NEW YORK, NY -- (Marketwire) -- 04/26/12 -- Banking stocks have provided investors with strong gains in the first quarter, the SPDR S&P Bank ETF (KBE) is up nearly 18 percent year-to-date. Ben Bernanke recently stated that the central bank is prepared to take action if necessary to insure that the economic recovery continues. Five Star Equities examines the outlook for companies in the Banking Industry and provides equity research on JPMorgan Chase & Co. (NYSE: JPM) and Citigroup Inc. (NYSE: C).
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"We remain prepared to do more as needed to make sure that this recovery continues and that inflation stays close to target," Bernanke said at a recent press conference. Central Bankers upgraded forecasts for economic growth and stated that borrowing costs are likely to remain "exceptionally low" through at least 2014. Future economic growth is expected to "remain moderate over coming quarters and then to pick up gradually," according to the Federal Open Market Committee.
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JPMorgan Chase & Co. recently reported first-quarter 2012 net income of $5.4 billion, compared with net income of $5.6 billion in the first quarter of 2011. Earnings per share were $1.31, compared with $1.28 in the first quarter of 2011.
Citigroup Inc. reported a net income of $2.9 billion, or $0.95 per diluted share, for the first quarter 2012 on revenues of $19.4 billion. Citi recently announced that Michael E. O'Neill was appointed Chairman of the Board of Directors of Citi following its annual meeting of stockholders in Dallas. In addition, Franz B. Humer and Joan E. Spero were elected by stockholders to Citi's Board of Directors.
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