The four big US banks – Bank
of America (BofA), Citi, Wells Fargo and JPMorgan Chase – have
posted mixed results from retail banking income for the six months
to the end of June.

At BofA, retail net income
was boosted by strong earnings from the cards division: Global Card
Services net income more than doubled over a year ago to $3.77bn.
Excluding that, BofA’s net income from its retail banking-focused
Deposit division slumped 43% year-on-year to $785m.

Total assets at the Deposit
division rose 2% to $449.1bn, while deposits rose by 2.4% to
$424.6bn.

Citi’s net profit from
consumer lending in North America soared to $1.23bn in the six
months to the end of June (H110: $67m).

Net credit losses fell by
more than a third to $2.74bn. Citi also slashed provisions for loan
losses and for benefits and claims by 70% year-on-year to
$1.35bn.

Wells Fargo’s income from its
Community Banking division was 36% higher than a year ago at
$4.27bn. Provisions for credit losses from the Community Banking
units halved from the year-ago period to $3.99bn. But both average
consumer loans and average Community Banking assets declined, by 7%
year-on-year to $504bn and by 2.3% to $756.2bn
respectively.

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By GlobalData

JPMorgan Chase’s net income
from retail financial services, which compromises mortgage, auto
and other consumer lending and retail banking, however, slumped by
60% year-on-year to $374m in the six months to the end of
June.

Excluding the ailing mortgage, auto and other consumer
lending sub-division, the bank generated a 10% increase in half
year net income to $2bn from retail banking alone. Provisions for
credit losses from retail banking fell by 55% to $161m.