Much of today’s focus is — understandably — on the disappointing fourth-quarter earnings of Bank of America (BAC) and Citigroup (C); investors haven’t taken too kindly to either and both banks’ shares are down about 3%.
But the sector saw other quarterly results today, and those told a different tale:
PNC Financial Services (PNC) saw its fourth-quarter profit jump 51%, albeit its per-share figure came in below analysts estimates. But the bank reported a 6% (annualized) loan growth, and a 15% rise in total revenue. PNC’s stock is up about 3.5% today and 7% this month.
Fifth Third Bancorp (FITB) also reported a steep rise in profits, up 27%, and beat consensus estimates as revenue rose 21% thanks in part to growth in its commercial and industrial loan business.�Shares are up more than 4.5% today and 10% this month.
Huntingdon Bancshares (HBAN) stock is up about 3.7% after it also beat the average of Wall Street estimates, reporting a 32% growth in earnings thanks to improved net interest margins and lower loan loss provisions. Revenue at the Columbus, Ohio, bank rose 14%, and it also reported improving net charge-offs. Huntingdon’s stock is up 3.8% at the latest, and has risen 10.6% in January.
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