After preferred dividends, first quarter 2012 net income available to common shareholders stood at $421m, or $0.45 per diluted share, against the net income of $88m, or $0.10 per diluted share in the first quarter of 2011.
The first quarter 2012 results included $115m in pre-tax gains on the initial public offering of Vantiv, and $36m of charges recorded in equity method earnings in other noninterest income related to Vantiv’s bank debt refinancing and debt termination charges.
The positive valuation adjustments on the Vantiv warrant and put option generated first quarter earnings of $125m pre-tax, or nearly $81m after-tax, which is almost $0.09 per diluted share.
The successful Vantiv IPO, established as an independent entity, reported a revenue of $1.6bn for the year ended 2011.
Corporate banking revenue during the latest quarter period stood at $97m, up by 13% from the same period last year, mainly boosted by higher syndication fees due to increased market and business activity during the first quarter.
Mortgage banking net revenue jumped by 100% to $204m in the first quarter of 2012 from the first quarter last year.
Investment advisory revenue declined by 1% to $96m during the quarter period ended 31 March 2012 against the same quarter a year ago.
For the latest quarter period, its card and processing revenue declined by 27% to $59m from the first quarter of 2011.
