National City reported its financial results for the second quarter with net income of $625 million compared to $519 million in the same quarter last year.
The company also reported that for the six months ended June 30, net income was $1.1 billion compared to $1.2 billion in the first half of last year.
“Credit quality is excellent, and the net interest margin has stabilized despite a difficult interest rate environment,” he added. “The mortgage business, while down from last year, is performing above expectations, and net hedging results have been positive.”
For the second quarter, Nation City reported tax-equivalent net interest income of $1.2 billion, which is a 2% increase from the first quarter, and a 12% increase from a comparable period last year.
“Overall, second quarter operating results reflect the successful integration of acquisitions made in 2004, but do not include any significant effects of our Best-in-Class initiative to improve fundamental long-term performance,” said Daberko. “As these programs take hold over the next several quarters, we will set the stage for improved revenue generation and operating efficiencies going forward.”
The company’s net interest margin was 3.85% in the second quarter, which was consistent with the first quarter, and compares to 4.09% in the second quarter of last year.
Chris is a staff writer for murdok. Visit murdok for the latest ebusiness news.
