Sunday, May 6, 2018

The 84 Largest US Financial Companies Reporting Their March 2018 Earnings By 5-5-18 Generated March 2018 Quarter Total Pretax Income of $84.041 Bil, Up Only 2.6% From Their Total Pretax Income of $81.929 Bil in the March 2017 Quarter ........................................................................................ The 22 Largest US Banks Reported That Their March 2018 Quarter Total Pretax Income Increased 15% From the March 2017 Quarter, Aided Substantially By the US Fed Raising Short-Term Interest Rates and These Banks Electing To Pass On Very Little of Their Resultant Increased Revenues To Their Bank Customers ....................................................................................... The 18 Largest US Investments-Related Financial Companies Reported That Their March 2018 Quarter Total Pretax Income Declined By 28% From the March 2017 Quarter ....................................................................................... The 24 Largest US Insurance Companies Reported That Their March 2018 Quarter Total Pretax Income Increased By Only 1% From the March 2017 Quarter ....................................................................................... These 84 Financial Companies Had Their March 2018 Quarter After-Tax Net Income Increase By 11.3%, Benefiting From Decline in Their Effective Income Tax Rates From 25.4% in the March 2017 Quarter Down To 19.0% in the March 2018 Quarter Due To the Trump Tax Cuts Act

From a review of SEC filings, the below chart shows the US GAAP Pretax Income (Loss) From Continuing Operations, the US GAAP Net Income (Loss) From Continuing Operations and the related US GAAP Income Tax Expense for the March 2018 and 2017 Quarters for all US Financial  Companies with stock market caps above $10 Bil on April 30, 2018 and which have released their March 2018 earnings by May 5, 2018.
 US GAAP   US GAAP   US GAAP   US GAAP 
 US GAAP   US GAAP   Effective   Effective  Pretax Net
 US GAAP   Income   US GAAP   US GAAP   Income   US GAAP   Income   Income  Income Income
US Financial Companies Pretax Tax Net Pretax Tax Net Tax Tax % Change % Change
Market Caps Above $10 Bil Income Expense Income Income Expense Income Rate Rate March Qtr March Qtr
Releasing Their March 2018 March Qtr March Qtr March Qtr March Qtr March Qtr March Qtr March Qtr March Qtr 2018 2018
Quarter Earnings By 5-5-18 2018 2018 2018 2017 2017 2017 2018 2017 vs 2017 vs 2017
mils $ mils $ mils $ mils $ mils $ mils $
Banks
JPMorgan Chase       10,662         1,950         8,712         8,341         1,893         6,448 18.3% 22.7% 28% 35%
Bank of America         8,394         1,476         6,918         7,320         1,983         5,337 17.6% 27.1% 15% 30%
Wells Fargo         7,501         1,374         6,127         7,858         2,133         5,725 18.3% 27.1% -5% 7%
Citigroup         6,090         1,441         4,649         5,981         1,863         4,118 23.7% 31.1% 2% 13%
US Bancorp         2,073            391         1,682         2,035            549         1,486 18.9% 27.0% 2% 13%
Capital One Financial         1,662            319         1,343         1,109            314            795 19.2% 28.3% 50% 69%
PNC Financial Services         1,492            253         1,239         1,394            320         1,074 17.0% 23.0% 7% 15%
Bank of New York Mellon         1,444            282         1,162         1,206            269            937 19.5% 22.3% 20% 24%
BB&T Corp            977            186            791            530            104            426 19.0% 19.6% 84% 86%
Fifth Third Bancorp            836            132            704            396              91            305 15.8% 23.0% 111% 131%
SunTrust Banks            792            147            645            629            159            470 18.6% 25.3% 26% 37%
State Street Corp            763            102            661            584              82            502 13.4% 14.0% 31% 32%
Regions Financial            542            128            414            420            127            293 23.6% 30.2% 29% 41%
Citizens Financial Group            501            113            388            434            114            320 22.6% 26.3% 15% 21%
Northern Trust            484            102            382            391            115            276 21.1% 29.4% 24% 38%
KeyCorp            478              62            416            419              94            325 13.0% 22.4% 14% 28%
M&T Bank Corp            458            105            353            518            169            349 22.9% 32.6% -12% 1%
Huntington Bancorp            385              59            326            267              59            208 15.3% 22.1% 44% 57%
Comerica            335              54            281            268              66            202 16.1% 24.6% 25% 39%
Zions Bancorp            308              70            238            184              45            139 22.7% 24.5% 67% 71%
SVB Financial Group            282              74            208            159              51            108 26.2% 32.1% 77% 93%
First Republic Bank            246              47            199            214              37            177 19.1% 17.3% 15% 12%
Total all 22 Banks       46,705         8,867       37,838       40,657       10,637       30,020 19.0% 26.2% 15% 26%
Investment-Related Cos
Morgan Stanley         3,420            714         2,706         2,808            815         1,993 20.9% 29.0% 22% 36%
Goldman Sachs         3,419            587         2,832         2,539            284         2,255 17.2% 11.2% 35% 26%
BlackRock         1,359            265         1,094         1,136            268            868 19.5% 23.6% 20% 26%
Charles Schwab         1,002            219            783            843            279            564 21.9% 33.1% 19% 39%
Blackstone Group LP            897              55            842         1,059              57         1,002 6.1% 5.4% -15% -16%
Ameriprise Financial            696            102            594            475              72            403 14.7% 15.2% 47% 47%
Franklin Resources            633            150            483            628            193            435 23.7% 30.7% 1% 11%
KKR & Co LP            621              18            603            838              40            798 2.9% 4.8% -26% -24%
T Rowe Price            600            144            456            637            236            401 24.0% 37.0% -6% 14%
Icahn Enterprises LP            479              56            423           (134)              26           (160) 11.7% -19.4% 457% 364%
TD Ameritrade            372            101            271            344            130            214 27.2% 37.8% 8% 27%
Interactive Brokers Group            340              21            319            213              18            195 6.2% 8.5% 60% 64%
Invesco Ltd            334              68            266            290              76            214 20.4% 26.2% 15% 24%
Raymond James Financial            331              89            242            161              53            108 26.9% 32.9% 106% 124%
SEI Investments            159              19            140            129              40              89 11.9% 31.0% 23% 57%
Apollo Global Mgt LLC           (101)                8           (109)            394              39            355
NM
 9.9% -126% -131%
Berkshire Hathaway        (1,523)           (452)        (1,071)         5,688         1,549         4,139 29.7% 27.2% -127% -126%
Total all 18 Inv-Related Cos       13,038         2,164       10,874       18,048         4,175       13,873 16.6% 23.1% -28% -22%
Insurance Companies
Prudential Financial         1,716            352         1,364         1,767            395         1,372 20.5% 22.4% -3% -1%
MetLife         1,656            399         1,257         1,072            120            952 24.1% 11.2% 54% 32%
American International Group         1,227            277            950         1,727            516         1,211 22.6% 29.9% -29% -22%
Allstate         1,224            249            975         1,012            317            695 20.3% 31.3% 21% 40%
Chubb         1,217            135         1,082         1,221            128         1,093 11.1% 10.5% 0% -1%
AFLAC            982            265            717            898            306            592 27.0% 34.1% 9% 21%
Marsh & McLennan            916            220            696            753            175            578 24.0% 23.2% 22% 20%
Progressive Corp            911            181            730            641            211            430 19.9% 32.9% 42% 70%
Travelers Companies            778            109            669            760            143            617 14.0% 18.8% 2% 8%
Hartford Financial Services            519              91            428            401              98            303 17.5% 24.4% 29% 41%
Principal Financial            457              55            402            414              60            354 12.0% 14.5% 10% 14%
Lincoln National            435              68            367            475              40            435 15.6% 8.4% -8% -16%
Loews Corp            405              25            380            510            119            391 6.2% 23.3% -21% -3%
CNA Financial            346              55            291            343              83            260 15.9% 24.2% 1% 12%
Unum Group            341              68            273            330            100            230 19.9% 30.3% 3% 19%
Arthur J Gallagher & Co            242             (44)            286            200             (42)            242 -18.2% -21.0% 21% 18%
Everest Re Group Ltd            218                7            211            338              47            291 3.2% 13.9% -36% -27%
XL Group Ltd            193              32            161            227              13            214 16.6% 5.7% -15% -25%
Arch Capital Group Ltd            188              22            166            302              28            274 11.7% 9.3% -38% -39%
American Financial Group            174              33            141            223              68            155 19.0% 30.5% -22% -9%
Reinsurance Group            138              38            100            208              62            146 27.5% 29.8% -34% -32%
Fidelity National Financial            129              31              98            129              69              60 24.0% 53.5% 0% 63%
Markel              43            108             (65)              94              23              71 251.2% 24.5% -54% -192%
Cincinnati Financial             (50)             (19)             (31)            276              75            201 38.0% 27.2% -118% -115%
Total all 24 Insurance Cos       14,405         2,757       11,648       14,321         3,154       11,167 19.1% 22.0% 1% 4%
Other Financial Companies
American Express         2,082            448         1,634         1,839            588         1,251 21.5% 32.0% 13% 31%
Discover Financial Services            856            190            666            868            304            564 22.2% 35.0% -1% 18%
Automatic Data Processing            853            210            643            828            240            588 24.6% 29.0% 3% 9%
Synchrony Financial            847            207            640            782            283            499 24.4% 36.2% 8% 28%
CME Group            789            190            599            707            307            400 24.1% 43.4% 12% 50%
S&P Global            681            147            534            611            181            430 21.6% 29.6% 11% 24%
IntercontinentalExchange            617            143            474            725            214            511 23.2% 29.5% -15% -7%
Fiserv            563            140            423            349            102            247 24.9% 29.2% 61% 71%
Moody's Corp            441              64            377            451            105            346 14.5% 23.3% -2% 9%
E Trade Group            334              87            247            225              80            145 26.0% 35.6% 48% 70%
Ally Financial            328              76            252            326            113            213 23.2% 34.7% 1% 18%
Nasdaq Inc            239              62            177            215              47            168 25.9% 21.9% 11% 5%
United Rentals            232              49            183            161              52            109 21.1% 32.3% 44% 68%
Fidelity Natl Info Services            224              34            190            209              74            135 15.2% 35.4% 7% 41%
Total Systems Services            161              18            143            150              43            107 11.2% 28.7% 7% 34%
Cboe Global Markets            159              41            118              18                3              15 25.8% 16.7% 783% 687%
MSCI Inc            139              24            115            102              29              73 17.3% 28.4% 36% 58%
Equifax            123              29              94            196              40            156 23.6% 20.4% -37% -40%
Global Payments            122              25              97              65              12              53 20.5% 18.5% 88% 83%
TransUnion            103              28              75              76              12              64 27.2% 15.8% 36% 17%
Total all 20 Other Fincls         9,893         2,212         7,681         8,903         2,829         6,074 22.4% 31.8% 11% 26%
Grand Total all 84 Financials
       84,041       16,000       68,041       81,929       20,795       61,134 19.0% 25.4% 2.6% 11.3%


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