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Click on individual bank names in the table below to access American Banker's coverage of each company's earnings report. Links to relevant coverage, filings, and releases can be found in the Related Links area of each article.
January 28
T. Rowe Price Group announced better-than-expected fourth-quarter earnings Jan. 28 as assets under management soared on the popularity of target-date retirement portfolios.
It reported net revenues of $647.5 million, up from $542.6 million a year earlier; net income of $191.6 million, up from $152.5 million; and diluted earnings per common share of 72 cents, a 26% jump from the 57 cents the year earlier.
Assets under management grew to $90.7 billion last year, to a record $482 billion.
Net cash inflows in the quarter totaled $6.9 billion, and market appreciation and income added $35.4 billion to assets under management.
Investment advisory revenues grew 21%, or by almost $99 million, from the year earlier.
Target-date retirement investment portfolios added assets under management.
During the quarter, net inflows of $1.3 billion to these portfolios brought total net inflows to $7.5 billion for the year.
Assets in target-date retirement portfolios totaled $59.4 billion at Dec. 31, 12% of the company's assets under management and nearly 20% of its mutual fund assets.
