1) Fifth Third Bank reported a net loss in Q4 2008 and for the full year due to credit deterioration, losses on loans sold or transferred, and a goodwill impairment charge.
2) However, the bank strengthened its credit metrics and risk profile in Q4, and its capital levels remained well above targets.
3) While 2008 was challenging, Fifth Third retained most of its pre-2008 loss absorption capacity and expects capital levels to exceed targets in the difficult economic environment.
1) Independent Bank Corporation held a 1st quarter 2009 earnings conference call to discuss financial results and challenges.
2) Key highlights included a net loss of $18.6 million due to a $30.8 million loan loss provision and credit costs, but pre-tax core earnings grew sequentially.
3) Challenges included a weak Michigan economy, high credit costs, and a $43.7 million deferred tax asset valuation allowance, but the net interest margin expanded and regulatory capital ratios remained strong.
- SunTrust reported second quarter earnings of $1.53 per share, down from $1.89 per share in the second quarter of 2007, due to higher loan loss provisions, credit-related expenses, and valuation losses. These factors were partially offset by gains from selling Coca-Cola stock and a non-strategic subsidiary.
- The company completed transactions involving its Coca-Cola stock holdings that increased its regulatory capital ratio by an estimated 68 basis points as of June 30, 2008.
- Credit metrics continued to deteriorate in the quarter, though at a slower pace, with net charge-offs increasing 8.6% and the allowance for loan losses rising to 1.46% of total loans.
SPX Corporation 4th Quarter and Full Year 2008 Results finance40
The document summarizes the Q4 2008 and full year 2008 results for a company with global infrastructure, process equipment, and diagnostic tools segments. Key highlights include 7% organic revenue growth and 21% adjusted EPS growth in Q4, and 6% organic revenue growth and 35% adjusted EPS growth for the full year. The company achieved these results through continued focus on its long-term strategy, disciplined capital allocation, and integration of acquisitions. Guidance for 2009 forecasts adjusted EPS of $5.40-$5.80 and free cash flow of $230-$270 million.
The document provides an earnings presentation for Sallie Mae for the second quarter of 2008. It summarizes key financial metrics including core earnings per share of $0.27, net income of $156 million, and net interest margin of 1.28%. It also discusses liquidity positions, financing activity, segment earnings details, and provides a reconciliation of GAAP to core earnings per share. The presentation outlines long term objectives around asset quality, productivity, capitalization and quality earnings.
The document provides an investor update for Bonterra Energy Corp for April 2012. It includes the following key points:
1) Guidance for 2012 including a $65 million capital development budget focused on drilling 33 wells, targeting production of 6,700-7,000 BOE per day and maintaining operating costs around $15 per BOE.
2) Highlights from 2011 including increasing dividends twice, drilling 26 successful wells, achieving record average daily production of 6,322 BOE/day and maintaining a reserve life index of 16.9 years.
3) Financial results for 2011 including $102 million in funds flow, a payout ratio of 58%, $97 million in cash flow from operations,
The document provides a disclaimer and forward-looking statements regarding a presentation by Banco Santander Totta, S.A. and Banco Santander, S.A. It cautions that the presentation contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. It also states that the information in the presentation should be read in conjunction with other public disclosures and does not constitute an offer to buy or sell securities.
Bank Of America Fourth Quarter 2008 Resultsearningsreport
Bank of America reported a loss of $1.8 billion for the fourth quarter of 2008. The results were negatively impacted by $4.6 billion in capital markets dislocation charges and a $8.5 billion provision for credit losses, which included a $3 billion increase in loan loss reserves. Despite the loss, pre-provision profits were up in most primary businesses from the third quarter of 2008. Total average deposits grew by $34.3 billion since the prior quarter. The company also raised capital through a common equity offering and funds from the Troubled Asset Relief Program.
Fifth Third Bancorp reported a net loss for Q2 2008 due to charges related to leveraged leases. Excluding these charges, pre-tax earnings were up 16% year-over-year due to increases in noninterest income and average loans. However, credit costs increased significantly due to deteriorating economic conditions, particularly in real estate loans in Florida and Michigan. In response, Fifth Third raised capital levels and reduced the common dividend to strengthen its position during the economic downturn.
1) Independent Bank Corporation held a 1st quarter 2009 earnings conference call to discuss financial results and challenges.
2) Key highlights included a net loss of $18.6 million due to a $30.8 million loan loss provision and credit costs, but pre-tax core earnings grew sequentially.
3) Challenges included a weak Michigan economy, high credit costs, and a $43.7 million deferred tax asset valuation allowance, but the net interest margin expanded and regulatory capital ratios remained strong.
- SunTrust reported second quarter earnings of $1.53 per share, down from $1.89 per share in the second quarter of 2007, due to higher loan loss provisions, credit-related expenses, and valuation losses. These factors were partially offset by gains from selling Coca-Cola stock and a non-strategic subsidiary.
- The company completed transactions involving its Coca-Cola stock holdings that increased its regulatory capital ratio by an estimated 68 basis points as of June 30, 2008.
- Credit metrics continued to deteriorate in the quarter, though at a slower pace, with net charge-offs increasing 8.6% and the allowance for loan losses rising to 1.46% of total loans.
SPX Corporation 4th Quarter and Full Year 2008 Results finance40
The document summarizes the Q4 2008 and full year 2008 results for a company with global infrastructure, process equipment, and diagnostic tools segments. Key highlights include 7% organic revenue growth and 21% adjusted EPS growth in Q4, and 6% organic revenue growth and 35% adjusted EPS growth for the full year. The company achieved these results through continued focus on its long-term strategy, disciplined capital allocation, and integration of acquisitions. Guidance for 2009 forecasts adjusted EPS of $5.40-$5.80 and free cash flow of $230-$270 million.
The document provides an earnings presentation for Sallie Mae for the second quarter of 2008. It summarizes key financial metrics including core earnings per share of $0.27, net income of $156 million, and net interest margin of 1.28%. It also discusses liquidity positions, financing activity, segment earnings details, and provides a reconciliation of GAAP to core earnings per share. The presentation outlines long term objectives around asset quality, productivity, capitalization and quality earnings.
The document provides an investor update for Bonterra Energy Corp for April 2012. It includes the following key points:
1) Guidance for 2012 including a $65 million capital development budget focused on drilling 33 wells, targeting production of 6,700-7,000 BOE per day and maintaining operating costs around $15 per BOE.
2) Highlights from 2011 including increasing dividends twice, drilling 26 successful wells, achieving record average daily production of 6,322 BOE/day and maintaining a reserve life index of 16.9 years.
3) Financial results for 2011 including $102 million in funds flow, a payout ratio of 58%, $97 million in cash flow from operations,
The document provides a disclaimer and forward-looking statements regarding a presentation by Banco Santander Totta, S.A. and Banco Santander, S.A. It cautions that the presentation contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. It also states that the information in the presentation should be read in conjunction with other public disclosures and does not constitute an offer to buy or sell securities.
Bank Of America Fourth Quarter 2008 Resultsearningsreport
Bank of America reported a loss of $1.8 billion for the fourth quarter of 2008. The results were negatively impacted by $4.6 billion in capital markets dislocation charges and a $8.5 billion provision for credit losses, which included a $3 billion increase in loan loss reserves. Despite the loss, pre-provision profits were up in most primary businesses from the third quarter of 2008. Total average deposits grew by $34.3 billion since the prior quarter. The company also raised capital through a common equity offering and funds from the Troubled Asset Relief Program.
Fifth Third Bancorp reported a net loss for Q2 2008 due to charges related to leveraged leases. Excluding these charges, pre-tax earnings were up 16% year-over-year due to increases in noninterest income and average loans. However, credit costs increased significantly due to deteriorating economic conditions, particularly in real estate loans in Florida and Michigan. In response, Fifth Third raised capital levels and reduced the common dividend to strengthen its position during the economic downturn.
This document provides a summary of Fannie Mae's financial results for the first quarter of 2008. Some key points:
- Fannie Mae reported a net loss of $2.2 billion for the quarter, an improvement from a $3.6 billion loss in the previous quarter. Revenues grew but losses on investments and derivatives also increased.
- Credit losses rose to $3.2 billion due to higher mortgage defaults and loss severities from falling home prices and economic weakness.
- Fannie Mae plans to raise $6 billion in new capital through stock offerings to maintain a strong balance sheet and provide stability in the mortgage market.
- Management is focusing on tightening lending standards and mitigating
- SunTrust reported a net loss of $379.2 million for Q4 2008 compared to a profit of $3.3 million in Q4 2007, due to higher credit costs from the deteriorating economy. For the full year 2008, SunTrust reported a profit of $746.9 million, down 53.4% from 2007.
- Revenue increased 8.8% in Q4 2008 versus Q4 2007, driven by lower market valuation losses on loans and securities carried at fair value. However, higher credit costs led to a net loss for the quarter.
- Noninterest income rose 24.6% in Q4 2008 versus Q4 2007 mainly due to lower mark-to-market losses, but
Fifth Third Bancorp reported first quarter 2008 earnings of $292 million, or $0.55 per diluted share, compared to $16 million in the previous quarter and $359 million in the first quarter of 2007. Net interest income increased 11% year-over-year to $826 million due to loan and deposit growth as well as lower funding costs, while the net interest margin declined slightly. Loan balances grew 9% year-over-year led by increases in commercial and residential mortgage loans. Credit costs increased substantially due to deterioration in residential real estate, homebuilder, and development loans.
xcel energy 1108Mid-Atlantic_Presentationfinance26
This document provides an overview of Xcel Energy's upcoming Mid-Atlantic Investor Meetings on November 18-19, 2008. It summarizes Xcel Energy's financial position including earnings, dividends, debt, liquidity, credit ratings and capital expenditure plans. It also outlines recent and upcoming regulatory proceedings and rate cases across Xcel Energy's operating jurisdictions.
Citi reported record quarterly revenues of $25.5 billion, up 15%, and net income of $5.01 billion, down 10% from the prior year. Net income was reduced by an $871 million after-tax charge related to a structural expense review. Excluding this charge, net income was $5.88 billion, down 9% due to higher credit costs and a lower tax benefit. Revenues grew across most business segments, led by a 23% increase in Markets & Banking revenues. Credit costs increased $1.26 billion due to higher net losses and increases to loan loss reserves.
Fifth Third Bancorp reported 2007 earnings of $1.1 billion, or $2.03 per diluted share, compared to $1.2 billion, or $2.13 per diluted share in 2006. Fourth quarter 2007 earnings were $38 million, or $0.07 per diluted share, compared to $325 million, or $0.61 per diluted share in the third quarter of 2007. Results were impacted by non-cash charges including lowering the value of a Bank-Owned Life Insurance policy and reserves related to potential Visa litigation settlements. Excluding these items, operating earnings were lower due to deterioration in credit performance and increased loan loss reserves in response to challenging credit conditions expected to continue in the near
The document summarizes the 9M 2011 IFRS results of an organization. Key points include:
- Global financial markets experienced turbulence due to the US debt downgrade and European debt crisis. The Russian ruble depreciated 13.5% against the USD.
- The organization delivered resilient performance, with net income up 4.1% quarter-over-quarter to RUB 411 million, driven by a higher net interest margin of 4.6% and strong non-interest revenues.
- Operating expenses declined slightly while operating income rose 8.9%, improving the cost-to-income ratio. Solid operating profit was achieved despite conservative provisioning.
1) TCF Financial Corporation reported first quarter 2009 diluted earnings per share of $0.17, down from $0.38 in the first quarter of 2008. Net income for the quarter was $26.6 million, down 43.8% from the prior year.
2) Total deposits increased by over $1 billion compared to the previous quarter due to successful marketing strategies, however this excess liquidity lowered the net interest margin to 3.66%.
3) Banking fees declined from the prior year due to lower transaction volumes, while the leasing business saw a 4.3% revenue increase. Card revenues were flat with the prior periods.
Andrew Wiswell, NAL Energy's President and CEO, presents at the CIBC 2012 Whistler Institutional Investor Conference at Whistler, B.C., at 8 a.m. PST (9 a.m. MST, 11 a.m. EST).
JPMorgan Chase First Quarter 2008 Financial Results Conference Call finance2
1) JPMorgan Chase reported earnings of $2.4 billion on revenue of $17.9 billion for 1Q08, down 49% from record earnings in 1Q07. EPS was $0.68.
2) The Investment Bank took markdowns of $2.6 billion related to subprime, Alt-A, prime mortgages, and leveraged lending commitments. It reported a net loss of $87 million on revenue of $3 billion, down 52% year-over-year.
3) The firm increased its credit reserves by $2.5 billion, including $1.1 billion related to the home equity portfolio. It transferred $4.9 billion of lever
xcel energy AB7A4639-F266-4C1B-8624-A2DC294B5C02_2009_NEWFixedIncomeFebruaryfinance26
This document summarizes a presentation given to fixed income investors by Xcel Energy. It outlines Xcel's strategy of growing its core utility business while meeting environmental challenges. Key points include solid liquidity and balance sheet strength, constructive regulatory relationships, and good growth prospects across its utilities. Xcel expects to deliver 5-7% annual EPS growth and 2-4% annual dividend growth through rate base investments and recovery mechanisms.
This document provides a disclaimer and forward-looking statements from Banesto and Santander regarding the presentation. It cautions that the presentation contains forward-looking statements that are based on knowledge at the time and may change. It also notes several risk factors that could adversely affect business performance. The remainder of the presentation summarizes Banesto's management priorities in response to the financial crisis, including strengthening its balance sheet by maintaining liquidity and capital ratios, reducing real estate risk, and maximizing profitability through margin and cost control. It provides data on the bank's liquidity, capital, asset quality, profitability, market share, and customer service ratings. The outlook section establishes profitability, asset quality, capital and liquid
- IBM's 2Q'09 results showed strong performance with improved operating leverage, expanded gross margins, 18% EPS growth, and $4.5B in free cash flow.
- For FY'09, IBM expects EPS of at least $9.70, ahead of its 2010 roadmap target of $10-11 EPS.
- IBM's business segments - Software, Services, and Systems & Technology - saw revenue changes between -10% to +11% in 2008, with goals for long-term pre-tax income growth between 7-15% depending on the segment.
ual 2008 Credit Suisse Global Airline Conferencefinance13
The document provides a summary of UAL Corporation's performance in the third quarter of 2008 and outlook.
Some key points:
- UAL reported a net loss of $252 million for Q3 2008, excluding special items, with fuel expenses up over 60% year-over-year
- RASM grew 5.8% year-over-year excluding items, while mainline CASM excluding fuel was approximately flat despite a 4% capacity reduction
- The company raised $1.4 billion in liquidity through various financing activities in Q3
- Fuel price declines provide long term opportunity for profit improvement, though also create short term hedging losses
- Aggressive capacity reductions of 11
Virgin Media reported its second quarter 2007 results, highlighting several key points:
- Broadband customers increased by 51,000 to 3.5 million maintaining its position as the UK's largest residential broadband provider.
- Television customers saw a net addition of 2,200 despite disruption from Sky removing some basic channels.
- Operating income was £3.0 million, an improvement from an operating loss of £15.3 million in the previous quarter.
- The company has made several moves to strengthen its content offerings such as adding sports channels from Setanta and planning to launch the Virgin 1 channel.
Fifth Third Bancorp reported lower third quarter earnings per share of $0.71 compared to $0.83 in the previous year due to contraction in net interest margin from aggressive increases in deposit pricing and lower than expected deposit growth. Loan growth remained strong across all categories but was offset by challenges in growing deposits sufficiently. Credit quality remained stable with nonperforming assets and net charge-offs at low levels.
Fifth Third Bancorp reported a 15% increase in third quarter earnings and a 20% increase in earnings for the first nine months of 2002 compared to the same periods in 2001. Operating earnings per diluted share increased 13% for the quarter and 19% for the first nine months. The company saw strong growth in deposits and loans, with transaction deposits up 42% and total loans and leases up 12% compared to a year ago. Non-interest income was also up 22% compared to the previous year's third quarter, driven by increases in deposit service revenues, investment advisory revenues, and Midwest Payment Systems revenues.
Virgin Media reported financial results for the fourth quarter of 2007, highlighting several positive metrics. Customer and revenue growth generation unit (RGU) additions were the best since the cable merger. On-net customer net additions and broadband net additions were also the highest since the merger. Average revenue per user (ARPU) and triple-play penetration reached record levels. While operating income was negative for the quarter, operating cash flow was £321 million. Management noted that fourth quarter results demonstrated positive customer response to their products and services. Looking forward, management believes the company is well positioned for continued growth.
Hugh Grant, Chairman and CEO of Monsanto, presented at the Goldman Sachs Agricultural Biotech Forum. In the presentation, Grant discussed Monsanto's focus on seeds and traits, which have driven strong gross profit growth. He outlined Monsanto's strategy to extend its leadership in seeds and traits through 2010 by leveraging six growth opportunities. Grant also reviewed Monsanto's corn seed and trait performance in the U.S., noting its strength in key maturity zones is translating to increased market share. He projected demand from ethanol will provide a further boost for Monsanto's corn technology. Internationally, Grant noted Monsanto's seed business provides varying levels of profit opportunity in major corn markets.
- Robb Fraley is the Chief Technology Officer of Monsanto and was speaking at a Credit Suisse First Boston Investment Conference on September 28, 2005.
- Monsanto's presentation included discussions of their technology leadership in areas such as breeding, biotechnology, germplasm, and molecular markers.
- Monsanto summarized their strategic crop platforms in corn, oilseeds, cotton, and vegetables and how their technology platforms provided competitive advantages in these areas.
This document summarizes Northrop Grumman's Q3 2008 financial results. It highlights increases in sales, earnings per share, cash from operations, and new business awards compared to Q3 2007. The CEO also notes share repurchases, a record backlog, opportunities for growth, and raised guidance for full year EPS. Updates are provided on major defense programs and milestones. The CFO discusses the company's liquidity, risk mitigation efforts, and negotiating better contracts. Projections for full year 2008 sales, margins, cash flow, and earnings are included. Potential impacts of market declines on 2009 pension expenses are also estimated.
This document summarizes Northrop Grumman's Q3 2008 financial results. It highlights increases in sales, earnings per share, cash from operations, and new business awards compared to Q3 2007. The CEO also notes share repurchases, a record backlog, opportunities for growth, and raised guidance for full year EPS. Updates are provided on major defense programs and milestones. The CFO discusses the company's liquidity, risk mitigation efforts, and negotiating better contracts. Projections for full year 2008 sales, margins, cash flow, and earnings are included. Potential impacts of market declines on 2009 pension expenses are also estimated.
This document provides a summary of Fannie Mae's financial results for the first quarter of 2008. Some key points:
- Fannie Mae reported a net loss of $2.2 billion for the quarter, an improvement from a $3.6 billion loss in the previous quarter. Revenues grew but losses on investments and derivatives also increased.
- Credit losses rose to $3.2 billion due to higher mortgage defaults and loss severities from falling home prices and economic weakness.
- Fannie Mae plans to raise $6 billion in new capital through stock offerings to maintain a strong balance sheet and provide stability in the mortgage market.
- Management is focusing on tightening lending standards and mitigating
- SunTrust reported a net loss of $379.2 million for Q4 2008 compared to a profit of $3.3 million in Q4 2007, due to higher credit costs from the deteriorating economy. For the full year 2008, SunTrust reported a profit of $746.9 million, down 53.4% from 2007.
- Revenue increased 8.8% in Q4 2008 versus Q4 2007, driven by lower market valuation losses on loans and securities carried at fair value. However, higher credit costs led to a net loss for the quarter.
- Noninterest income rose 24.6% in Q4 2008 versus Q4 2007 mainly due to lower mark-to-market losses, but
Fifth Third Bancorp reported first quarter 2008 earnings of $292 million, or $0.55 per diluted share, compared to $16 million in the previous quarter and $359 million in the first quarter of 2007. Net interest income increased 11% year-over-year to $826 million due to loan and deposit growth as well as lower funding costs, while the net interest margin declined slightly. Loan balances grew 9% year-over-year led by increases in commercial and residential mortgage loans. Credit costs increased substantially due to deterioration in residential real estate, homebuilder, and development loans.
xcel energy 1108Mid-Atlantic_Presentationfinance26
This document provides an overview of Xcel Energy's upcoming Mid-Atlantic Investor Meetings on November 18-19, 2008. It summarizes Xcel Energy's financial position including earnings, dividends, debt, liquidity, credit ratings and capital expenditure plans. It also outlines recent and upcoming regulatory proceedings and rate cases across Xcel Energy's operating jurisdictions.
Citi reported record quarterly revenues of $25.5 billion, up 15%, and net income of $5.01 billion, down 10% from the prior year. Net income was reduced by an $871 million after-tax charge related to a structural expense review. Excluding this charge, net income was $5.88 billion, down 9% due to higher credit costs and a lower tax benefit. Revenues grew across most business segments, led by a 23% increase in Markets & Banking revenues. Credit costs increased $1.26 billion due to higher net losses and increases to loan loss reserves.
Fifth Third Bancorp reported 2007 earnings of $1.1 billion, or $2.03 per diluted share, compared to $1.2 billion, or $2.13 per diluted share in 2006. Fourth quarter 2007 earnings were $38 million, or $0.07 per diluted share, compared to $325 million, or $0.61 per diluted share in the third quarter of 2007. Results were impacted by non-cash charges including lowering the value of a Bank-Owned Life Insurance policy and reserves related to potential Visa litigation settlements. Excluding these items, operating earnings were lower due to deterioration in credit performance and increased loan loss reserves in response to challenging credit conditions expected to continue in the near
The document summarizes the 9M 2011 IFRS results of an organization. Key points include:
- Global financial markets experienced turbulence due to the US debt downgrade and European debt crisis. The Russian ruble depreciated 13.5% against the USD.
- The organization delivered resilient performance, with net income up 4.1% quarter-over-quarter to RUB 411 million, driven by a higher net interest margin of 4.6% and strong non-interest revenues.
- Operating expenses declined slightly while operating income rose 8.9%, improving the cost-to-income ratio. Solid operating profit was achieved despite conservative provisioning.
1) TCF Financial Corporation reported first quarter 2009 diluted earnings per share of $0.17, down from $0.38 in the first quarter of 2008. Net income for the quarter was $26.6 million, down 43.8% from the prior year.
2) Total deposits increased by over $1 billion compared to the previous quarter due to successful marketing strategies, however this excess liquidity lowered the net interest margin to 3.66%.
3) Banking fees declined from the prior year due to lower transaction volumes, while the leasing business saw a 4.3% revenue increase. Card revenues were flat with the prior periods.
Andrew Wiswell, NAL Energy's President and CEO, presents at the CIBC 2012 Whistler Institutional Investor Conference at Whistler, B.C., at 8 a.m. PST (9 a.m. MST, 11 a.m. EST).
JPMorgan Chase First Quarter 2008 Financial Results Conference Call finance2
1) JPMorgan Chase reported earnings of $2.4 billion on revenue of $17.9 billion for 1Q08, down 49% from record earnings in 1Q07. EPS was $0.68.
2) The Investment Bank took markdowns of $2.6 billion related to subprime, Alt-A, prime mortgages, and leveraged lending commitments. It reported a net loss of $87 million on revenue of $3 billion, down 52% year-over-year.
3) The firm increased its credit reserves by $2.5 billion, including $1.1 billion related to the home equity portfolio. It transferred $4.9 billion of lever
xcel energy AB7A4639-F266-4C1B-8624-A2DC294B5C02_2009_NEWFixedIncomeFebruaryfinance26
This document summarizes a presentation given to fixed income investors by Xcel Energy. It outlines Xcel's strategy of growing its core utility business while meeting environmental challenges. Key points include solid liquidity and balance sheet strength, constructive regulatory relationships, and good growth prospects across its utilities. Xcel expects to deliver 5-7% annual EPS growth and 2-4% annual dividend growth through rate base investments and recovery mechanisms.
This document provides a disclaimer and forward-looking statements from Banesto and Santander regarding the presentation. It cautions that the presentation contains forward-looking statements that are based on knowledge at the time and may change. It also notes several risk factors that could adversely affect business performance. The remainder of the presentation summarizes Banesto's management priorities in response to the financial crisis, including strengthening its balance sheet by maintaining liquidity and capital ratios, reducing real estate risk, and maximizing profitability through margin and cost control. It provides data on the bank's liquidity, capital, asset quality, profitability, market share, and customer service ratings. The outlook section establishes profitability, asset quality, capital and liquid
- IBM's 2Q'09 results showed strong performance with improved operating leverage, expanded gross margins, 18% EPS growth, and $4.5B in free cash flow.
- For FY'09, IBM expects EPS of at least $9.70, ahead of its 2010 roadmap target of $10-11 EPS.
- IBM's business segments - Software, Services, and Systems & Technology - saw revenue changes between -10% to +11% in 2008, with goals for long-term pre-tax income growth between 7-15% depending on the segment.
ual 2008 Credit Suisse Global Airline Conferencefinance13
The document provides a summary of UAL Corporation's performance in the third quarter of 2008 and outlook.
Some key points:
- UAL reported a net loss of $252 million for Q3 2008, excluding special items, with fuel expenses up over 60% year-over-year
- RASM grew 5.8% year-over-year excluding items, while mainline CASM excluding fuel was approximately flat despite a 4% capacity reduction
- The company raised $1.4 billion in liquidity through various financing activities in Q3
- Fuel price declines provide long term opportunity for profit improvement, though also create short term hedging losses
- Aggressive capacity reductions of 11
Virgin Media reported its second quarter 2007 results, highlighting several key points:
- Broadband customers increased by 51,000 to 3.5 million maintaining its position as the UK's largest residential broadband provider.
- Television customers saw a net addition of 2,200 despite disruption from Sky removing some basic channels.
- Operating income was £3.0 million, an improvement from an operating loss of £15.3 million in the previous quarter.
- The company has made several moves to strengthen its content offerings such as adding sports channels from Setanta and planning to launch the Virgin 1 channel.
Fifth Third Bancorp reported lower third quarter earnings per share of $0.71 compared to $0.83 in the previous year due to contraction in net interest margin from aggressive increases in deposit pricing and lower than expected deposit growth. Loan growth remained strong across all categories but was offset by challenges in growing deposits sufficiently. Credit quality remained stable with nonperforming assets and net charge-offs at low levels.
Fifth Third Bancorp reported a 15% increase in third quarter earnings and a 20% increase in earnings for the first nine months of 2002 compared to the same periods in 2001. Operating earnings per diluted share increased 13% for the quarter and 19% for the first nine months. The company saw strong growth in deposits and loans, with transaction deposits up 42% and total loans and leases up 12% compared to a year ago. Non-interest income was also up 22% compared to the previous year's third quarter, driven by increases in deposit service revenues, investment advisory revenues, and Midwest Payment Systems revenues.
Virgin Media reported financial results for the fourth quarter of 2007, highlighting several positive metrics. Customer and revenue growth generation unit (RGU) additions were the best since the cable merger. On-net customer net additions and broadband net additions were also the highest since the merger. Average revenue per user (ARPU) and triple-play penetration reached record levels. While operating income was negative for the quarter, operating cash flow was £321 million. Management noted that fourth quarter results demonstrated positive customer response to their products and services. Looking forward, management believes the company is well positioned for continued growth.
Hugh Grant, Chairman and CEO of Monsanto, presented at the Goldman Sachs Agricultural Biotech Forum. In the presentation, Grant discussed Monsanto's focus on seeds and traits, which have driven strong gross profit growth. He outlined Monsanto's strategy to extend its leadership in seeds and traits through 2010 by leveraging six growth opportunities. Grant also reviewed Monsanto's corn seed and trait performance in the U.S., noting its strength in key maturity zones is translating to increased market share. He projected demand from ethanol will provide a further boost for Monsanto's corn technology. Internationally, Grant noted Monsanto's seed business provides varying levels of profit opportunity in major corn markets.
- Robb Fraley is the Chief Technology Officer of Monsanto and was speaking at a Credit Suisse First Boston Investment Conference on September 28, 2005.
- Monsanto's presentation included discussions of their technology leadership in areas such as breeding, biotechnology, germplasm, and molecular markers.
- Monsanto summarized their strategic crop platforms in corn, oilseeds, cotton, and vegetables and how their technology platforms provided competitive advantages in these areas.
This document summarizes Northrop Grumman's Q3 2008 financial results. It highlights increases in sales, earnings per share, cash from operations, and new business awards compared to Q3 2007. The CEO also notes share repurchases, a record backlog, opportunities for growth, and raised guidance for full year EPS. Updates are provided on major defense programs and milestones. The CFO discusses the company's liquidity, risk mitigation efforts, and negotiating better contracts. Projections for full year 2008 sales, margins, cash flow, and earnings are included. Potential impacts of market declines on 2009 pension expenses are also estimated.
This document summarizes Northrop Grumman's Q3 2008 financial results. It highlights increases in sales, earnings per share, cash from operations, and new business awards compared to Q3 2007. The CEO also notes share repurchases, a record backlog, opportunities for growth, and raised guidance for full year EPS. Updates are provided on major defense programs and milestones. The CFO discusses the company's liquidity, risk mitigation efforts, and negotiating better contracts. Projections for full year 2008 sales, margins, cash flow, and earnings are included. Potential impacts of market declines on 2009 pension expenses are also estimated.
This document summarizes Northrop Grumman's Q3 2008 financial results. It highlights increases in sales, earnings per share, cash from operations, and new business awards compared to Q3 2007. The CEO also notes share repurchases, a record backlog, opportunities for growth, and raised guidance for full year EPS. Updates are provided on major defense programs and milestones. The CFO discusses the company's liquidity, risk mitigation efforts, and negotiating better contracts. Projections for full year 2008 sales, margins, cash flow, and earnings are included. Potential impacts of market declines on 2009 pension expenses are also estimated.
1) Independent Bank Corporation held a 1st quarter 2009 earnings conference call to discuss financial results and challenges.
2) Key highlights included a net loss of $18.6 million due to a $30.8 million loan loss provision and credit costs, but pre-tax core earnings grew sequentially.
3) Challenges included a weak Michigan economy, high credit costs, and a $43.7 million deferred tax asset valuation allowance, but the net interest margin expanded and regulatory capital ratios remained strong.
Bank of America reported a loss of $1.8 billion for Q4 2008. This was due to capital markets dislocation charges of $4.6 billion and a $8.5 billion provision for credit losses, which included a $3 billion increase in loan loss reserves. Despite the loss, pre-provision profits were up in most primary businesses from Q3 2008. Total average deposits grew by $34.3 billion. The company also raised common equity and received capital from the TARP program. Credit costs were higher due to the deteriorating economy and rising unemployment.
- Bank of America reported third quarter 2008 results, with earnings impacted by the challenging economic environment and market disruptions.
- Net income was $1.2 billion, down from the prior year due to higher credit costs from housing price declines and rising unemployment.
- Results also reflected charges related to financial institution failures, cash fund support, and losses on trading positions.
- Countrywide results were included for the first time, adding $259 million to earnings. Integration is proceeding as planned.
The document provides an overview and financial results for AES Corporation for the fourth quarter and full year of 2008. Some key points:
- Full year 2008 operating cash flow and free cash flow met guidance at $2.2 billion each. Subsidiary distributions totaled $1.1 billion.
- Fourth quarter operating cash flow was $579 million and free cash flow was $314 million. Subsidiary distributions were $386 million.
- 2009 guidance forecasts operating cash flow of $2.1-2.3 billion, free cash flow of $1.4-1.6 billion, and subsidiary distributions of $1.1-1.3 billion.
The document provides an overview and financial results for AES Corporation for the fourth quarter and full year of 2008. Some key points:
- Full year 2008 operating cash flow and free cash flow met guidance at $2.2 billion each. Subsidiary distributions totaled $1.1 billion.
- Fourth quarter operating cash flow was $579 million and free cash flow was $314 million. Subsidiary distributions were $386 million.
- 2009 guidance forecasts operating cash flow of $2.1-2.3 billion, free cash flow of $1.4-1.6 billion, and subsidiary distributions of $1.1-1.3 billion.
The document provides an overview and financial results for AES Corporation for the fourth quarter and full year of 2008. Some key points:
- Full year 2008 operating cash flow and free cash flow met guidance at $2.2 billion each, in line with 2007 levels excluding contributions from a business sold in 2007.
- Gross margin increased 9% from 2007 driven by improved Latin American and European generation performance and favorable currency exchange rates.
- Diluted EPS was $1.80 including gains from asset sales, but adjusted EPS was $0.99, below guidance mainly due to currency and commodity impacts.
- As of 2008 year end, liquidity including parent and subsidiary cash totaled $3.2 billion
Fifth Third Bancorp reported a net loss for Q2 2008 due to charges related to leveraged leases. Excluding these charges, pre-tax earnings were up 16% year-over-year due to increases in noninterest income and loans. However, credit costs rose significantly due to deteriorating economic conditions, particularly in real estate loans in Florida and Michigan. In response, Fifth Third raised capital levels and reduced dividends to strengthen its position for potential future losses.
The document provides an overview of Kellogg Company's financial results for the first quarter of 2008, including:
1) Net sales increased 10% year-over-year, with 5% internal growth driven by price increases, product mix, and volume.
2) Operating profit grew 9% year-over-year, with 6% internal growth achieved through productivity savings and price increases despite higher costs.
3) Guidance for full-year 2008 forecasts mid-single digit growth in internal net sales and operating profit, with EPS of $2.92 to $2.97 despite cost pressures and investments in innovation.
bank of new york mellon corp 1q 08 earningsfinance18
- The Bank of New York Mellon reported first quarter 2008 earnings, with revenue up 14% versus first quarter 2007 on a pro forma combined basis.
- Pre-tax income was up 26% versus first quarter 2007, driven by strong revenue growth of 15% across business segments, partially offset by higher expenses which grew 6%.
- Assets under management totaled $1.105 trillion, up 8% from first quarter 2007, while assets under custody and administration totaled $23.1 trillion, up 9%.
Royal Dutch Shell reported a 5% increase in second quarter 2008 earnings compared to the same period last year, driven by higher oil and gas prices offsetting lower production volumes and weaker downstream conditions. The company declared a dividend of $0.40 per share, an increase of 11% from the prior year, and invested $5.7 billion in capital projects during the quarter. Shell also announced an offer to acquire Duvernay Oil Corp. for $5.9 billion including debt, subject to regulatory approvals.
The Bank of New York Mellon Fourth Quarter 2008 Financial Resultsearningsreport
The Bank of New York Mellon Corporation reported earnings per share of $0.05 for the fourth quarter of 2008, down from $0.61 in the fourth quarter of 2007. Revenue was impacted by $1.24 billion in securities write-downs due to deteriorating market conditions. Expenses were well-controlled despite a $181 million restructuring charge. The company maintained strong capital ratios with Tier 1 capital at 13.1% as of December 31, 2008.
This document summarizes Bank of America's second quarter 2009 results. It reported net income of $3.2 billion and diluted EPS of $0.33. Revenue was $33.1 billion. Provision for credit losses was $13.4 billion as the allowance was strengthened for continued economic deterioration. Large items impacting earnings included gains from the sale of China Construction Bank shares and a merchant processing business, but losses from derivative adjustments and capital markets disruption charges. The company continued operating in a challenging economic environment.
This document provides an overview and estimates for MetLife's 4th quarter 2008 results and full year 2008 results. It also reviews MetLife's 2009 plan and discusses key topics such as their variable annuities business and GMIB rider liability. Some of the key points include estimated operating earnings of ($50)-$150 million for Q4 2008, realized gains of $1,200-$1,800 million, and an operating EPS estimate of $3.50-$3.75 for full year 2008. The 2009 plan projects operating earnings of $2,920-$3,250 million and an adjusted operating EPS of $3.60-$4.00. MetLife also discusses their hedging activities and disputes analyses claiming a
The document provides guidance for the company's 2008 financial year. It summarizes the company's accomplishments in 2007, including improved profitability, debt reduction, and a successful IPO. Assumptions for 2008 include natural gas and oil price forecasts and hedge positions. The capital program and core earnings/cash flow estimates for 2008 are also presented. The pipelines business unit achieved growth in 2007 and has a $3 billion growth backlog moving forward.
The document provides guidance for the company's 2008 financial year. It summarizes the company's accomplishments in 2007, including reducing debt by over $2.5 billion. It outlines the company's assumptions for 2008 including natural gas and oil hedge positions. The document discusses the company's 2008 capital program and core earnings and cash flow estimates, forecasting net income between $760-835 million and discretionary cash between $235-450 million. It also summarizes the pipeline business unit's accomplishments in 2007 and growth backlog increasing to $3 billion.
The document summarizes the performance of Global Banking and Markets in the first half of 2008. Key points include:
- Global Banking and Markets contributed 26% of the group's pre-tax profits despite challenging market conditions.
- Strength in emerging markets like Asia Pacific and Latin America helped offset losses elsewhere.
- Writedowns were taken on subprime, credit, and leveraged loan exposures totaling $3.9 billion.
- Two of the group's structured investment vehicles, Cullinan and Asscher, had their assets transferred or sold into three securities investment conduits to provide more stable funding.
Credit Suisse reported strong results for the first half of 2004, with net income of CHF 3.318 billion. Private banking saw continued growth in net new assets and corporate and retail banking benefited from gains on interest rate derivatives. Wealth and asset management performed well due to private equity gains and steady fees. While revenues declined at Credit Suisse First Boston, expenses were reduced in line. The outlook remains dependent on economic and market conditions.
Similar to fifth third bancorp 5033603C-B0AA-45B0-B2AF-058D5B12B34C_FITB_Citi_012809 (20)
This document provides an overview and highlights of Virgin Media's performance in the fourth quarter of 2006. It discusses the company's achievements over the last 12 months including the Telewest merger and Virgin Mobile acquisition. The fourth quarter saw revenue growth across all segments, strong net additions, and continued ARPU and customer care improvements. Priorities for 2007 include delivering on the new Virgin brand, targeting competitor customers, driving efficiency and improving customer care.
This document provides an overview of Virgin Media's performance in the fourth quarter of 2006. It discusses the company's achievements over the past year including the Telewest merger and Virgin Mobile acquisition. The highlights of Q4 2006 include revenue growth across all segments, strong broadband and TV subscriber additions, and increased triple play penetration. Priorities for 2007 include delivering on the new Virgin brand, targeting competitor customers, driving efficiency and improving customer care.
Virgin Media reported its financial results for the first quarter of 2007. Key highlights include:
1) Strong growth in broadband, TV and mobile contract customers due to compelling offers and marketing campaigns promoting bundled services. However, fixed line customers continued to decline due to increased competition.
2) ARPU was slightly down due to lower fixed line usage, but triple play penetration and Old NTL ARPU increased, pointing to continued ARPU growth.
3) Customer churn improved to 1.6% due to more rigorous credit policies and efficient sales channels, while Sky basics had a minimal impact in Q1.
4) Mobile contract growth remained strong through cable cross-sell, while pre-pay declined season
This document summarizes Virgin Media's performance in the first quarter of 2007. It discusses Virgin Media's progress on key priorities such as brand strength, targeting competitors, cable integration, and cross-sell opportunities. Financial metrics like revenue, customer additions and disconnects, and ARPU are also reviewed. Challenges from increased competition and the impact of Sky's new "Basics" package are addressed.
This document provides a summary of Virgin Media's financial performance in the second quarter of 2007. It discusses declines in revenue due to customer churn related to the loss of Sky basics channels, but notes improving trends in areas like TV and broadband. Key points highlighted include strong growth in video on demand usage, successful bundling of products, expansion of high speed broadband services, and continued strength in the mobile business. The summary also previews upcoming content initiatives and their potential to further drive customer growth and engagement.
This document summarizes Virgin Media's financial performance in the second quarter of 2007. Key points include: losses of Sky basic channels impacted customer churn but TV performance was better than expected; strong mobile contract sales and bundling of products continued; and while ARPU was affected by retention activities, cash flow outlook remains strong. The document provides details on customer additions and disconnects, growth of triple play bundling, and increases in video on demand usage.
This document provides a summary of Virgin Media's financial results for the third quarter of 2007. It notes significant improvements in customer and revenue growth metrics compared to previous quarters. Revenue was up slightly from the second quarter due to growth in the consumer, business services, content, and mobile segments. Operating cash flow also increased due to lower costs and certain one-time benefits. However, proactive investment in customer growth was also noted as impacting operating cash flow. Net debt remained substantial as of the end of the third quarter.
This document provides a summary of Virgin Media's financial results for the third quarter of 2007. It discusses improvements in customer and revenue growth metrics compared to previous quarters. Specifically, it notes record quarterly gross additions and reduced churn. It also summarizes growth in the company's broadband, TV, telephony, mobile, and business services segments. The document concludes with discussions of operating cash flow, revenue, and net debt levels.
The document summarizes an UBS media conference by Acting CEO Neil Berkett of Virgin Media on December 5, 2007. Berkett discussed Virgin Media's transformation through integration, re-engineering growth initiatives. He highlighted opportunities in premium TV, basic pay-TV, free DTV and contract mobile. Berkett also outlined Virgin Media's network advantages in speed and reach, and strategies to increase customer value through volume, ARPU and tenure. Mobile was discussed as an important driver of consumer value through cross-selling. Valuable tax assets were also noted.
The document summarizes an UBS media conference by Acting CEO Neil Berkett of Virgin Media on December 5, 2007. Berkett discussed Virgin Media's transformation through integration, re-engineering growth initiatives, and building the platform for growth. He highlighted opportunities in premium TV, basic pay-TV, free DTV, broadband, and mobile services. Berkett also covered Virgin Media's network advantages, content assets, tax assets, and the significant potential asset value of the company's network, consumer base, mobile business, and content.
This document provides a summary of Virgin Media's financial and operational results for the first quarter of 2008. Key highlights include continued strong growth in broadband and TV customers, record-low cable churn of 1.2%, and stable cable ARPU despite non-recurring benefits in the previous quarter. OCF increased slightly compared to last quarter. Capex remained high at 13.7% of revenue to support network upgrades including faster broadband speeds. Revenue declined slightly due to seasonal factors in certain business units.
This document summarizes Virgin Media's financial and operational results for the first quarter of 2008. Key highlights include continued strong growth in broadband and TV customers, record-low cable churn of 1.2%, and stable cable ARPU despite non-recurring benefits in the previous quarter. OCF was £324 million for Q1 2008, up slightly from the previous quarter. Cash capex was £125 million for network upgrades and expansion.
This document provides a summary of Virgin Media's performance in the second quarter of 2008. It discusses financial results including operating cash flow growth and SG&A reductions. It also reviews operational metrics such as subscriber growth, churn rates, broadband and TV services. Virgin Media saw increased revenue and profitability in Q2 2008 compared to the same period last year.
This document provides a summary of Virgin Media's performance in the second quarter of 2008. It discusses financial results including operating cash flow growth and SG&A reductions. It also reviews operational metrics such as subscriber growth, churn rates, broadband and TV services. Virgin Media saw increased revenue and profitability in Q2 2008 compared to the prior year through lower churn, higher triple-play penetration and a focus on quality customer growth. The company believes its cable network gives it advantages over DSL providers that will increase further after investments are completed.
This document provides a summary of Virgin Media's financial results for the third quarter of 2008. It reports that Virgin Media continued to see growth in key metrics such as on-net customer additions, broadband and TV subscriber growth, and improving triple play penetration. ARPU increased through price increases, cross-selling, and upselling efforts. Mobile contract customer growth was strong through cross-selling to cable customers. Content revenues increased for VMtv but declined for Sit-Up. Overall revenue was flat, while operating cash flow and margins declined slightly compared to last year. Capital expenditures remained high to continue network upgrades and expand service offerings.
This document provides a summary of Virgin Media's financial results for the third quarter of 2008. It reports that Virgin Media continued to see growth in key metrics such as on-net customer additions, broadband and TV subscriber growth, and improving triple play penetration. ARPU increased through price increases, cross-selling, and upselling efforts. Mobile contract customer growth was strong through cross-selling to cable customers. Content revenue increased for VMtv but declined for Sit-Up. Overall revenue was flat, while operating cash flow and margins declined slightly compared to last year. Capital expenditures remained high to continue network investments.
The document discusses Virgin Media's strategy to leverage its network advantages for renewed growth. Key points include plans to: 1) lead in next generation broadband through upgrades to 10Mbps and beyond; 2) lead the on-demand TV revolution through growing video on demand usage and iPlayer views; and 3) leverage mobile as a third screen through bundling mobile services. Virgin Media also aims to build a more efficient customer focused organization through an operational transformation program targeting over £120m in annual cost savings by 2012.
The document discusses Virgin Media's strategy to leverage its network advantages for renewed growth. It aims to lead in next generation broadband, lead the on-demand TV revolution, and leverage mobile as a third screen. Virgin Media has the best broadband economics due to its high market share and lower costs. It is focusing on upgrading customers to higher broadband tiers, growing on-demand TV and video usage, and integrating mobile offerings. The company expects operational transformation to deliver over £120 million in annual cost savings by 2012.
The document provides an agenda and overview for an investor and analyst day being held by Virgin Media in London on November 13, 2008. It includes:
1) A disclaimer stating that forward-looking statements in the document involve risks and uncertainties that could cause actual results to differ materially.
2) An agenda for the day's presentations on Virgin Media's strategy, growth initiatives, network strengths, financial structure and regulatory progress.
3) Introductions of the senior management team who will be presenting.
The document provides an agenda and overview for an investor and analyst day being held by Virgin Media in London on November 13, 2008. It includes:
1) A disclaimer stating that forward-looking statements in the document involve risks and uncertainties that could cause actual results to differ materially.
2) An agenda for the day's presentations on Virgin Media's strategy, growth initiatives, network strengths, financial structure and regulatory progress.
3) Biographies and photos of Virgin Media's management team, including the CEO and heads of key business units.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
Understanding how timely GST payments influence a lender's decision to approve loans, this topic explores the correlation between GST compliance and creditworthiness. It highlights how consistent GST payments can enhance a business's financial credibility, potentially leading to higher chances of loan approval.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
South Dakota State University degree offer diploma Transcriptynfqplhm
办理美国SDSU毕业证书制作南达科他州立大学假文凭定制Q微168899991做SDSU留信网教留服认证海牙认证改SDSU成绩单GPA做SDSU假学位证假文凭高仿毕业证GRE代考如何申请南达科他州立大学South Dakota State University degree offer diploma Transcript
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
办理美国UNCC毕业证书制作北卡大学夏洛特分校假文凭定制Q微168899991做UNCC留信网教留服认证海牙认证改UNCC成绩单GPA做UNCC假学位证假文凭高仿毕业证GRE代考如何申请北卡罗莱纳大学夏洛特分校University of North Carolina at Charlotte degree offer diploma Transcript
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
Ending stagnation: How to boost prosperity across Scotland
fifth third bancorp 5033603C-B0AA-45B0-B2AF-058D5B12B34C_FITB_Citi_012809
1. Citigroup 2009
Financial Services Conference
Kevin Kabat, Chairman, President and CEO
January 28, 2009
Please refer to earnings release dated January 22, 2009
for further information, including full results reported on a GAAP basis
Fifth Third Bank | All Rights Reserved
2. 4Q08 IN REVIEW
Difficult quarter due to continued deterioration in credit and significant non-recurring items
— 4Q08 net loss of $2.2 billion, or $3.82 per diluted share; full year net loss of $2.2 billion or
$3.94 per diluted share
— Sold or transferred to held-for-sale $1.6 billion in original loan balances, incurred losses of
$800 million on these loans; allowance for loan and lease losses increased $729 million
— Non-cash goodwill impairment charge of $965 million
Core business momentum remains solid
— Net interest income growth of 14% from the previous year driven by loan discount accretion
related to the second quarter First Charter acquisition. Excluding loan discount accretion,
net interest income increased 4%
— Fee income growth of 26%, up 4% excluding BOLI and OTTI charges, on continued growth in
payments processing revenue, deposit service revenue and corporate banking revenue
— Average core deposits up 2% and average total deposits up 8%
Strong capital position, well above target ranges
— Tier 1 capital ratio of 10.6%
— Total capital ratio of 14.8%
— Tangible equity ratio of 7.9%
— Capital actions included reducing the dividend to $0.01 from $0.15 per share and completing
the sale of approximately $3.4 billion in preferred shares to the U.S. Treasury
2 Fifth Third Bank | All Rights Reserved
3. SIGNIFICANTLY STRENGTHENED
CREDIT METRICS/RISK PROFILE
FITB FITB Peer 4Q08
∆
3Q08 4Q08 Median
Credit Metrics
Allowance/Loans 2.41 3.31 +90 bps 2.17
NPLs/Loans* 3.04 2.69 -35 bps 1.81
NPAs/Loans* 3.30 2.96 -34 bps 2.09
Allowance/NPLs* 0.79 1.23 +44 bps 0.93
Allowance/NPAs* 0.73 1.11 +38 bps 0.78
Capital Ratios
Tier 1 Ratio 8.57 10.59 +202 bps 10.81
Tangible Equity/Tangible Assets 6.19 7.86 +167 bps 7.51
Tangible Common Equity/Tangible 5.23 4.23 -100 bps 4.97
Assets
Source: SNL and company reports. Peer medians exclude banks for which data is not yet available.
Peers include BAC, BBT, COF, C, CMA, FHN, HBAN, JPM, KEY, MTB, MI, RF, SNV, STI, USB and ZION.
* Excludes NPAs held-for-sale for all banks.
3 Fifth Third Bank | All Rights Reserved
4. STRONG CAPACITY TO ABSORB LOSSES
Tangible book value $1.5 billion lower than year-end 2007 after challenging 2008
— Allowance/reserves for loan losses and unfunded commitments increased $2.0 billion
— Net reduction of $223 million of combined capital and after-tax reserves, or 3% of year-end
2007 levels
• Pre-tax pre-provision earnings, before goodwill impairment of $2.9 billion, has been sufficient to
absorb $2.7 billion in net-charge-offs, including $800 million in charge-offs related to loans sold or
moved to held for sale in 4Q08
∆ 2008
4Q07 1Q08 2Q08 3Q08 4Q08
Tangible book value 6.5 6.7 5.9 5.8 5.0 (1.5)
Allowance for loan losses 0.9 1.2 1.6 2.1 2.8 1.9
Reserves for unfunded commitments 0.1 0.1 0.1 0.1 0.2 0.1
Total reserves 1.0 1.3 1.7 2.2 3.0 2.0
Total reserves (after-tax) 0.7 0.9 1.1 1.4 1.9 1.3
Tangible book value plus after-tax reserves 7.2 7.6 7.0 7.3 7.0 (0.2)
• Fifth Third retains virtually all of its pre-2008 loss absorption capacity; preferred shares have added
to that capacity
Loss Absorption Capacity: 2008
2008 PTPP Income* 2.9
YE08 Allowance for Loan Losses 2.8
Current 1Q09 expected net charge-offs ~$0.5 B
YE08 Purchase Accounting Marks 0.4
YE08 Tangible Common Equity 5.0
YE08 Preferred stock 4.2
Total 15.3
* Excluding $965 million in 4Q08 goodwill impairment.
4 Fifth Third Bank | All Rights Reserved
5. STRONG CAPITAL POSITION
• Capital plans and targets designed to help ensure strong capital levels, positioning Fifth Third
to absorb significant potential losses and provisions in a potentially more difficult
environment through 2009
• Revised capital targets in June 2008 in order to provide greater cushion
Regulatory
Ratio 4Q08 Target “well- capitalized”
minimum
Tier 1 Capital 10.6% 8-9% 6%
Total Capital 14.8% 11.5-12.5% 10%
TE/TA 7.9% 6-7% N/A
• Strengthened Fifth Third’s capital position through several capital actions intended to
maintain a Tier 1 ratio within or above target range
— Capital issuances
– Issued $1.1 billion of Tier 1 capital in the form of convertible preferred securities;
achieved new Tier 1 target immediately
– Completed the sale of $3.4 billion in senior preferred shares to the U.S.
Department of the Treasury under the Capital Purchase Program
— Dividend reductions – Reduced quarterly common dividend to $0.01 per share,
conserves approximately $300 million in common equity on a full year basis
5 Fifth Third Bank | All Rights Reserved
6. CAPITAL PLANS
Expect capital levels to continue to exceed targets near-term in difficult economic
environment
Comfortable with current levels of capital, including tangible common equity (TCE)
ratio
Longer-term, expect to manage company at higher TCE levels
Potential or expected avenues of improvement
— Stronger earnings as credit cycle subsides
— Strategic avenues including potential sale of high-value assets
— Eventual conversion of convertible preferred stock into $1.1 billion in common
equity (stock convertible into 96 million common shares)
6 Fifth Third Bank | All Rights Reserved
7. STRONG FUNDING POSITION
Holding Company Highlights
Highlights
Current holding company cash position through
Fifth Third remains heavily core funded
1Q10 sufficient to satisfy all fixed obligations over
— Core deposit growth of $3.5 billion, total the next 24 months
deposit growth of $5.6 billion since July
— debt maturities; common and preferred
2008
dividends; interest and other expenses
Flexibility and liquidity further enhanced by
without accessing capital markets, relying on
— Dividend reductions dividends from subsidiaries, or proceeds from asset
sales
— Large capital raise further bolstered
Holding Company cash and capital levels $31 million in debt maturities in 2009; none in next
four years
— Significant committed lines available to
access secured borrowings against assets
Stable Funding Bank Sub Highlights
Significant available borrowing capacity at each
Long Term
subsidiary bank
Debt Demand
11% 13%
Reduction of overnight borrowings through use of
more dependable, less expensive secured facilities
Equity Interest
10% Checking
Current unused borrowing capacity under secured
12%
facilities sufficient to fund all unsecured maturities
Other
for over five years
liabilities
4%
— Assumes no access to capital markets
Active management to maintain available lines
ST
Savings /
Borrowings
associated with pledgeable assets to ensure
MMDA
9%
contingency funding
17%
Wholesale
— Current unused available borrowing capacity
Foreign Office
Non-core
$17 billion
Consumer
2%
Deposits Time
10% 12%
7 Fifth Third Bank | All Rights Reserved
8. PORTFOLIO PERFORMANCE DRIVERS*
No Participation In Performance Largely Driven By
Geography:
Subprime mortgages
Florida, Michigan most stressed
Option ARMs
FY2008 C/O ratio:
− Total loan portfolio 3.7%
− Commercial portfolio 4.0%
− Consumer portfolio 3.3%
Discontinued or Suspended Lending Remaining Midwest, Southeast performance reflects
economic trends
FY2008 C/O ratio:
Discontinued in 2007:
− Total loan portfolio 1.7% ex-FL/MI
Brokered home equity ($2.3B) − Commercial portfolio 1.7% ex-FL/MI
− Consumer portfolio 1.5% ex-FL/MI
Suspended in 2008:
Products:
Homebuilder/residential development ($2.5B)
Homebuilder/developer charge-offs $368 million for FY
Other non-owner occupied commercial RE ($8.6B) 2008
− Total charge-off ratio 2.3% (1.9% ex-HBs)
− Commercial charge-off ratio 2.4% (1.8% ex-HBs)
Saleability:
Brokered home equity charge-offs 4.7% in 4Q08
All mortgages originated for intended sale** − Direct home equity portfolio 1.0%
* Loans remaining in loan portfolio as of December 31, 2008 (data excludes loans held-for-sale)
** Residential construction-related consumer mortgages intended to be held in portfolio until permanent financing complete. Jumbo mortgage originations currently
being held due to market conditions.
8 Fifth Third Bank | All Rights Reserved
9. 86% OF COMMERCIAL LOAN CHARGE-OFFS (BY VALUE) IN
2008 ARE FROM LOANS ORIGINATED BEFORE 2007
Profile of 2008 commercial charge-offs ($) by
Highlights
obligor vintage
2008
2007
2006 was the single greatest contributing
2%
Core*
year to commercial charge-offs in 2008,
12%
comprising 25% of charge-offs
2004 & prior
2007 Crown 32%
6%
14% of charge-offs in 2008 from loans
originated in 2007 or later
Loans originated in 2005 and 2006 expected
to continue to account for majority of losses
2006
25%
2005
23%
Note: Core excludes acquired portfolios
* Includes a $25MM fraud loss, which accounts for 37% of the core 2007 vintage losses
9 Fifth Third Bank | All Rights Reserved
10. ‘HOME BUILDER’ LOANS ACCOUNT FOR 40% OF TOTAL 2008
COMMERCIAL LOSSES, LARGELY FROM LOANS IN FLORIDA
AND MICHIGAN
‘Home Builder’ loan losses by
Overview of 2008
Highlights
commercial loan losses geography
• Florida and Michigan
FL
account for 37% of the
(Crown)**
100% = $2.0 BN total homebuilder loan
14%
portfolio but 87% of the
‘home builder’ losses
through December 2008
MI
60%
Other • Expected home builder
42%
charge-offs absent any
other credit actions, will
likely remain high in 2009
FL (Other) as residential and land
valuations remain under
31%
40%
‘Home stress
builder’*
• Suspended new
originations to sector in
2007
TN
2008 Losses Other
OH
1% • 5% of commercial loans;
4%
7%
< 3% of total gross loans
* Home builder loans represent loans extended to home builders and developers to support residential real estate
** Crown losses were driven by several large home builders significantly exceeding their MTM purchase accounting adjustments
10 Fifth Third Bank | All Rights Reserved
11. OVERVIEW OF ACTIONS TAKEN TO IMPROVE COMMERCIAL
CREDIT PROCESS
Key actions 2006 2007 2008
• Stopped new originations for
• Reduced individuals with
1 Tightened
non-owner occupied RE
business banking override
underwriting
authority by two-thirds
• Stopped new originations to
home builders
• Created centralized business • Created centralized private
• Centralized credit reporting
2 Centralized
banking underwriting channel banking credit function
lines from affiliates
underwriting
at two centers
to drive
consistency
• Adopted new commercial
3 Implemented
concentration limits by
concentration
geography and asset type
limits
4 Adopted • Enhanced tracking of • Implemented reduction of
aggressive covenant and policy watch and criticized loans
portfolio exceptions
• Sold or transferred to held-
management
for-sale loans with a
contractual balance of $1.6B
11 Fifth Third Bank | All Rights Reserved
12. COMMERCIAL PORTFOLIO ACTIONS
Loans identified where sale value
9/30/2008 Total Current
believed to exceed work out value
Contractual carrying 4Q08 carrying
($ in millions) balance value charge-offs value
Portfolio actions reduced risk of further
Sold 240 177 120 -
loss on more problematic loan portfolios
Moved to held-for-sale 1,370 1,165 680 473
Total $1,610 $1,342 $800 $473
Loans sold or transferred to held-for-
sale reduced to value of approximately
NPAs as of 9/30/2008 980 732 474 229
$0.33 on dollar
Non-NPAs as of 9/30/2008 630 609 326 244
Total $1,610 $1,342 $800 $473
$440 million, or 55%, of losses were on
homebuilder / developer credits
Florida 809 670 394 261
Michigan 651 538 354 138
55% of carrying values on non-accrual
Georgia 17 16 5 7
as of 9/30/08; remainder believed to
North Carolina 27 16 2 14
have significant potential issues
Other 106 102 45 53
Total $1,610 $1,342 $800 $473 warranting sale
Of the $800 million in 4Q08 losses:
C&I 75 60 39 24
Commercial Mortgage 718 625 372 231
— 93% in Michigan and Florida
Commercial Construction 817 657 389 218
Commercial Lease - - - -
— 95% on CRE loans
Total $1,610 $1,342 $800 $473
12 Fifth Third Bank | All Rights Reserved
13. 81% OF CONSUMER LOAN CHARGE-OFFS (BY VALUE) IN 2008
ARE FROM LOANS ORIGINATED BEFORE 2007
Profile of 2008 consumer charge-offs ($) by
Highlights
obligor vintage
2008
3% 2004 &
2007
prior
16% 2005 contributed the largest proportion
19% (32%) of consumer charge-offs
19% of charge-offs in 2008 from consumer
loans originated in 2007 or later
2005 and 2006 vintages expected to continue
to account for majority of losses in 2009
2005
2006
32%
30%
* Excluding credit card.
13 Fifth Third Bank | All Rights Reserved
14. FITB HAS ADDRESSED THE ORIGINATION SOURCES THAT
LED TO THE MAJORITY OF CONSUMER HOME EQUITY CREDIT
LOSSES
2008 consumer home equity dollar charge-offs
Highlights
by source/root cause
On-going
originations
8%
Targeted actions have addressed the source
of 92% of home equity losses
HEA With these actions in place, relationship-
41%
29% based underwriting losses would account
Addressed
through guideline for 8% of the total
restrictions
(e.g., increases in
required CLTVs,
Similar actions have been taken to address
FICO scores,
exceptions) losses in mortgage portfolio
22%
Retail
broker
• Exit/shut-down in Q307
• Exit/shut-down in Q108
14 Fifth Third Bank | All Rights Reserved
15. UNDERWRITING ACTIONS HAVE IMPROVED HOME EQUITY
QUALITY
Weighted avg. CLTV (combined loan-to-value) Weighted avg. FICO score*
80.1%
775
75.5%
761
751
68.4%
2006 2007 2008 2006 2007 2008
% 1st lien position
% of broker originated loans
14%
40%
25%
28%
7%
1%
2006 2007 2008
2006 2007 2008
* At origination
15 Fifth Third Bank | All Rights Reserved
16. UNDERWRITING ACTIONS SINCE 2006 HAVE SIGNIFICANTLY
IMPROVED ORIGINATION QUALITY IN MORTGAGE
Weighted avg. LTV (loan-to-value) Weighted avg. FICO score*
83.4%
747
80.7%
729
717
76.3%
2006 2007 2008 2006 2007 2008
$ of non-owner occupied home originations % of lot loan originations
8%
16%
5% 1.5%
0%
3%
2006 2007 2008 2006 2007 2008
*At origination
Note: 2008 non-owner occupied data is YTD as of September 30, 2008
16 Fifth Third Bank | All Rights Reserved
17. OVERVIEW OF ACTIONS TAKEN TO IMPROVE CONSUMER
CREDIT PROCESS
Key actions 2006 2007 2008
1 Tightened • Limited exceptions in home
• Tightened home equity • Discontinued mortgage spec
underwriting equity, targeting broker and
lending collateral and credit lending
high LTV segments
guidelines
• Revised auto guidelines and
improved risk/return through
• Limited override authorities to
pricing changes
affiliate presidents, LOB heads
• Implemented new bankcard
• Reduced policy exception scoring model with minimum
levels to <5% FICO of 660
• Ceased brokered home equity
lending
• Established Regional Credit • Reduced from 22 affiliate • Reduced from 13 affiliate
2 Centralized
Centers for direct real estate mortgage fulfillment centers to mortgage fulfillment centers to
underwriting
and indirect underwriting 13 centers 3 centralized centers
to drive
consistency • Centralized underwriting of • Centralized underwriting of
auto loans through indirect auto loans through direct
channel channel
3 Adopted • Began loan modification • Started home equity line
aggressive program for borrowers, management, reducing
portfolio resulting in 40% cure rate and unutilized line exposure by
management ~20% re-default rate today nearly $1B
• Adopted 95% mortgage
salability strategy
• Implemented appraisal review
desk
17 Fifth Third Bank | All Rights Reserved
18. SUMMARY
Solid operating results despite sluggish economy
Significant reduction in credit risk, improvement in coverage ratios
Capital position remains strong in conjunction with credit risk actions
Core funding orientation
Proactive measure to mitigate exposures, tighten credit standards for new
loans, improve operations to contain losses in existing portfolios
18 Fifth Third Bank | All Rights Reserved
19. CAUTIONARY STATEMENT
This report may contain forward-looking statements about Fifth Third Bancorp within the meaning of Sections 27A of the Securities Act of 1933,
as amended, and Rule 175 promulgated thereunder, and 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated
thereunder, that involve inherent risks and uncertainties. This report may contain certain forward-looking statements with respect to the financial
condition, results of operations, plans, objectives, future performance and business of Fifth Third Bancorp including statements preceded by,
followed by or that include the words or phrases such as “believes,” “expects,” “anticipates,” “plans,” “trend,” “objective,” “continue,” “remain” or
similar expressions or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” “may” or similar expressions. There are
a number of important factors that could cause future results to differ materially from historical performance and these forward-looking
statements. Factors that might cause such a difference include, but are not limited to: (1) general economic conditions and weakening in the
economy, specifically the real estate market, either national or in the states in which Fifth Third, does business, are less favorable than expected;
(2) deteriorating credit quality; (3) political developments, wars or other hostilities may disrupt or increase volatility in securities markets or other
economic conditions; (4) changes in the interest rate environment reduce interest margins; (5) prepayment speeds, loan origination and sale
volumes, charge-offs and loan loss provisions; (6) Fifth Third’s ability to maintain required capital levels and adequate sources of funding and
liquidity; (7) changes and trends in capital markets; (8) competitive pressures among depository institutions increase significantly; (9) effects of
critical accounting policies and judgments; (10) changes in accounting policies or procedures as may be required by the Financial Accounting
Standards Board or other regulatory agencies; (11) legislative or regulatory changes or actions, or significant litigation, adversely affect Fifth
Third, or the businesses in which Fifth Third, is engaged; (12) ability to maintain favorable ratings from rating agencies; (13) fluctuation of Fifth
Third’s stock price; (14) ability to attract and retain key personnel; (15) ability to receive dividends from its subsidiaries; (16) potentially dilutive
effect of future acquisitions on current shareholders' ownership of Fifth Third; (17) effects of accounting or financial results of one or more
acquired entities; (18) difficulties in combining the operations of acquired entities; (19) lower than expected gains related to any potential sale of
businesses, (20) loss of income from any potential sale of businesses that could have an adverse effect on Fifth Third’s earnings and future
growth (21) ability to secure confidential information through the use of computer systems and telecommunications networks; and (22) the impact
of reputational risk created by these developments on such matters as business generation and retention, funding and liquidity. Additional
information concerning factors that could cause actual results to differ materially from those expressed or implied in the forward-looking
statements is available in the Bancorp's Annual Report on Form 10-K for the year ended December 31, 2007, filed with the United States
Securities and Exchange Commission (SEC). Copies of this filing are available at no cost on the SEC's Web site at www.sec.gov or on the Fifth
Third’s Web site at www.53.com. Fifth Third undertakes no obligation to release revisions to these forward-looking statements or reflect events or
circumstances after the date of this report.
19 Fifth Third Bank | All Rights Reserved