Banks, Earnings & Sales Reports | featured news

Bank of America reported a $6.2 billion profit for the third quarter as gains from assets sales and positive accounting changes outweighed weaker results in its trading business and continued losses in its huge mortgage portfolio.

itigroup's strategy of slimming down and focusing on a few core businesses is paying off. The New York bank reported third quarter earnings rose 74 percent in the third quarter, to $3.8 billion, due to lower losses from loans and an accounting gain. Its international consumer lending business grew in Asia and Latin America. The bank also decided to keep its credit card partnership with retailers as that business improved.

JPMorgan Chase reported a $3.3 billion profit for the first quarter Wednesday, even as its results were tempered by ongoing losses in consumer loan portfolios.

Freddie Mac reported a surprising profit in the second quarter, but the profit turned to a loss for shareholders after the company paid the U.S. government a $1.1 billion dividend.

The company, reporting its first profit since 2007, said quarterly net income was $1.8 billion.

Fannie Mae plans to tap $11 billion in new government aid after posting another massive quarterly loss as the taxpayer bill from the housing market bust keeps growing.

Barclays said first-half net profit rose 9.9% as investment-banking fees and trading gains offset weaker performance in its retail arm, and said it expects the rest of the year to be challenging.

Several major U.S. banks, led by Wells Fargo & Co, said the troubled economy drove credit losses higher, reducing profitability in the second quarter.

Citigroup Inc, one of the big U.S. banks hit hardest by the financial crisis, posted a quarterly profit as gains from the sale of its Smith Barney brokerage into a joint venture more than offset losses from its primary banking businesses.

JPMorgan Chase becomes the second major US bank to report a big rise in profits for the April to June period.