Financial Business Update: Doral Financial and SunTrust Win with Earnings
Doral Financial (NYSE:DRL) shares are up on news the banking company turned a profit in the fourth quarter. They cited better net interest margins and a reduction in non-performing assets.
Word is that State Street (NYSE:STT), J.P. Morgan Chase (NYSE:JPM) and Ameriprise Financial (NYSE:AMP) are some of the finalists in the bidding for Deutsche Bank’s (NYSE:DB) global asset management division. Deutsche sees the sale bringing in €2 billion ($2.6 billion).
SunTrust (NYSE:STI) fourth quarter profit was hobbled by $636 million in mortgage repurchase demands, up 45 percent from the third quarter. Suntrust confirms its involvement in settlement discussions with state attorneys general, but doesn’t book a charge. Repurchase losses were greater than anticipated but “manageable,” with essentially “solid” results, say Sanford Bernstein analysts.
Comerica (NYSE:CMA) fourth quarter earnings posted better than expected. A better overall loan portfolio compensates for flat year-over-year earnings growth caused by merger-related charges.
Investing Insights: Capital One’s Weak Earnings Noticed by Nomura.