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Sector Update: Financials Sag Pre-Market on China, Earnings Woes

Posted
1/24/2014 8:06:00 AM
By: MT Newswires
Referenced Stocks:FNFG;PB

Top Financial Shares:

JPM: -0.83%

BAC: -1.01%

WFC: -0.73%

C: -1.18%

USB: -0.12%

Financial shares are firmly lower in today's pre-market session as investors continue to react to disappointing data on manufacturing in China and a slew of earnings reports.

In financial stocks news, retail and commercial bank First Niagara Financial Group Inc. ( FNFG ) said Q4 2013 GAAP net income was $70.1 million, or $0.20 per diluted share, up from GAAP net income of $53.6 million, or $0.15 per diluted share, in the same period last year.

If comparable, the current quarter's diluted EPS would have been in line with the Capital IQ consensus. Net interest income for the period was $280.3 million, up from $252.3 million in Q4 2012.

And, financial holding company Prosperity Bancshares, Inc. ( PB ) said Q4 2013 net income was $62.971 million, or $0.98 per diluted share, up from net income of $48.266 million, or $0.85 per diluted share, in the same period last year.

No information on the non-GAAP income was provided, which would have been comparable to the Capital IQ consensus of $0.91.

Net interest income before provision for credit losses increased 34.3% to $145.469 million compared with $108.301 million during the same period in 2012.