The San Francisco bank reported record loan originations thanks to explosive growth in single-family home loans, and profits beat analysts' expectations.

The banking giant may be sitting pretty with plenty of money reserved for bad loans — or it could have to set aside billions more in coming quarters. It hinges on an ongoing U.S. recovery and the passage of a new stimulus package.

The California-based institution joins a small group of CUs that represent only about 7% of institutions but hold about 70% of industry assets.

Citigroup posted its biggest quarterly profit of the pandemic after reaping another windfall from trading bonds and expressing newfound confidence in the resilience of its loan book.

The company defied expectations by cutting its reserve for loan losses by $569 million, after adding $20 billion to the allowance in the first half.

The company, which recently completed an audit, set aside funds to cover issues tied with a lending program it discontinued last year. The move cleared the way for Sterling to file an overdue annual report with the Securities and Exchange Commission.

Many sectors are concerned about making money in an economic downturn, but those fears are higher in the financial sector, according to a study from Arizent.

Robert D. Ramirez has accepted the top job at the South Florida credit union as it attempts to turn around following a steep decline in earnings and a jump in charge-offs.

Second-quarter figures from the credit union regulator paint a grim picture for many states across a variety of key earnings metrics.

The post was vacant since Kristy Fercho left to run Wells Fargo Home Loans in July.

A new report from the National Credit Union Administration shows how hard the industry was hit during the second quarter as businesses closed and consumer spending dropped.

Record profits from trading and other capital markets activities helped to offset steep revenue declines in personal and business banking.

New data from the state regulator showed that assets at credit unions in the Badger State grew by 28% during the first half of this year, versus growth of 14% in the first six months of 2019.

The $18.8 billion in net income was 70% less than a year earlier as the uncertain economic picture and new accounting rules drove a sharp rise in provisions for future losses.

Whether the number of deals for 2020 can come close to last year's record-setting level will come down to one question: Can community banks generate strong enough profits in the second half to justify their independence?

Billionaire Jack Ma’s Ant Group generated about 9.2 billion yuan ($1.3 billion) of profit in the March quarter, offering investors a glimpse of its earnings power in the run up to its mega initial public offering.

Credit unions added more than $176 billion to savings balances in the first half of the year, according to new analysis from Callahan & Associates.

The industry will have to grapple with pressure on net interest margins, interchange income and credit quality, said CUNA Mutual's Steve Rick during a virtual conference.

The industry's return on average assets has already dropped substantially and there are predictions that could get even worse. Many institutions will have to deal with elevated provisions for loan losses and expense management to survive.

Richard Marotta left the Boston company less than two weeks after a goodwill impairment charge contributed to a large quarterly loss.