These 13 US Big National/Regional Banks had their Total Core After-tax Net Income in the 4Q 2012 increase by a very impressive 40% from the 4Q 2011.
Core After-tax Net Income excludes Special, Unusual Items which are significant in amount relative to Reported Net Income..
The clear stick out winner here was Capital One Financial, whose Net Interest Income increased from $3,182 mil in the 4Q 2011 to $4,528 mil in the 4Q 2012, mainly due to its acquisition of HSBC US Credit Card Loans. But to be fair, its exceptional earnings increase in the current quarter benefited much from its huge $1.2 bil charge to its Provision for Credit Losses made in the 2Q 2012 when these HSBC US Credit Card Loans were acquired. Here's the link explaining that:
US Big National/Regional Banks 2Q 2012 Earnings Down, With Much Noise
But all 13 of these Banks had their 4Q 2012 earnings increase over the 4Q 2011.
Pretty much across the board, Mortgage-related Income of these Banks increased sharply in the 4Q 2012 over the 4Q 2011.
This very robust 40% total earnings increase of these 13 Banks was substantially better than what happened in the first 9 months of 2012, as you can see in the below link.
US Big National/Regional Banks 3Q 2012 Earnings Up 18%
Below here is the Adjusted Core Net Income of these 13 US Big National/Regional Banks for the 4Q 2012 and the 4Q 2011.
| 4Q 2012 | 4Q 2011 | |||
| Non-GAAP | Non-GAAP | |||
| Adjusted | Adjusted | |||
| Core | Core | Increase | Increase | |
| Net | Net | (Decrease) | (Decrease) | |
| Income | Income | Amount | % | |
| mils of $s | mils of $s | mils of $s | ||
| US Big National/Regional Banks | ||||
| PNC Financial (PA) | 973 | 819 | 154 | 19% |
| Capital One Financial (VA) | 848 | 411 | 437 | 106% |
| Bank NY Mellon (NY) | 718 | 681 | 37 | 5% |
| BB&T (NC) | 549 | 400 | 149 | 37% |
| State Street Corp (MA) | 521 | 454 | 67 | 15% |
| Fifth Third Bancorp (OH) | 396 | 314 | 82 | 26% |
| SunTrust Banks (GA) | 361 | 80 | 281 | 351% |
| M&T Bank (NY) | 296 | 148 | 148 | 100% |
| Regions Financial (AL) | 277 | 172 | 105 | 61% |
| Northern Trust (IL) | 173 | 162 | 11 | 7% |
| Huntington Bancshares (OH) | 167 | 127 | 40 | 31% |
| Comerica (TX) | 130 | 96 | 34 | 35% |
| First Republic Bancorp (CA) | 110 | 92 | 18 | 20% |
| Total all 13 Banks | 5,519 | 3,956 | 1,563 | 40% |
So it wasn't just the gigantic Big 8 US Financial Corps 4Q 2012 earnings that were fantastic.....up 56% in Total over the 4Q 2011. So were these 13 large National/Regional Banks, whose Total Earnings were up 40%.
It just doesn't seem right to me that these 21 Large Banks can be doing so exceptionally well in the 4Q 2012, when many of their customers, particularly individuals with underwater home mortgages, with high interest rate credit card loans and with high interest rate education loans, are under such severe financial pressure.
