Chillin' out till it needs to be funded
The Bank maintained its lead in Return on Assets with some deft Expense control apparently and is due to get into Executive webcasts for the Analysts in a half hour as the sun comes up over the West Coast. The Bank’s Net Income for the quarter is a $5.6 Bln and despite returning $11 Bln to shareholers including larger buybacks and dividends, earnings are an improved but lowish $1 for the Quarter, not enough to keep it in the big league.
The Bank earned $21.878 Bln for the year and Period end Deposits and Loans ended at $825 Bln and $980 Bln. Average Deposits are $1060 Bln. Consumer Banking Loans and Deposits for Comparisons with Chase average to $502 Bln and $620 Bln, barely breasting ahead even as BofA returns in full swing to the ring this year.
The Earnings per share are still a good way below $4 or $4.35 for JP Morgan but RoE has improved a complete point to just under 14%
Fee Income share has trudged down to an overall 48%, a good 13% of which comes from Deposit Service Charges, 10% from Card Income and Merchant charges (2%) while Brokerage advisory and commissions are another 22%. Share of Mortgage Income Fees and Charges has settled at 16% and that of Trust investments at 36% for 2013
NIMs are down 12 bps but still a much better 3.26% for the year than for the other Top 4 Banks. Total Loan yields have tracked down from 4.57% last year to 4.35% Single Unit Mortgage stock is u $8.6 Bln to $258 Bln (First mortgages)
Total NII for the four quarters is $43.596 Bln with $11 Bln in the latest quarter
Q4 Non interest income is $2 Bln from Trust and $1.57 bln from mortgages of the total $9.9 Bln.
Mortgage Applications are down t o $65 Bln from $152 Bln at the end of last year with originations of $50 Bln comparing well with JP Morgans $30 Bln odd, bringing down the gap with the mortgage leader as Refi business closed out and mortgages settle back (nearly) over 5%