within our target ranges for ROA, ROE, efficiency ratio, and capital return to shareholders." The full research reports on Wells Fargo are available to download free of charge at:

http://www.analystsreview.com/Oct-20-2014/WFC/report.pdf

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The PNC Financial Services Group, Inc. Research Reports
On October 15, 2014, The PNC Financial Services Group, Inc. (PNC) reported results for Q3 2014. Revenue fell 2.0% YoY to $3.8 billion, primarily reflecting a 5.8% drop in net interest income, partly offset by a 3.0% growth in non-interest income. Amongst others, the fall in net interest income came from weaker earning asset yields and decreased investment securities balances. However, reported quarter net income advanced 1.0% YoY to $1.04 billion, while diluted EPS rose $0.02 from Q3 2013 to $1.79, beating Zacks Estimate of $1.71. Despite topping analyst expectations, PNC stocks lost 4.40% during the day to end at $78.00. A Nasdaq release on the same day stated that a possible factor weighing down the stock was the 2.0% YoY decline in quarterly revenues, although it surpassed Wall Street expectations by around $40 million. The overall U.S. financial sector closed under pressure, with NYSE Financial Sector Index declining 2.4% and S&P Financial 100 Index plunging over 3.0% during the session, Nasdaq reported. The full research reports on PNC are available to download free of charge at:

http://www.analystsreview.com/Oct-20-2014/PNC/report.pdf

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EDITOR'S NOTES:
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