Equity Research on Citigroup Inc. and PNC Financial Services Group Inc. - Money Center Banks Slowly Improving
October 26 2011 - 8:00AM
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Recent news of progress in resolving the European debt crisis
lifted financials and raised the outlook for several money center
banks. Both Citigroup Inc. and PNC Financial Services Group have
seen shares climb in October, perhaps partially the result of
improved investor confidence in the financial sector. Investors can
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Services Group Inc. at www.stockcall.com/C261011.pdf or
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Better-than-expected quarterly earnings reports also contributed
to the gains seen by several banks in October. Despite global
economic uncertainty, some money center banks have been turning in
surprisingly positive numbers. PNC Financial Services saw net
income rise 8% over the prior year quarter to $834 million. The
better results were in part due to improved credit quality, lower
non-interest expenses and a reduction in the provision for credit
losses. Visit www.stockcall.com/ to see how companies in this
industry have grown over the past years and how they are expected
to perform in the future.
Moving forward, better news out of Europe certainly helped
financials as a whole but much uncertainty remains. Banks that have
been able to widen margins and grow revenues in the face of so many
macroeconomic headwinds could be well positioned for long-term
gains especially when the European debt crisis is resolved.
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industry.
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