SOURCE: Paragon Financial Limited

Paragon Financial Limited

August 08, 2012 08:20 ET

Federal Reserve Survey Shows That U.S. Banks Relaxed Standards on Business and Consumer Lending

The Paragon Report Provides Stock Research on Morgan Stanley and JPMorgan

NEW YORK, NY--(Marketwire - Aug 8, 2012) - Banking stocks have performed admirably despite facing growing concerns of a major global economic slowdown. The Financial Select Sector SPDR Fund (XLF) is up more than 14 percent year-to-date -- showing renewed investor optimism in the sector. The Paragon Report examines investing opportunities in the Banking Industry and provides equity research on Morgan Stanley (NYSE: MS) and JPMorgan Chase & Co. (NYSE: JPM).

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Results from a Federal Reserve survey, released earlier this week, have shown that U.S. banks have relaxed their lending standards on credit cards and lending for autos and commercial real estate in the second quarter. Despite facing an economy with 8.3 percent unemployment, U.S. banks are lending the most since the end of the recession.

There have been banks that have "reported that their business had increased due to decreased competition from European banks and that they remain willing to accommodate additional such business," the Fed said.

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Morgan Stanley reported net revenues of $7.0 billion for the second quarter ended June 30, 2012 compared with $9.2 billion a year ago. For the current quarter, income from continuing operations applicable to Morgan Stanley was $563 million, or $0.28 per diluted share compared with income of $1.2 billion, or a loss of $0.36 per diluted share, for the same period a year ago.

JPMorgan Chase & Co. reported second-quarter 2012 net income of $5.0 billion, compared with net income of $5.4 billion in the second quarter of 2011. Earnings per share were $1.21, compared with $1.27 in the second quarter of 2011. Shares of JPMorgan are up nearly 10 percent for the year.

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