Today - Thursday, July 30, 2015
- FQ4 net income of $24.4M or $1.54 per share vs. $16M and $1.09 one year ago. For the fiscal year, earnings of $82.4M or $5.37 pr share up 48% from the previous year.
- FQ4 net interest income of $55.3M up 36.5% Y/Y; net interest margin of 3.92% down three basis points.
- Noninterest income of $10.3M up 117.6% Y/Y. Noninterest expense of $20.8M up 31.6%.
- Total assets of $5.8B up 32.3% Y/Y. Loan portfolio up 39.5%. Loan originations up 42.2%. Deposits up 46.4%.
- Tangible book value of $33.92 per share up $8.65 from a year ago.
- Conference call at 4:30 ET
- Previously: BofI Holding beats by $0.16, beats on revenue (July 30)
- BOFI +3.5%
- Q2 net profit of £293M was up 27% from a year ago. Underlying operating profit - which excludes restructuring costs and conduct fines - of £1.81B slipped from £1.95B as the bank continues to pull back from investment banking.
- RBS initially jumped higher in London action, but shares are now lower by 2.7%.
- The mortgage business was a strong spot, with gross new lending up 43% for the quarter. The bank's capital ratio of 12.3% rose from 11.5% a quarter earlier, and CFO Ewen Stevenson promises the chance of a dividend once the ratio tops 13%. The first quarter of 2017 seems the earliest to expect a payout, he says.
- Source: FT
- Capital One (COF +1.4%) is an outlier to the upside in the credit card space after Morgan Stanley buys the big post-earnings dip in the stock, upgrading to Overweight from Equalweight. The price target is $90.
- CapOne suffered a trio of downgrades and a plummeting stock price on the day of its earnings disappointment last week, but this week has received two upgrades - today's from Morgan and Monday from CLSA.
- Previously: Capital One tumbles after earnings miss and trio of downgrades (July 24)
- Q2 net income of $285.5M or $0.79 per share vs. $289.2M and $0.81 in Q1, $246.5M and $0.69 one year ago.
- Total originations of $7.6B vs. $7.4B in Q1, $6.7B a year ago. $2.7B in Chrysler Capital retail loans, $1.4B in Chrysler leases for own portfolio.
- Finance receivables, loans and leases, net up 9% YTD to $31.5B.
- Provisions for credit losses of $739M vs. $606M in Q1, $589M a year ago. Allowance ratio of 12.4% up 90 basis points during quarter, up 100 basis points Y/Y. "Credit trends are stable and in line with seasonality, the market is competitive, but rationally competitive, and performance is in line or slightly better than management expectations."
- Net charge-off ratio slips to 5.3% from 6.7% in Q1, and 5.8% a year ago.
- Previously: Santander Consumer beats by $0.05, beats on revenue (July 30)
- SC -4%
- Q2 adjusted FFO of $75.2M or $0.56 per share vs. $62.7M and $0.51 one year ago.
- Portfolio occupancy of 98.8%, flat from last quarter and up 20 bps from start of year.
- Invested $147.8M in 37 properties in Q2 at an initial cash yield of 7.1%.
- Full-year FFO guidance is boosted by $0.02 to $2.16-$2.19. AFFO is expected at $2.21-$2.24.
- Conference call at 10 ET
- Previously: National Retail Properties beats by $0.01, misses on revenue (July 30)
- NNN flat premarket
- Q2 adjusted FFO per share of $0.46 up 7% from $0.43 one year ago.
- Comparable hotel revenues of $1.379B up 4%. Adjusted EBITDA of $422M up 2.7%.
- RevPAR on domestic properties up 5.3% Y/Y; on international properties down 5.9% (constant dollars). For all properties up 4.8%.
- Company notes operating results during H1 were significantly affected by renovations, though the disruption in Q1 was worse than in Q2. For 75 hotels with no work being done, RevPAR gained 5.4% Y/Y.
- $500M buyback was launched on April 30 - as of June 30, company had repurchased 6.55M shares at an average price of $20.07, for a total of $131M.
- Full-year adjusted FFO per share expected at $1.52-$1.55, with total comparable RevPAR up 4.5-5%.
- Previously: Host Hotels & Resorts FFO in-line, misses on revenue (July 30)
- HST flat premarket
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