Financial Sector Update for 05/20/2019: IBN,NCR,QD,FMBI,INBK

Top Financial Stocks

JPM +0.43%

BAC +0.04%

WFC -0.55%

C -0.06%

USB +0.23%

Financial stocks were trading on either side of their Monday starting marks, with the NYSE Financial Index dropping nearly 0.3% while shares of financial companies in the S&P 500 were still climbing less than 0.1%. The Philadelphia Housing Index dropped about 1.2%.

Among financial stocks moving on news:

(+) ICICI Bank Ltd (IBN) Monday climbed over 6% after telling Indian regulators it was investing up to INR338.5 million in cash in India International Clearing Corp through a series of tranches in exchange for up to a 9.9% equity stake in the securities trade clearing company. Indian International launched in 2016 and grew revenue by 172% to INR20.4 million during its FY19 ended March 31 over its INR7.5 million in revenue the 12 months, ICICI said.

In other sector news:

(+) First Midwest Bank (FMBI) was near even late Monday. The bank chain Monday said it was opening a commercial banking office to better serve its high-end customers throughout Wisconsin following its January purchase of Northern Oak Wealth Management.

(-) First Internet Bancorp (INBK) was slightly lower in late trading. The bank holding company said it was acquiring the small business lending unit of First Colorado National Bank for an undisclosed amount. Through March 31, the First Colorado subsidiary carried around $39 million in outstaning loans and serviced another $112 million of Small Business Administration 7(a) loans.

(-) Qudian (QD) fell over 10% on Monday. The Chinese consumer lender reported non-GAAP Q1 net income of $0.49 per American depositary share on RMB2.10 billion in revenue, beating the Capital IQ consensus expecting a $0.34 per ADS adjusted profit on RMB1.79 billion in revenue.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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