Profit, Quarterly Earnings | featured news

Bank of America has reported a sharp rise in profits after it shed costs and set aside less money for bad loans. The bank reported first quarter net income of $2.3bn (£1.5bn), after making $328m in the same quarter a year ago.

Citigroup Inc reported a higher-than-expected 31 percent rise in first-quarter profit on Monday as it drew down loss reserves for mortgage loans, and revenue from its securities and investment banking business swelled.

Fannie Mae earned $17.2 billion last year, the biggest annual profit in the U.S. mortgage giant's history, helped by a record fourth quarter.

Delta Air Lines' president said the carrier this year expects to achieve its first first-quarter profit since 2000.

Target Corp posted lower quarterly profit on Wednesday, as sales of food and value-priced items only partially mitigated some weakness it saw when holiday shoppers held back from discretionary spending in an uncertain economy.

Washington Post posted a profit as the company recorded fewer restructuring charges, although revenue was flat as its education division continued to struggle.

General Motors Co on Wednesday posted a far stronger-than-expected profit and said it was targeting a return to break-even levels in its money-losing European operations by mid-decade after a loss of as much as $1.8 billion in that region this year.

Citigroup Inc said quarterly profit plunged on a $4.7 billion write-down of its stake in a brokerage operated by Morgan Stanley, but mortgage lending increased and capital markets results rebounded.

Finally moving beyond a trading debacle that has stained his once-stellar reputation, Jamie Dimon, JPMorgan Chase’s chief executive, on Friday trumpeted a strong quarter of earnings stemming from a surge in mortgage lending.

Walgreen's fiscal-fourth-quarter earnings fell 55% as less customer traffic at the drugstore chain contributed to a steeper-than-expected sales decline.