SOURCE: The Bedford Report

The Bedford Report

April 21, 2011 08:16 ET

Revenue Growth Sluggish for Citigroup and JPMorgan

The Bedford Report Provides Analyst Research on Citigroup & JPMorgan

NEW YORK, NY--(Marketwire - Apr 21, 2011) - Major Banks have begun to post improved credit quality. More thorough and cautious credit checks have led to fewer delinquent loans and greater financial stability. As such, Banks are setting aside less money to cover bad loans, and some are seeing loan losses recede. While credit quality is improving, the high unemployment rate has been damaging to banks' long term loan growth. Improving employment numbers will hopefully, in time, lead to a boost in loan growth across the banking sector. The Bedford Report examines the outlook for companies in the Financial Sector and provides research reports on Citigroup, Inc. (NYSE: C) and JPMorgan Chase & Co. (NYSE: JPM). Access to the full company reports can be found at:

This earnings season major banks have posted lackluster revenues amid weak fixed income trading and poor performances from regional consumer banking. Citigroup and JP Morgan both posted lower first-quarter revenue compared to a year earlier as the banks struggled to convince customers to take out new loans.

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Earlier this week Citigroup posted net income of 10 cents a share for the first quarter. Revenues slid 22 percent to $19.7 billion. Citigroup managed to post a profit via the release of $3.3 billion in reserves that had previously been set aside to cover losses on credit cards and other loans. That helped offset deep losses in its domestic mortgage business.

Last week JP Morgan said that it earned $5.6 billion, or $1.28 per share, in the first quarter compared with $3.3 billion, or 74 cents a share in the same period last year. JPMorgan Chase's profits included $2 billion from reducing its credit card loan reserves. Delinquency fell among the bank's credit card customers, allowing the bank to lower its estimates of future losses.

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