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Financial services earnings roundup, July 20

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Financial services earnings roundup, July 20

With earnings season in gear,S&P Global Market Intelligence presents a snapshot of recently reported financialresults for companies in the financial services space.

Broker/dealer

reported second-quarterearnings applicable tocommon shareholders of $1.43 billion, or 75 cents per share, down from $1.67 billion,or 85 cents per share, in the prior-year quarter.

The prior-yearquarter included a debt valuation adjustment of $182 million. Excluding debt valuationadjustments in the prior-year quarter, net income applicable to Morgan Stanley was79 cents per share.

The S&PCapital IQ consensus GAAP EPS estimate for the quarter was 59 cents.


reported fiscal third-quarternet income attributable to the company of $125.5 million, or 87 cents per share,compared with $133.2 million, or 91 cents per share, in the prior-year period.

Excluding$13.4 million of acquisition-related expenses, adjusted net income attributableto the company for the fiscal quarter was $134.0 million, or 93 cents per share,on a non-GAAP basis.

The S&PCapital IQ consensus normalized EPS estimate for the fiscal quarter was 90 cents.

Specialty lender

second-quarter net incomeattributable to common shareholders of $1.98 billion, or $2.10 per share, comparedwith $1.44 billion, or $1.42 per share, in the second quarter of 2015.

The S&PCapital IQ consensus GAAP EPS estimate for the quarter was $1.89.

Net incomefor the quarter included a gain of $1.1 billion, or $677 million after tax, fromthe sale of the company's Costco U.S. co-brand card portfolio and a restructuringcharge of $232 million, or $151 million after tax, related to the company's effortsto reduce its cost base.


second-quarter net incomeattributable to common stock of $52.0 million, or 12 cents per share, compared with$86.1 million, or 20 cents per share, in the year-ago quarter.

Theyear-over-year decrease was due to a $77 million decrease in gains on loan sales,a $26 million increase in provisions for credit losses and a $4 million increasein total expenses. Those changes were offset by a $45 million rise in net interestincome and a $25 million decrease in income tax expense.

Coreearnings attributable to common stock were $51.1 million, or 12 cents per share,compared with $85.8 million, or 20 cents per share, a year ago.

TheS&P Capital IQ consensus normalized EPS estimate was 11 cents.