- Fourth quarter 2008 results showed a loss due to higher provision expense and a goodwill write-down. The losses were driven by deterioration in credit performance as economic conditions worsened.
- Credit losses and delinquency rates increased across all lending segments as unemployment rose. The allowance for loan losses was increased substantially.
- Deposits grew significantly while margins declined due to credit costs and mix shift to lower-yielding assets. Expenses declined due to cost management efforts.
- An impairment charge was taken for goodwill in the Auto Finance segment. The balance sheet and liquidity remain strong despite the difficult environment.
Aquent/AMA Webcast: Planning for Mobile Marketing Success Through Smart StaffingAquent
Companies are still in the early stages of mobile marketing development — and they face an uphill climb to evolve beyond basic strategies. Aquent recently commissioned Forrester Consulting to evaluate how companies are adjusting their staffing to support mobile program growth.
In conducting in-depth surveys with marketing and IT professionals who are responsible for influencing hiring decisions for mobile marketing, Forrester found that there is a mismatch between current hiring practices and organizational needs.
During this webcast, Melissa Parrish will discuss the key findings from the study and provide some recommendations on how to plan for mobile marketing success through smarter staffing.
Aquent/AMA Webcast: Planning for Mobile Marketing Success Through Smart StaffingAquent
Companies are still in the early stages of mobile marketing development — and they face an uphill climb to evolve beyond basic strategies. Aquent recently commissioned Forrester Consulting to evaluate how companies are adjusting their staffing to support mobile program growth.
In conducting in-depth surveys with marketing and IT professionals who are responsible for influencing hiring decisions for mobile marketing, Forrester found that there is a mismatch between current hiring practices and organizational needs.
During this webcast, Melissa Parrish will discuss the key findings from the study and provide some recommendations on how to plan for mobile marketing success through smarter staffing.
New insights and data on pricing capital in today’s competitive environment from the Pepperdine Private Capital Markets Project show challenges remain for lenders, investors and the private business that depend on them. Lead researcher John Paglia presented at the National Summit for Middle Market Funds.
New insights and data on pricing capital in today’s competitive environment from the Pepperdine Private Capital Markets Project show challenges remain for lenders, investors and the private business that depend on them. Lead researcher John Paglia presented at the National Summit for Middle Market Funds.
American Electric Power (NYSE: AEP) will share 2012 to 2014 plans, including 2012 ongoing earnings guidance (earnings excluding special items) and expected capital spend, during a meeting today with investors in New York.
The company is expected to announce an ongoing earnings guidance range for 2012 of $3.05 to $3.25 per share and set its 2012 capital budget at $3.1 billion. Capital expenditures for 2013 and 2014 are estimated at $3.5 billion to $3.7 billion per year.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
2. Forward looking statements
Please note that the following materials containing information regarding Capital One’s financial performance speak only as of the particular date or dates
indicated in these materials. Capital One does not undertake any obligation to update or revise any of the information contained herein whether as a result of new
information, future events or otherwise.
Certain statements in this presentation and other oral and written statements made by Capital One from time to time are forward-looking statements,
including those that discuss, among other things, strategies, goals, outlook or other non-historical matters; projections, revenues, income, returns, earnings per
share or other financial measures for Capital One; future financial and operating results; and Capital One’s plans, objectives, expectations and intentions; and the
assumptions that underlie these matters. To the extent that any such information is forward-looking, it is intended to fit within the safe harbor for forward-looking
information provided by the Private Securities Litigation Reform Act of 1995. Numerous factors could cause our actual results to differ materially from those
described in such forward-looking statements, including, among other things: general economic and business conditions in the U.S., the UK, or Capital One’s local
markets, including conditions affecting consumer income and confidence, spending and repayments; changes in the credit environment, including an increase or
decrease in credit losses or changes in the interest rate environment; financial, legal, regulatory, tax or accounting changes or actions, including actions with respect
to litigation matters involving Capital One; increases or decreases in our aggregate accounts or consumer loan balances or the growth rate or composition thereof;
the amount and rate of deposit growth; changes in the reputation of or expectations regarding the financial services industry and/or Capital One with respect to
practices, products or financial condition; the risk that synergies from Capital One’s acquisitions may not be fully realized or may take longer to realize than
expected; disruptions from Capital One’s acquisitions negatively impacting Capital One’s ability to maintain relationships with customers, employees or suppliers,
Capital One’s ability to access the capital markets at attractive rates and terms to fund its operations and future growth; losses associated with new or changed
products or services; competition from providers of products and services that compete with Capital One’s businesses; Capital One’s ability to execute on its
strategic and operational plans; any significant disruption in Capital One’s operations or technology platform; Capital One’s ability to effectively control costs; the
success of Capital One’s marketing efforts in attracting and retaining customers; Capital One’s ability to recruit and retain experienced management personnel;
changes in the labor and employment market; and other factors listed from time to time in reports that Capital One files with the Securities and Exchange
Commission (the “SEC”), including, but not limited to, factors set forth under the caption “Risk Factors” in its Annual Report on Form 10-K for the year ended
December 31, 2007, and its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2008, June 30, 2008, and September 30, 2008. You should carefully
consider the factors discussed above in evaluating these forward-looking statements. All information in these slides is based on the consolidated results of Capital
One Financial Corporation, unless otherwise noted. A reconciliation of any non-GAAP financial measures included in this presentation can be found in Capital One’s
most recent Form 10-K concerning annual financial results, available on Capital One’s website at www.capitalone.com in Investor Relations under “About Capital
One.”
2
3. Fourth Quarter 2008 Summary
Q408 2008
$MM EPS $MM EPS
Earnings from Continuing Ops (Excluding Goodwill Impairment) $ (585) $ (1.59) 895 $ 2.28
Earnings from Continuing Ops (Including Goodwill Impairment) (1,396) $ (3.67) 85 0.14
Total Company Earnings (1,422) $ (3.74) (46) (0.21)
• Declines in EPS driven by:
– Higher provision expense, including $1.0B allowance build consistent with assumption that unemployment
rate increases to 8.7% by year end 2009
– Goodwill write down of $811MM associated with smaller Auto Finance business
• Credit performance reflects the impact of significant economic deterioration across the loan portfolio
– Managed charge-off rate up 68 basis points from Q308 to 4.98%
– Managed 30+ delinquency rate up 50 basis points from Q308 to 4.49%
• Our strong and transparent balance sheet positions us to weather the storm
– Significantly increased allowance coverage ratios
– High quality investment portfolio
– Readily available liquidity of $40B, up $8B from 9/30/08
– Ending deposits of $109B; strong deposit growth with disciplined pricing and stable margins
– TCE ratio of 5.57%, including OCI
3
5. Economic conditions deteriorated rapidly in Q4, driving our outlook
for managed credit losses
As of 9/30/08 As of 12/31/08
10/1/08-9/30/09 1/1/09-12/31/09
Next 12 Month Period
6.5% as of 9/30/08 7.2% as of 12/31/08
Unemployment Rate
Around 7% by mid 2009 8.7% by end 2009
Unemployment Rate
Assumption
Home Price History Case Schiller 20 city index down 21% Case Schiller 20 city index down~25%
from peak from peak
Home Price Assumption Additional 10 percentage Additional 10 percentage
point decline by mid 2009 point decline by end 2009
Managed Credit Loss $7.2B $8.6B
Outlook for next 12 months
5
6. The mix of earning assets has shifted as multiple factors have
resulted in flat loan growth
1
Managed Loans (End of Period) Investment Portfolio (End of Period)
$B $B
$160 $40
$151
$147 $147
$140
Bank
$44 $31.0
$45 $45
$120 $30
$27.0
Int’l $25.0
$12
$100
$10 $9 $22.2
$20.0 $19.8
$21 Auto
$25 $22
$80 $20
$60
$40 $10
$71 Card
$70 $69
$20
$0 $0
Q307 Q407 Q108 Q208 Q308 Q408 Q307 Q407 Q108 Q208 Q308 Q408
1
6
net of unrealized gains/losses
7. We achieved significant deposit growth with stable margins
Total Company Ending Deposits
($B)
$108.6
$110
$98.9
$100 $92.4
$87.7
$82.8
$90 $83.1
$80
$70
$60
$50
$40
$30
$20
$10
$0
Q307 Q407 Q108 Q208 Q308 Q408
Local Banking
2.09% 2.05% 1.93% 2.04% 2.18% 2.12%
Deposit Margin
7
8. Chevy Chase is a strategically and financially attractive acquisition
• A leading local banking franchise in one of the best local markets*
– $11.6 billion in deposits
– #1 branch share, #1 ATM share, #5 deposit share
– Attractive market
• 9th largest MSA by population, with above average population growth
• Highest per capita income and lowest unemployment among the Top 20 MSAs
• Enhances our local banking business
– Expands our portfolio of attractive local banking franchises
– Further improves our core deposit funding base
– Adds additional scale to our bank operations
– Brings outstanding customer and technology platforms
• Financially attractive and low-risk transaction
– Accretive to 2009 operating EPS (excluding restructuring charges) and to 2010 GAAP EPS
– Credit risks mitigated by a $1.75 billion net mark
– Balance sheet and liquidity remain strong post-acquisition
– Proximity to Capital One headquarters reduces integration risk and enables synergies
– Small acquisition relative to the size of Capital One
8
*Company data and SNL
9. Margins declined as compared to both the sequential quarter and
the prior year quarter
Margins as % of Managed Assets
• Credit Impacts
12%
– I/O strip write downs
Revenue Margin
– Increase in uncollectible finance charges & fees
10%
not recognized as revenue
9.48% 9.38%
8.65%
7.37% Risk-Adjusted Margin
8%
• Other Impacts
6.43%
– Declining purchase volumes in US Card
6.06%
Net Interest Margin
6%
6.19%
– Mix shift from loans to investment securities
5.86%
4.65%
– Prime/Libor dislocation (sequential quarter)
4%
– Elevated Q407 margins from 2007 pricing &
fee policy moves
2%
0%
Q207 Q307 Q407 Q108 Q208 Q308 Q408
9
10. Efficiency Ratio and operating expenses improved as a result of our
continuing cost management actions
Efficiency Ratio
70%
60%
50.7%
1
50% 47.9%
40% 42.6%
30%
20%
10%
0%
Q107 Q207 Q307 Q407 Q108 Q208 Q308 Q408
2007 2008 Improvement
416 bps
Efficiency Ratio 47.3% 43.1%
Non-Interest Expense 2 ($MM) $ 7,940 7,264 676
Operating Expense 6,593 6,146 447
Marketing Expense 1,347 1,118 229
1
excludes impact from Goodwill write-down of $810.9MM
10
2
excludes restructuring expenses
11. We continue to increase allowance coverage ratios in all of our
National Lending businesses
Allowance as % of Reported Allowance as % of Reported 30+
Delinquencies
Loans
200%
10%
182%
9%
8.40% US Card
167%
149%
8% US Card 150%
6.80% 131%
7% 6.60%
International International
127%
6% 5.70%
123%
5.60% 5.00% 100%
5%
Auto
4.20%
4% 4.40%
2.70%
52%
3%
50% 37%
47% Auto
2%
1%
0%
0%
Q307 Q407 Q108 Q208 Q308 Q408
Q307 Q407 Q108 Q208 Q308 Q408
Total
Company: 2.39% 2.91% 3.33% 3.41% 3.59% 4.48%
11
12. We recorded an $811MM non-cash impairment to goodwill in our
Auto Finance sub-segment in Q408
Goodwill ($MM) Local US Card Auto International Total
Banking Finance Company
Balance at January 1, 2008 $ 6,683 3,761 1,430 956 12,830
Other Adjustments 36 - - (33) 3
Goodwill Impairment - - (811) - (811)
Balance at December 31, 2008 $ 6,719 3,761 619 923 12,022
12
13. Credit was the big driver of operating earnings
$MM unless otherwise noted 2007 2008 YoY $ Inc/(Dec)
Revenue excl. I/O Strip & Supression 17,912 18,984 1,073
I/O Strip Valuation Change 14 (225) (239)
Revenue Supression* (1,140) (1,920) (780)
Revenue 16,786 16,839 54
Marketing 1,348 1,118 (230)
Operating Expense 6,593 6,146 (447)
Restructuring 137 135 (2)
Non Interest Expense 8,078 7,399 (679)
Pre Provision Earnings (before tax) 8,708 9,440 733
Net Charge Offs 4,162 6,425 2,263
Allowance Build 676 1,623 947
Provision 4,838 8,048 3,210
Operating Earnings (after tax) 2,592 896 (1,696)
$6.55 EPS $2.28 EPS ($4.26 EPS)
Goodwill Impairment 0 811 811
Continuing Operations (after tax) 2,592 85 (2,507)
$6.55 EPS $0.14 EPS ($6.41 EPS)
Discontinued Ops (1,021) (131) 891
Total Company (after tax) 1,570 (46) (1,616)
$3.97 EPS ($0.21 EPS) ($4.18 EPS)
* In line with the Company’s finance charge and fee revenue recognition policy, amounts billed to customers but not
recognized as revenue
13
14. We increased readily available liquidity by $8B in the quarter
Readily Available Liquidity
$B
45
$40B
40
Undrawn FHLB
Capacity
Q408 Highlights
35
$32B
• $8.8B Holding company cash covers
30
parent obligations for 3+ years, including
Undrawn
Conduit
current dividend level
25
20 • $40B of readily available liquidity is 6x
next 12 months of debt maturities
15
Cash &
Unencumbered
10 Securities
5
0
Q106 Q206 Q306 Q406 Q107 Q207 Q307 Q407 Q108 Q208 Q308 Q408
14
15. The growth in our investment portfolio has been in lower risk assets
December 31, 2007 December 31, 2008
$MM Book Value Net Unrealized Gain/(Loss) Book Value Net Unrealized Gain/(Loss)
Treasuries/Agencies $ 1,370 16 $ 1,549 61
Agency MBS 11,486 26 21,844 217
Non-Agency MBS 4,411 (11) 3,789 (1,035)
ABS 546 (3) 3,356 (200)
CMBS 1,250 (1) 1,082 (142)
Other 696 (5) 496 (14)
Total $ 19,759 22 $ 32,116 (1,113)
• Our liquidity focus results in an investment portfolio comprised of liquid, low risk securities
– Over 70% invested in Treasuries, Agencies and Agency-backed MBS
– No SIV’s, CDO’s, leveraged loans
– No exposure to equity or hybrids
– No securities backed by Option ARMs
• Over 90% of our unrealized loss is concentrated in $3.8B of remaining Non-Agency MBS
– Almost entirely collateralized by Prime Jumbo mortgages (Average FICO over 730), less than $71 million Alt-A/Subprime
collateral
– Two-thirds of these securities originally structured with at least twice the credit enhancement needed for AAA.
– Have the liquidity strength to hold the $3.8B of securities to maturity
• Other than Temporary Impairment (OTTI) was $5MM or less than 0.5% of the total net unrealized loss
15
16. Our TCE ratio remains strong
Tangible Common Equity to Tangible Managed Assets
Ratio
8%
7%
6%
Long-Term Target Range
Q408
5%
5.57%
4%
3%
2%
1%
0%
Q307 Q407 Q108 Q208 Q308 Q408
Capital Ratios
Q307 Q407 Q108 Q208 Q308 Q408
TCE/TMA 6.2% 5.8% 6.0% 6.2% 6.5% 5.6%
TCE/TMA (Excluding OCI) 6.2% 5.9% 6.1% 6.3% 6.6% 6.1%
Adjusted TCE/TMA1 6.8% 6.4% 6.6% 6.8% 7.2% 7.0%
Adjusted TCE / RWMA2 7.6% 7.3% 7.7% 8.0% 8.5% 8.5%
Tier 1 leverage ratio3 9.5% 9.0% 9.4% 9.4% 9.9% 11.1%
Tier 1 risk-based capital ratio3 10.7% 10.1% 10.9% 11.3% 12.0% 13.6%
Total risk-based capital ratio3 13.8% 13.1% 13.8% 14.2% 14.9% 16.5%
1
Adjusted TCE excludes OCI and gives 25% tangible common credit for hybrid securities and 25% tangible capital credit for preferred stock
2
Adjusted TCE / RWMA defined as Adjusted TCE divided by risk weighted managed assets
3
16
Q408 are estimates
17. Our strong and transparent managed balance sheet positions us to
weather the storm
• Significantly increased allowance coverage ratios
• $40B in readily available liquidity
• High quality investment portfolio
• Healthy capital position
17