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COPYRIGHT 2005 Access Intelligence, LLC.
The Bank of New York Company, Inc. [BK]
BoNY says that in the recent quarter, net income was $389 million, or $0.51 per share, on revenue of $1.74 billion, compared with net income of $354 million, or $0.46 per share, on revenue of $1.52 billion in the same period last year. Of the quarter's $1.248 billion in non-interest income, $75 million was derived from BoNY's global payments business, compared with the 2004 quarter's $1.099 billion in non-interest income, when $85 million came from the Global Payments unit. BoNY attributes the decline to customers choosing to pay with higher compensating balances, which increases net interest income.
Citigroup Inc. [C]
Citigroup says that in the recent quarter, net income was $7.143 billion, or $1.38 per share, on revenue of $21.498 billion, compared with net income of $5.308 billion, or $0.96 per share, on revenue of $18.738 billion in the same period last year. Citi's cards operations, though, were flat--$4.603 billion versus $4.602 billion in the 2004 quarter, while U.S. card revenues declined to $3.746 billion, from $3.815 billion last year, because of what the bank called net interest margin compression and higher payment rates. On a managed basis, Citi reported net interest revenue globally of $4.475 billion, compared with $4.537 billion last year, with managed net credit losses of $2.084 billion, compared with $2.142 billion last year. In North America, net interest revenue on a managed basis was $3.969 billion for the quarter, compared with $4.067 billion last year; managed net credit losses in the region were $1.957 billion, compared with $1.981 billion last year. Transaction Services revenues were $1.246 billion, or $327 million in net income, compared with revenue of $1.045 billion, or net income of $286 million in the 2004...
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