Marshall & Ilsley Corp.'s (MI) fourth-quarter loss narrowed,
revenue declined less than analysts expected and its loan-loss
provision declined.
The Wisconsin-based regional bank posted its ninth-straight
quarter in the red. Its loan books have shown improvement but have
performed worse than those of many of its peers, and, like much of
the sector, it has bolstered its bottom line by setting aside less
to cover potential loan losses.
Marshall & Ilsley reported a loss of $108.1 million, or 25
cents a share, compared with a year-earlier loss of $234.3 million,
or 54 cents a share. Revenue slid 2.2% to $631.8 million.
Analysts polled by Thomson Reuters most recently forecast a loss
of 24 cents on $555 million in revenue.
Loan-loss provisions were $429.1 million, down from $639 million
a year earlier and $431.7 million in the prior quarter. Net
charge-offs, loans lenders don't think are collectible, fell to
4.4% of average loans from 5.01% and 5.47%, respectively.
Nonperforming loans, those near default, were 4.24% of total loans,
down from 4.62% a year earlier but up from 4.02% the prior
period.
Shares were down 0.6% at $7.12 in recent premarket trading.
-By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240;
matthew.jarzemsky@dowjones.com