On July 18, Sovereign Bancorp
- Total revenue increased 10.5% from the same quarter last year to $592.4 million. Non-interest income increased 3.3%, primarily because of a 16% rise in consumer and commercial banking fees.
- Net interest income rose 3.3% for the quarter, but net interest margin was reduced by 15 basis points because of a $1.2 billion financing transaction of an international bank.
- Sovereign Bancorp carries a Motley Fool CAPS rating of one star (out of a potential five). Its competitors -- KeyCorp
(NYSE:KEY) and PNC Financial Services Group(NYSE:PNC) -- carry one- and two-star ratings, respectively, while Motley Fool Income Investor pick JPMorgan(NYSE:JPM) is currently rated three stars.
(Figures in millions, except per-share data)
Income Statement Highlights
|
Q2 2007 |
Q2 2006 |
Change |
|
|---|---|---|---|
|
Total Revenue |
$592.4 |
$536.3 |
10.5% |
|
Net Interest Income |
$453.4 |
$438.8 |
3.3% |
|
Net Profit |
$150.2 |
($61.5) |
N/A |
|
EPS |
$0.29 |
($0.15) |
N/A |
Get back to basics with a look at the income statement.
Ratio Checkup
|
Q2 2007 |
Q2 2006 |
Change* |
|
|---|---|---|---|
|
Net Interest Margin |
2.71% |
2.86% |
(0.15%) |
|
Efficiency Ratio |
52.29% |
52.22% |
0.07% |
|
Nonperforming Assets / Assets |
0.34% |
0.29% |
0.05% |
|
Return on Average Assets |
0.72% |
(0.32%) |
1.04% |
|
Return on Average Equity |
6.71% |
(3.54%) |
10.25% |
Find out more about bank performance ratios.
Balance Sheet Highlights
|
Assets |
Q2 2007 |
Q2 2006 |
Change |
|---|---|---|---|
|
Investments |
$14,102 |
$13,152 |
7.2% |
|
Loans |
$56,527 |
$61,610 |
(8.3%) |
|
Liabilities |
Q2 2007 |
Q2 2006 |
Change |
|---|---|---|---|
|
Deposits |
$49,845 |
$52,592 |
(5.2%) |
|
Total Liabilities |
$73,811 |
$80,092 |
(7.8%) |
Learn about bank assets and bank liabilities.
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