I-Bytes Banking Industry

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I-Bytes
Banking
November Edition 2019
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Table of Contents
1. Financial, M & A Updates...................................................................................................................................1
2. Solution Updates................................................................................................................................................42
3. Rewards and Recognition Updates..................................................................................................................57
4. Customer Success Updates................................................................................................................................92
5. Partnership Ecosystem Updates.......................................................................................................................93
6. Miscellaneous Updates.....................................................................................................................................125
7. Event Updates...................................................................................................................................................128

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Financial, M & A
Updates Banking Industry

Financial, M&A Updates
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Ahli United Bank (Bahrain) B.S.C. Reports Results For H1/2019
• Ahli United Bank B.S.C. (AUB) reported a net profit attributable to its equity shareholders of US$ 558.4 million for
the nine months ended 30 September 2019, an increase of 5.7% as compared to US$ 528.3 million achieved in YTD
Q3/2018. The Q3/2019 net profit of US$ 180.9 million represents a 5.9% improvement over the Q3/2018 reported profit
of US$ 170.8 million.
• The Basic Earnings per Share in YTD Q3/2019 were US 6.2 cents (+6.9%), compared to US 5.8 cents in YTD
Q3/2018 (EPS: US 2.1 cents in Q3/2019 versus US 2.0 cents in Q3/2018).
• Net interest income improved by 2.0 % (+US$ 14.3 million) to US$ 722.7 million in YTD Q3/2019 compared to US$
708.4 million in YTD Q3/2018 driven by growth in average loans and investments. Increases in net interest income,
trading and investment income resulted in a rise in operating income to US$ 919.3 million during the first nine months
of 2019 compared to US$ 907.0 million in YTD Q3/2018 (Q3/2019: US$ 289.2 million versus Q3/2018: US$ 294.6
million).
• Net operating income increased (+4.1%) from US$ 845.2 million in YTD Q3/2018 to US$ 880.1 million in YTD
Q3/2019 (Q3/2019: US$ 284.3 million versus Q3/2018: US$ 275.1 million). Cost to income ratio stood at 26.7% (YTD
Q3/2018: 26.2%) reflecting the consistent implementation of AUB’s structured cost discipline and intelligent spend
approach.
• Solid asset quality levels were also maintained with a non-performing loans ratio of 2.0% (31 December 2018: 1.9%)
with specific provision coverage ratio of 85.2% (31 December 2018: 85.5%) and a total provision coverage ratio of
187.0% (31 December 2018: 214.7%).
• The Group’s total assets at 30 September 2019 increased by 8.8% to US$ 38.6 billion (31 December 2018: US$ 35.5
billion). Return on Average Assets was at 2.2% for YTD Q3/2019 (YTD Q3/2018: 2.2%). The Group’s equity
attributable to owners at 30 September 2019 increased by 4.1 % to US$ 4.1 billion (31 December 2018: US$ 3.9
billion). The Group’s Return on Average Equity (ROAE) achieved for YTD Q3/2019 was 18.1% (YTD Q3/2018:
18.4%).
Executive Commentary
AUB Chairman, commented: “AUB sustained its core performance for the first nine months of 2019 and is
looking forward to maintaining its positive growth trajectory. AUB’s continued growth is a testament to its
well-managed business model based on diversification and cross border flows supported by a dynamic and
focused approach to ensure the effective deployment of capital resources across the AUB Group’s markets in a
prudent and profitable manner.”
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Key Financial Highlights

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ANB (Saudi Arabia) Reported results for first nine months of
2019
• Arab National Bank (ANB) reported a net profit of USD 668.8 million for the first nine months of 2019,
compared to USD 571.4 million for the same period last year, an increase of 17.0%.
• Profits of the third quarter of 2019 reached USD 222.6 million compared to USD 195.0 million for the same
period last year, representing an increase of 14.2%.
• ANB total operating income for the first nine months of 2019 reached USD 1,361.0 million compared to USD
1,296.9 million for the same period last year, an increase of 4.9%.
• Assets as of September 30, 2019 reached USD 45.6 billion, and investments reached USD 9.1 billion, while the
loans portfolio reached USD 31.4 billion and customers’ deposits reached USD 34.9 billion.
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Associated Banc-Corp (USA) Reports Third Quarter 2019 Earnings
• Third quarter 2019 average loans of $23.3 billion were up $278 million, or 1%, from the year ago quarter, but declined $102
million from the second quarter.
• Third quarter 2019 average investment securities of $6.0 billion were purposefully decreased by $968 million, or 14% from
the year ago quarter, and decreased by $516 million from the second quarter as the Company used its investment portfolio as a
source of funds during the third quarter, seeking to reposition its balance sheet for a declining rate environment.
• Third quarter 2019 average deposits of $25.2 billion were up $505 million, or 2% from the year ago quarter and were up $120
million compared to the second quarter. Deposit inflows from the Huntington branch acquisition that closed in June were used
to pay down network transaction deposits and other higher-cost funding.
• Third quarter 2019 net interest income of $206 million was down 6%, or $13 million, and the net interest margin decreased
11 basis points to 2.81% from the year ago quarter. Third quarter 2019 net interest income decreased 3%, or $7 million, and
the net interest margin decreased six basis points from the prior quarter. The decreases were driven by compression in LIBOR
rates outpacing reductions in funding costs. The net interest margin for the first nine months of 2019 was 2.86%.
• Third quarter 2019 total noninterest income of $101 million increased $13 million from the year ago quarter and increased $5
million from the prior quarter.
• Third quarter 2019 total noninterest expense of $201 million decreased 2%, or $3 million from the year ago quarter, but
increased $3 million from the prior quarter. The year ago quarter included $2 million of acquisition related costs while the
current quarter and prior quarter included $2 million and $4 million of acquisition related costs, respectively.
• The third quarter 2019 effective tax rate was 20% compared to 21% in the year ago quarter and 18% in the prior quarter. The
lower effective tax rate in the previous quarter was due to a one-time tax benefit as the Company contributed appreciated stock
to its charitable trust.
• The Company’s capital position remains strong, with a CET1 capital ratio of 10.2% at September 30, 2019. The Company’s
capital ratios continue to be in excess of the Basel III “well-capitalized” regulatory benchmarks on a fully phased in basis.
“We were pleased with our bottom-line results in the third quarter. We benefited from strong mortgage banking revenue
and improving credit quality trends which drove our earnings per share," said President and CEO. "We continued to
reposition funding sources and adjust our securities portfolio, resulting in a lower cost of funds, smaller balance sheet,
and more capital flexibility. We anticipate additional funding changes as we continue to fine-tune our balance sheet for
a lower rate environment."
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Banco BPI (Portugal) Consolidated Results for the First Nine
Months of 2019
• Commercial dynamics boosting customer deposits which increased by 1,228 million euros (+ 5.8% over December 2018) in the first nine months of 2019.
• Total loan portfolio increased by 602 million euros in the first nine months (+ 2.6% ytd) ; Market share reaches 10.2% in July.
• Corporate loan portfolio grows 756 million euros compared to September last year (8.6% yoy) ; Market share rises 0.8 percentage points over the past 12
months to 10% in July 2019.
• Mortgage loan output grows 32% to 388 million in the third quarter of 2019.
• Net interest income increased 3.4% yoy to 326.1 million euros, supported by the growth of the total loan portfolio, despite the negative interest environment.
• BPI with the best credit risk quality in Portugal; NPE ratio of 3.2% in September 2019. NPE coverage of 124% for impairments and collaterals.
• In September BPI issued 275 M. € of AT1 instruments , fully subscribed by CaixaBank, and the Shareholder approved a proposal by the Board of Directors to
distribute 150 M. € of free reserves . These operations aim at a more optimized prudential capital composition , conserving capital ratios well above regulatory
requirements.
• BPI maintains strong capitalization : CET1 ratio of 12.7%, T1 ratio of 14.2% and total capital ratio of 15.9% 1) .
• Ratings: BPI with the best individual financial soundness rating and deposit rating in Portugal , awarded by Moody's. BPI's long-term debt rated at the second
level of "investment grade" (BBB) by Fitch and Standard &Poors.
• BPI's regular digital banking users rise 7% yoy ,totaling 666,000 customers. Number of BPI App users grew by 39% yoy to 380,000 Customers.
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Santander(Spain) agrees to sell its retail and commercial banking franchise
in Puerto Rico to FirstBank Puerto Rico for approximately $1.1 billion
Santander announces that it has agreed to sell its retail and commercial banking
franchise in Puerto Rico, Santander Bancorp (the holding company that includes
Banco Santander Puerto Rico), to FirstBank Puerto Rico, for a total consideration
of approximately $1.1 billion (€1 billion). Banco Santander Puerto Rico is the
fourth largest banking franchise on the Island with a deposit market share of c.8%.
It has 27 branches and 1,000 employees, with total assets of $6.2 billion (€5.6
billion).FirstBank Puerto Rico, which is headquartered in San Juan, is a strong,
established and well-regarded bank on the Island. The combined business will
offer customers the second largest branch network in Puerto Rico, with combined
total assets in excess of $17 billion.The consideration represents a 1.1x price to
total book value, and the transaction is expected to close in the middle of 2020,
subject to regulatory approvals. In the meantime, Santander will continue to serve
its customers as normal. Santander will maintain a presence on the Island,
including through Santander Consumer USA, and a retained loan portfolio with a
net valuation of $220 million.
Chief Executive Officer of Santander Holdings USA, Inc. said, “We are
pleased to reach this agreement with FirstBank Puerto Rico. FirstBank Puerto
Rico shares our values and our commitment to customers, and the local
communities. Once completed, the transaction will provide the combined
FirstBank Puerto Rico and Santander Bancorp Puerto Rico the ability to offer
a broad array of retail and business banking products and services, with the
scale to compete through an enhanced branch network to the benefit of both
banks’ current and future customers.”
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Santander (Spain) invests £350 million in Ebury, a best-in-class trade and
FX facilitator for SMEs, to strengthen its Global Trade Services offer
Banco Santander announced a strategic investment in Ebury, the best-in-class trade and
foreign exchange facilitator for small and medium-sized companies, for £350 million
(approximately €400 million). The investment, which fits Santander’s digital strategy of
accelerating growth through new ventures, will strengthen its Global Trade Services offer
and further consolidate Santander’s position as the bank of choice for SMEs trading or
aspiring to trade internationally in its markets across Europe and the Americas, and in Asia
later on. Ebury, which operates in 19 countries and 140 currencies, has generated consistent
average annual revenue growth of 40% in the last three years. UK-based Ebury operates on
a unique worldwide distribution platform underpinned by a data driven business model and
offers best-in-class customer experience and product capabilities. The partnership will
enable Ebury to improve its value proposition, supported by a leading financial institution.
Santander serves more than four million SME clients worldwide, of which more than
200,000 do international business. Under the terms of the transaction, Santander will acquire
50.1% of Ebury for £350m, of which £70m will be new primary equity (approximately €80
million) to support Ebury’s plans to enter new markets in Latin America and Asia. The bank
expects a return on invested capital (RoIC) higher than 25% in 2024. Ebury’s existing
investors, including co-founders and management, will reinvest in the transaction and the
current management team will remain leading Ebury’s expansion.
Group Executive Chairman of Banco Santander said: “Small and medium-sized
businesses are a major engine of growth around the world, creating new jobs and
contributing up to 60% of total employment and up to 40% of national GDP in emerging
economies. SMEs are becoming increasingly global and Santander is the best positioned
bank to play a leading role to help them access global trade finance. By partnering with
Ebury, Santander will deliver faster and more efficient products and services for SMEs,
previously only accessible to larger corporates.”
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Bank OZK (USA) Announces Third Quarter 2019 Earnings
• Net income for the third quarter of 2019 was $103.9 million, a 40.1% increase from $74.2
million for the third quarter of 2018, but a 6.0% decrease from $110.5 million for the second
quarter of 2019.
• Diluted earnings per common share for the third quarter of 2019 were $0.81, a 39.7%
increase from $0.58 for the third quarter of 2018, but a 5.8% decrease from $0.86 for the
second quarter of 2019.
• The Bank’s results for the third quarter of 2018 included (i) pretax expenses of $10.8
million as a result of its name change and strategic rebranding and (ii) net charge-offs of
$45.5 million on two unrelated credits.
• For the first nine months of 2019, net income totaled $325.1 million, a 7.6% increase from
$302.1 million for the first nine months of 2018. Diluted earnings per common share for the
first nine months of 2019 were $2.52, a 7.2% increase from $2.35 for the first nine months
of 2018.
• The Bank’s annualized returns on average assets, average common stockholders’ equity
and average tangible common stockholders’equity for the third quarter of 2019 were 1.81%,
10.22% and 12.33%, respectively, compared to 1.33%, 8.07% and 9.99%, respectively, for
the third quarter of 2018.
• The Bank’s annualized returns on average assets, average common stockholders’ equity
and average tangible common stockholders’ equity for the first nine months of 2019 were
1.92%, 11.07%, and 13.44%, respectively, compared to 1.85%, 11.32%, and 14.11%,
respectively, for the first nine months of 2018.
Chairman and Chief Executive Officer, stated, “We are very pleased to have once again
delivered financial metrics among the best in the industry for the quarter just ended. We
continue to maintain our focus on our strong credit culture and consistent discipline,
which are paramount in this interest rate and competitive environment. Our excellent
team of bankers have us well positioned for continued success as we remain focused on
delivering long-term value for our shareholders.”
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BOQ FY19 Results Announcement
• Cash earnings after tax of $320 million, down 14 per cent on FY18.
Statutory net profit after tax decreased by 11 per cent to $298 million.
• Basic cash earnings per share was down 16 per cent to 79.6 cents per
share. The Board has announced a final dividend of 31 cents per share,
for a full year dividend of 65 cents per share.
• Statutory net profit after tax of $298 million, down 11%
• Net interest margin down 5 basis points to 1.93%
• Cost to income ratio up 300 bps to 50.5%
• Loan impairment expense of $74 million or 16 basis points of gross
loans, up 7 basis points
• Common Equity Tier 1 (CET1) capital ratio of 9.04%, down 27 basis
points
• Basic earnings per share down 16% to 79.6 cents per share
• Return on average ordinary equity down 160 bps to 8.3%
• Fully franked final dividend of 31 cents per ordinary share
Commenting on the results and outlook for BOQ, new Managing
Director & CEOsaid that there are challenges ahead, however
fundamentally, BOQ is a good business.Our capital is well positioned
for ‘unquestionably strong’, we have a good funding position and our
underlying asset quality is sound.There are numerous opportunities
ahead for a revamped BOQ and I will be working closely with the
executive leadership team to complete our strategic and productivity
review, with a market update on our plans in February 2020,The
review will provide a lot more granularity on the contribution of these
initiatives on our FY20 performance and beyond.”
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Bankunited, Inc. (USA) Reports Third Quarter 2019 Results
• Loans and leases, including equipment under operating lease, grew by $253 million during the quarter ended September 30, 2019. For the nine
months ended September 30, 2019, loans and leases grew by $873 million, net of the sale of $168 million in loans from the Pinnacle portfolio
during the quarter ended September 30, 2019.
• The cost of total deposits declined by 0.03% compared to the immediately preceding quarter ended June 30, 2019, to 1.67%.
• Non-interest bearing demand deposits grew by $506 million for the nine months ended September 30, 2019, to 17.2% of total deposits at
September 30, 2019 compared to 15.4% of total deposits at December 31, 2018. Non-interest bearing demand deposits grew by $27 million
during the quarter ended September 30, 2019. Total deposits grew by $34 million and $482 million for the quarter and nine months ended
September 30, 2019, respectively.
• Net interest income decreased by $66.3 million to $185.7 million for the quarter ended September 30, 2019 from $252.0 million for the quarter
ended September 30, 2018. The net interest margin, calculated on a tax-equivalent basis, was 2.41% for the quarter ended September 30, 2019
compared to 2.52% for the immediately preceding quarter ended June 30, 2019 and 3.51% for the quarter ended September 30, 2018. The most
significant reason for the declines in net interest income and the net interest margin for the quarter ended September 30, 2019 compared to the
quarter ended September 30, 2018 was the decrease in accretion on formerly covered residential loans.
• During the quarter ended September 30, 2019, the Company repurchased approximately 0.2 million shares of its common stock for an aggregate
purchase price of approximately $8 million. During the nine months ended September 30, 2019, the Company repurchased approximately 4.4
million shares of its common stock for an aggregate purchase price of $150 million, at a weighted average price of $34.39 per share.
• As previously reported, on September 12, 2019 the Board of Directors of the Company authorized the repurchase of up to an additional $150
million in shares of its outstanding common stock.
• Six months into the implementation phase, BankUnited 2.0 continues on track to achieve our previously disclosed targets of incremental annual
pre-tax impact of $40 million in cost savings and $20 million in revenue lift by mid-2021. Non-interest expense for the quarter and nine months
ended September 30, 2019 included costs directly related to BankUnited 2.0 implementation of $2.0 million and $14.5 million, respectively.
• Book value per common share grew to $30.60 at September 30, 2019 from $29.49 at December 31, 2018 while tangible book value per common
share increased to $29.78 from $28.71 over the same period.
Chairman, President and Chief Executive Officer, said, "This was another solid quarter of earnings growth, delivering a 20% increase over
Non-loss share EPS for the third quarter of the prior year. BankUnited 2.0 implementation continues on track to deliver the target $60
million in pre-tax benefit."
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BSF (Saudi Arabia) announces the signing of an agreement to sell shares representing 18.5%
of the issued share capital of Allianz Saudi Fransi Cooperative Insurance Company
Banque Saudi Fransi (BSF) announces the signing of a share sale and purchase agreement with Allianz Europe BV dated
05/02/1439H corresponding to 25/10/2017G for the sale of 3,700,000 shares in Allianz Saudi Fransi Cooperative Insurance
Company which represents 18.5% of (ASF) shares (which represents 57% of BSF shares in ASF) at a price of SAR 22 per share and
an overall consideration of SAR 81,400,000 and the bank will achieve a capital profit from this transaction of 37.8 million. The
transaction has received a SAMA non-objection letter and completion is expected to occur after the satisfaction of the agreement
conditions and subject to receiving the required regulatory approvals from the relevant government authorities. After the completion
of the transaction, BSF shall remain a strategic shareholder in ASF and will continue supporting ASF in its development and growth.
The transaction will be reflected in the financials of BSF in the financial period following the closing of the Transaction and the
transaction income will be added to the income statement. BSF will allow Allianz to increase their share and use the expertise in
developing the insurance business in Saudi Arabia. BSF represents that there are no related parties involved in the transaction, and
that it will undertake to disclose any material developments regarding the transaction when they occur.
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Bawag Group (Austria) Reports Strong 3rd Quarter Results
• Core revenues increased by 4%, to € 869 million compared to the prior year reflecting core product net
asset growth as well as the consolidation of the recent acquisitions.
• Net interest income rose by 5% to € 655 million. Net fee and commission income remained flat at € 214
million. Operating expenses were up 4% compared to the first three quarters 2018, reflecting the
consolidation of the acquired businesses in 2018 and 2019.
• The cost-income ratio was down 0.5pts versus the prior year to 42.7%, in line with our 2019 target of
under 43%. Our fully loaded CET1 ratio increased to 15.7% (15.1% in Q2 2019), reflecting the highly
capital accretive business model.
• Customer loans increased by 1% compared to December 2018. The overall customer loan book continued
to be comprised of approximately 72% exposure to the DACH region and approximately 28% exposure to
Western Europe and the United States.
• In the first three quarters 2019, the NPL ratio stood at 1.9% with a risk cost ratio of 15 basis points, which
reflects our continued focus on proactive risk management, maintaining a conservative risk profile, and
focus on developed markets.
• The Retail & SME segment delivered a profit before tax of € 288 million during the first three quarters
2019. Core revenues increased by 6% versus the first three quarters 2018 reflecting our acquisitions and
growth in our core products. Operating expenses increased by 9% due to the consolidation of the
acquisitions and the gradual increase related to the new branch network.
• The Corporates & Public segment delivered a profit before tax of € 140 million during the first three
quarters 2019. Core revenues decreased by 1% as we continue to focus on risk-adjusted returns. Operating
expenses decreased by 14% reflecting ongoing efficiency measures.
“BAWAG Group continued to generate strong results in the third quarter, delivering a profit before tax
of € 164 million and € 451 million for the first nine months of 2019. Additionally, we received
approval from the ECB for our share buyback program in the amount of € 400 million and have
launched a tender offer in the full amount that we hope to complete by the end of November. In
addition to making progress executing on our strategic capital actions, we continue to execute across
a number of operational initiatives from Concept 21 to integrating our recent acquisitions in Germany
and Switzerland. We are on track to deliver on all of our targets in 2019 as we continue to adapt to the
changing operating environment. While the market environment for European financials continues to
be challenging, the fundamentals of the bank remain strong. We will continue to focus on the things
that we control, driving operational excellence, and continuing to pursue disciplined and profitable
growth”, commented Chief Executive Officer.
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BBVA (Spain) earnings in the third quarter of 2019
• The BBVA Group's interest margin reached 13,475 million euros between January and September 2019, 6.3% more in current terms compared to the same
period of the previous year (+ 7.1% in constants, that is, excluding the variation of exchange rates). It highlights the positive evolution of Mexico, South America
and Turkey. Income Net feesthey reached 3,743 million euros, 3.4% more at current exchange rates (+ 3.8% in constants).
• In the third quarter, net commissions reached 1,287 million (+ 6.4% in constant euros), the highest figure in the last 10 quarters. The sum of both lines,
considered the recurring income of the banking business, advanced 6.3% at constant exchange rates, up to 17,218 million euros, between January and September.
• The result of financial operations (ROF) totaled 893 million euros between January and September (+ 2.6% year-on-year at current exchange rates, + 3.9% in
constants), mainly due to the capital gains derived from the sale of Prisma in Argentina in the first quarter of the year and the positive contribution of the United
States and Mexico.
• Gross margin reached 18,124 million euros, with a growth of 4.8% in current terms (+ 5.5% in constants).
• The income statement shows a consistent tendency to contain operating expenses , with an increase of 2.9% in the first nine months of the year with respect to
the same period of the previous year (+ 3.2% in constants), a variation significantly lower than the average inflation of all the countries in which BBVA is present
(6.0%).
• The net margin reached 9,304 million euros in the first nine months of the year, representing an increase of 6.6% compared to the same period of 2018 (+ 7.9%
at constant exchange rates).
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CIBC (Canada) Reaches Agreement to Sell Majority Stake in
CIBC FirstCaribbean
CIBC announced that it has reached an agreement to sell a significant
portion of its majority stake in CIBC FirstCaribbean to GNB Financial
Group Limited ("GNB"). Under the terms of the agreement, GNB is
acquiring 66.73% of FirstCaribbean shares from CIBC for total
consideration of US$797 million, which represents a company valuation of
approximately US$1,195 million, subject to closing adjustments to reflect
certain changes in FirstCaribbean's book value prior to closing.GNB is
wholly owned by Starmites Corporation S.ar.L, the financial holding
company of the Gilinski Group. The Gilinski Group has banking operations
in Colombia, Peru, Paraguay, Panama, and Cayman Islands with
approximately US$15 billion in combined assets.The total consideration is
comprised of approximately US$200 million in cash and secured financing
provided by CIBC for the remainder. Following the close of the transaction,
CIBC will remain a 24.9% minority shareholder of FirstCaribbean and will
benefit from various minority shareholder protections, as well as liquidity
rights in respect of its minority stake.
"We continue to build a relationship-oriented bank for a modern world,
and this strategic transaction will sharpen our focus on our core
businesses," saidSenior Executive Vice-President, General Counsel and
Corporate Development,CIBC. "FirstCaribbean is a well-performing
business and we believe this transaction will support its long-term
growth prospects while creating value for its stakeholders as well as
those of CIBC. As an investor in FirstCaribbean, we intend to work
closely with GNB Financial Group to support continued growth for the
business."
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KEB Hana Bank becomes BIDV’s (Vietnam) strategic shareholder
BIDV and KEB Hana Bank have completed the deal procedures and
legal documents regulated by the laws of the two countries. KEB Hana
Bank officially became the first foreign strategic shareholder of BIDV.
Particularly, BIDV issued over 603.3 million shares as a private
placement to KEB Hana Bank with a total value of nearly VND20,300
billion. After issuing shares to KEB Hana Bank, BIDV's charter capital
increases from VND34,187 billion to VND40,220 billion - the highest in
the Vietnamese banking system. This is the biggest M&A deal with a
strategic investor in Vietnam's banking industry and is a double
transaction. KEB Hana Bank invests capital to own 15% stake in BIDV
with the holding period of at least 5 years. At the same time, BIDV
receives a long-term technical assistance from Hana Financial Group and
KEB Hana Bank, including but not limited to 6 areas: strategic corporate
governance; technology and digital banking; retail banking
development; diversified asset portfolios; risk management; human
resources training and development.
Addressing the ceremony,Deputy Governor of the State Bank of
Vietnam, affirmed: The cooperation between the two leading
financial institutions of the two countries not only brings benefits to
the two banks but also the business community of Vietnam and South
Korea. KEB Hana Bank's large investment in Vietnam is a clear
testament to the optimism and confidence in the stability and
development potential of Vietnam's economy and the finance and
banking industry in general and BIDV in particular.
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The Commercial Bank (Qatar) Announces Result for the nine
months ended 30 September 2019
• Operating profit for the Group increased by 14.6% to QAR 2,029 million for the nine months ended 30 September 2019, compared to
QAR 1,771 million achieved in the same period in 2018.
• Net interest income for the Group increased by 1.6% to QAR 1,939 million for the nine months ended 30 September 2019 compared
to QAR 1,908 million achieved in the same period in 2018. Net interest margin increased to 2.3% for the nine months ended 30
September 2019 compared to 2.2% achieved in the same period 2018. The increase in margins is mainly due to Asset book increase with
higher yielding assets. NIM has improved quarter on quarter from 2.2% in Q2 2019 to 2.4% in Q3 2019.
• Non-interest income for the Group increased by 21.1% to QAR 914 million for the nine months ended 30 September 2019 compared
with QAR 755 million in the same period 2018. The overall increase in non-interest income was due to Increase in net fee and
commission income, foreign exchange earnings and income from investment securities.
• Total operating expenses were tightly managed at a Group level, down by 7.6% to QAR 824.1 million for the nine months ended 30
September 2019 compared with QAR 892.4 million in the same period in 2018. Costs reductions were primarily driven by lower staff
and administrative expenses.
• The Group’s net provisions decreased by 0.9% to QAR 625 million for the nine months ended 30 September 2019, from QAR 631
million in the same period in 2018. The non-performing loan (NPL) ratio has reduced to 4.9% at 30 September 2019 compared to 5.5%
in the same period 2018. The loan coverage ratio has increased to 95.2% at 30 September 2019 compared to 83.6% in the same period
2018.
• The Group balance sheet has increased by 7.9% at 30 September 2019 with total assets at QAR 145.7 billion, compared to QAR 138.7
billion in the same period. The increase was mainly in loans and advances and investment securities.
• The Group’s loans and advances to customers increased by 5.1% to QAR 89.1 billion at 30 September 2019 compared with QAR 84.6
billion in the same period in 2018. The increase was mainly in the government and public sector.
• The Group’s investment securities increased by 24.8% to QAR 27.0 billion at 30 September 2019 compared with QAR 21.7 billion in
the same period in 2018. The increase is mainly in Government bonds.
• The Group’s customer deposits reduced by 0.8% to QAR 74.3 billion at 30 September 2019 compared with QAR 74.9 billion in the
same period 2018.’
Chairman of the Board of Directors of Commercial Bank, said, “Qatar continues to strengthen its position as a leading investment
destination within the Middle East region. We believe this trend will accelerate as the government introduces new reforms
designed to enhance Qatar’s attractiveness to entrepreneurs and international businesses. As a leading private bank in Qatar,
Commercial Bank plays an important role in supporting these government initiatives.
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Credicorp(Peru) completes acquisition of Ultraserfinco in
Colombia
Credicorp announces that, on November 1st, after obtaining the necessary regulatory approvals, it has completed through its
subsidiaries Credicorp Holding Colombia S.A.S and Credicorp Capital Fiduciaria S.A., the acquisition of 100% of the
capital stock of Ultraserfinco S.A. Comisionista de Bolsa (“Ultraserfinco”) for approximately US$ 41 million. Credicorp
Ltd. had reached an agreement for this acquisition with the shareholders of Ultraserfinco on February 12, 2019. With 50
years of experience, Ultraserfinco is one of the leading financial services firms in Colombia with securities brokerage, asset
management and wealth management businesses. With this acquisition, Credicorp Ltd. builds upon its existing Credicorp
Capital business to become the undisputed leader in equities and fixed income trading in Colombia. In addition,
Ultraserfinco provides an attractive wealth management business, over US$ 1.3 billion of assets under management or
custody, and an expanded client coverage footprint with presence in Barranquilla, Bogota, Bucaramanga, Cali, Cartagena
and Medellin. Through its subsidiary Ultralat in Miami, Florida, Ultraserfinco also provides clients with access to
investment products and services in the international markets.
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Crédit Agricole (France) Reports Results for the third quarter
and the first nine months of 2019
• Stated result Q3: €1,199 m, +8.9% Q3/Q3 (9M: €3,183 m, -6.2% 9M/9M), up
significantly Q3/Q3;
• Underlying income increased (+8.2% Q3/Q3) as a result of buoyant commercial
activity and improved operational efficiency;
• Underlying EPS: Q3 €0.34, -6.3% Q3/Q3, 9M €0.97 -8.6% 9M/9M; ROTE
11.3% annualised over 9M;
• Increase in underlying revenue (+4.9% Q3/Q3 and +1.8% 9M/9M), as a result
of buoyant customers capture, savings, loan and equipment;
• Significantly positive jaws effect (+340 bp Q3/Q3) and improvement in the
underlying cost/income ratio excluding SRF (by -2.0 pp to 59.6% in Q3 and -0.4
pp to 60.5% over 9M) despite development investments in the Asset Gathering
business line;
• Cost of credit risk low: 29 basis points, normalisation of the cost of risk in CIB,
Q3/Q2 decrease for CACF and CA Italy;
• CET1 ratio up +0.1 pp in Q3 to 11.7%, thanks in particular to the stability of
organic risk-weighted assets in the business lines;
• Upgrade by Moody’s of Casa’s LT credit rating to Aa3;
• Continuation of implementation of the 2022 Medium-Term Plan: growing
digitalisation of customer relations, increase in customer satisfaction, customer
capture buoyant in France and Italy (+210,000 individual customers); issue of a
€1 bn Green bond.
Chairman of SAS and Chairman of Crédit Agricole S.A.’s Board of Directors,
commented on the Group’s third quarter 2019 and first nine months 2019
results and activity as follows: “Over the first nine months of the year, the
business lines of Crédit Agricole Group continued to expand, both in France
and internationally. In line with our purpose, formulated when we presented
our Medium-Term Plan in June, customer satisfaction is improving in all
segments, and the Strategic Recommendation Index for the Regional Banks is
above the French market in 2019. As a result of these efforts, all activity
indicators are green in our businesses. We are also consolidating our position
as world leader in this area, with a €1 billion Green bond issue in October. The
three pillars of our unique relationship model, namely excellence in customer
relations, empowered teams for customers, and commitment to society, create
value in the uncertain economic environment we are experiencing”.
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Emirates Islamic (UAE) Announces Q3 2019 Financial Results
• Net profit of AED 937 million, up 43% y-o-y.
• Total Income of AED 2.1 billion, increased by 11% y-o-y.
• Funded Income margin improved by 20 bps year-on-year to
3.17%.
• Total assets at AED 62.7 billion, increased by 8% from end 2018.
• Financing and investing receivables at AED 37.4 billion, up 3%
from end 2018.
• Customer accounts at AED 45.2 billion, up 9% from end 2018.
• Current and Savings accounts balances up 3% from end 2018.
• Impaired Financing ratio is at 8.7% with a strong Coverage ratio
of 115%.
• Headline financing to deposit ratio at 83% demonstrates healthy
liquidity position.
• Tier 1 capital ratio at 19.2% and Capital adequacy ratio at 20.4%.
Chief Executive Officer of Emirates Islamic commented: “I am
pleased to announce Emirates Islamic’s results for the first nine
months of 2019, reporting the highest ever net profit of AED 937
million for this comparable period since our inception in 2004.
As a leading Islamic bank, we have taken advantage of the
increasing uptake of Islamic banking products in the UAE. Total
Income for the first nine months of 2019 stood at AED 2.1
billion, up 11% year-on-year with funded income and foreign
exchange being the primary drivers of growth. Our customer
deposits are up 9% during 2019, with current and saving account
balances up by 3% during the same period. The Bank’s balance
sheet remains healthy with Tier 1 capital ratio at 19.2% and
Capital Adequacy ratio of 20.4%.”
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Emirates NBD (UAE) Announces Third Quarter 2019 Results
• Net profit of AED 12.5 billion, up 63% y-o-y, or 3% excluding DenizBank and the impact of
the Network International transaction
• Total Income of AED 15.5 billion improved 20% y-o-y due to loan growth and higher fee
income
• Impairment charge increased 149% y-o-y with cost of risk increasing to an annualised 103 bps
due to the inclusion of DenizBank and lower writebacks and recoveries
• Net Interest Margin improved 1 bp y-o-y to 2.82% helped by the positive impact of DenizBank
• Total assets grew 35% to AED 675.6 billion during 2019 with the inclusion of DenizBank
• Customer loans advanced 31% to AED 429.7 billion during 2019 with the inclusion of
DenizBank
• Customer deposits increased 35% to AED 468.2 billion during 2019 with the inclusion of
DenizBank
• Impaired loan ratio improved to 4.8% on a larger balance sheet with strong coverage ratio of
126.6%
• Liquidity Coverage Ratio of 149.3% and AD ratio of 91.8% demonstrate the Group’s healthy
liquidity position
• Common Equity Tier 1 ratio declined by 3.7% to 13.7% during 2019 with the rights issue
expected to boost capital ratios by 1.5%
Vice Chairman and Managing Director, Emirates NBD said: “Emirates NBD delivered a
strong set of results in the first nine months of 2019. The Bank successfully completed the
acquisition of DenizBank in the third quarter of 2019. This represents a significant milestone
for Emirates NBD, expanding our presence to 13 countries and establishing Emirates NBD
as a leading Bank in the MENAT region with over 14 million customers. The Bank also
raised the foreign ownership limit from 5% to 20% and announced its intention to seek
shareholder and regulatory approval to further increase this to 40%. The Bank is offering our
valued and loyal shareholders an exceptional opportunity to partake in our continued growth
and success through participating in a rights issue of up to USD 1.75 billion as we remain
key partners to the growth agenda and vision of our nation’s esteemed leadership. We are
delighted to be ranked among the top 20 in the Forbes’ list of the World’s Best Regarded
Companies, securing a leading spot among global brands. This reflects our relentless effort
to deliver unparalleled customer service and best-in-class products, whilst being a champion
of corporate social responsibility and sustainability.”
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F.N.B. Corporation (USA) Reports 3rd Quarter Earnings
• Growth in total average loans was $1.0 billion, or 4.4%, with average commercial loan growth of $789 million, or 5.8%, and average
consumer loan growth of $164 million, or 2.0%.
• Total average deposits grew $1.0 billion, or 4.2%, including an increase in average non-interest-bearing deposits of $241 million, or
4.0%, an increase in interest-bearing demand deposits of $674 million, or 7.2%, and an increase in average time deposits of $94 million,
or 1.8%.
• The loan to deposit ratio was 93.8% at September 30, 2019, compared to 92.9%.
• On a linked quarter basis, the net interest margin (FTE) (non-GAAP) narrowed 3 basis points to 3.17%, resulting from lower asset
yields given the decline in benchmark interest rates partially offset by lower cost of funds. Compared to the third quarter of 2018, the
net interest margin declined 19 basis points from 3.36%, attributable to increased cost of funds and the sale of Regency which
contributed 8 basis points to net interest margin in the third quarter of 2018.
• Net interest income declined 2.1%, largely attributable to the sale of Regency and increased funding costs.
• Non-interest income increased $5.2 million, or 6.9%. Capital markets income grew $3.6 million, or 70.8%, reflecting strong
customer-related interest rate derivative activity. Mortgage banking operations income increased $3.8 million, or 63.6%, due to a $4.1
million increase in gain on sale, partially offset by a $0.3 million interest rate-related valuation adjustment on mortgage servicing rights.
Insurance commissions and fees increased $1.1 million, or 22.8%, while trust income grew by $0.5 million, or 8.4%.
• Effective tax rate of 14.5% includes the benefit of certain renewable energy and historic tax credits realized during the quarter,
compared to 18.0%.
• The efficiency ratio (non-GAAP) was 54.1%, compared to 53.7%.
• The annualized net charge-offs to total average loans ratio decreased 16 basis points to 0.11% from 0.27%, indicative of continued
favorable credit quality trends and the sale of Regency.
• The ratio of tangible common equity to tangible assets (non-GAAP) increased 55 basis points to 7.44%. Tangible book value per
common share (non-GAAP) increased $0.89, or 13.8%, to $7.33.
“We are very pleased to report strong quarterly performance where EPS totaled $0.31 per share and net income to common
shareholders surpassed $100 million for the first time in company history. The third quarter results were driven by top line
revenue growth including record noninterest income of $80 million, consistent organic growth in loans and deposits, as well as
favorable asset quality.” commented Chairman, President, and Chief Executive. “We continue to achieve peer-leading results with
return on tangible common equity and the efficiency ratio at levels of 17%, and 54%, respectively even as we continue to make
strategic investments in our company.”
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First Citizens BancShares (USA) Reports Earnings For Third
Quarter 2019
• Net income for the third quarter of 2019 totaled $124.8 million, an increase of $7.5 million, or 6.4% compared to the same quarter in 2018. Net
income per share increased $1.47, or 15.0%, to $11.27 in the third quarter of 2019, from $9.80 per share during the same quarter in 2018.
• Return on average assets for the third quarter of 2019 was 1.32%, essentially unchanged from the same quarter in 2018. Return on average
equity for the third quarter of 2019 was 13.83%, an improvement of 42 basis points over the same period of 2018.
• BancShares reported total net interest income of $336.4 million for the third quarter of 2019, an increase of $29.1 million, or 9.5% compared
to the same quarter in 2018. The taxable-equivalent net interest margin (NIM) was 3.80% for the third quarter of 2019, up 7 basis points from
3.73% during the same quarter in 2018.
• Noninterest income totaled $100.9 million for the third quarter of 2019, compared to $94.5 million for the same quarter of 2018. Noninterest
expense was $270.4 million for the third quarter of 2019, compared to $267.5 million during the same quarter of 2018.
• Total loans grew to $27.20 billion, an increase of $0.47 billion, or an annualized increase of 7.0% since June 30, 2019. Total loans grew by
$2.31 billion, or 9.3% since September 30, 2018. The net charge-off ratio was 0.10% for the third quarter of 2019, consistent with the same
quarter in 2018.
• Total deposits grew to $32.74 billion, an increase of $0.02 billion, or by 0.3% since June 30, 2019. Total deposits grew by $2.58 billion, or 8.6%
since September 30, 2018.
• BancShares repurchased 295,900 shares of its Class A common stock during the third quarter of 2019 totaling approximately $135.4 million.
At September 30, 2019, BancShares remained well capitalized with a total risk-based capital ratio of 13.1%, a Tier 1 risk-based capital ratio and
common equity Tier 1 ratio of 11.8%, and a leverage ratio of 9.2%.
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First Horizon National Corporation (USA) and IBERIABANK Corporation to Combine
in Merger of Equals to Create a Leading Regional Financial Services Company
First Horizon National Corp. and IBERIABANK Corporation announced that they have
entered into a definitive agreement under which the companies will combine in an all-stock
merger of equals.Under the terms of the agreement, which was unanimously approved by the
Boards of Directors of both companies, the combined holding company and bank will
operate under the First Horizon name and will be headquartered in Memphis, Tenn. Once the
transaction is completed, the combined company will be one of the largest financial services
companies headquartered in the South and one of the top 25 banks in the U.S. in deposits.The
combined organization will have $75 billion in assets, $57 billion in deposits and $55 billion
in loans. The merger combines two complementary franchises that are uniquely positioned to
capitalize on market opportunities and increase their client base through greater scale,
strategic investments in advanced technologies and expanded product offerings.Under the
terms of the merger agreement, IBERIABANK shareholders will receive 4.584 shares of
First Horizon for each IBERIABANK share they own. First Horizon shareholders will own
56% and IBERIABANK shareholders will own 44% of the combined company.
Additionally, IBERIABANK shareholders will receive a 43% increase in their dividend after
consummation of the transaction, based upon each company's current dividend per share.
Chairman and CEO of First Horizon, said, “Our merger of equals with IBERIABANK is
an exciting milestone and the logical next step in the continued successful transformation
of our company. Separately, we are both formidable organizations with strong track
records, great businesses and talented bankers. Together, First Horizon and
IBERIABANK will create a powerful new company driven by our shared commitment
to our customers, communities, shareholders and the employees we serve. We are
pleased to have a partner with a complementary people-focused culture, shared values
and a growth-oriented business model. Our combined new scale, deep experience in
financial services and diverse business mix in the South uniquely position us to
accelerate our growth and create lasting shareholder value.”
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HSBC Holdings plc (UK) 3Q 2019 Earnings Release
• Reported profit before tax in Asia up 4% to $4.7bn in 3Q19, with a resilient performance
in Hong Kong.
• Growth in both loans and advances to customers and customer accounts, up 4% and 2%
respectively on a reported basis compared with 3Q18, and up 7% and 5% on a constant
currency basis.
• Commercial Banking (‘CMB’) and Retail Banking delivered revenue growth compared
with 3Q18. Continued momentum in Global Private Banking (‘GPB’) with net new money
of $19bn in 9M19. Performance in Retail Banking and Wealth Management (‘RBWM’) in
HSBC UK in 3Q19 was adversely impacted by additional customer redress charges.
• Global Banking and Markets (‘GB&M’) performance continued to reflect low levels of
client activity in Global Markets, although our transaction banking franchises delivered a
resilient performance. In 3Q19, GB&M‘s adjusted revenue in Asia increased by 9%
compared with 3Q18 and represented over 50% of total GB&M adjusted revenue.
• Continued strong capital levels, with common equity tier 1 (‘CET1’) ratio of 14.3%,
including the completion of a $1bn share buy-back.
Group Chief Executive said:“Parts of our business, especially Asia, held up well in a
challenging environment in the third quarter. However, in some parts, performance was
not acceptable, principally business activities within continental Europe, the
non-ring-fenced bank in the UK, and the US. Our previous plans are no longer sufficient
to improve performance for these businesses, given the softer outlook for revenue
growth. We are therefore accelerating plans to remodel them and move capital into
higher growth and return opportunities.”
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ING (Netherlands) posts 3Q2019results
• Retail primary customers rose in 3Q2019 by 165,000 to 13.1 million; total retail customer
base reaches 38.7 million
• Net customer deposits in 3Q2019 grew by €4.4 billion; net core lending declined by €1.0
billion, while maintaining growth in mortgages
• ING 3Q2019 underlying pre-tax result of €1,911 million
• Result reflects well-diversified loan book with resilient margins, despite margin pressure
on customer deposits, as well as higher fee income
• Expenses increased mainly due to KYC; risk costs remain below ING’s through-the-cycle
average
• Four-quarter rolling underlying ROE was 10.3%; ING Group CET1 ratio increased to
14.6%
• Net customer deposits grew by €4.4 billion in the quarter. Total net core lending, however,
declined by €1.0 billion due to a €4.6 billion drop in Wholesale Banking, partly related to the
development of the oil prices and the repayment of some larger term loans. Net core lending
in Retail Banking grew by €3.6 billion, primarily in mortgages.
“We performed well in the third quarter. Even with the ongoing negative interest rate
environment, our net interest income has remained resilient,” said CEO of ING Group.
“Furthermore, we saw an increase in fee income in the third quarter.We also recorded
higher expenses mostly related to our know your customer (KYC) programme and an
increase in risk costs.
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INTL FCStone(USA) Completes the Acquisition of the Futures and Options Brokerage
and Clearing Business of UOB Bullion and Futures Limited in Singapore
INTL FCStone Inc. announced that its Singaporean subsidiary INTL
FCStone Pte Ltd ("IFP") has met all conditions of the Asset Purchase
Agreement it entered into on 18 March 2019 (the "APA"), and completed
the acquisition of the futures and options brokerage and clearing business
of UOB Bullion and Futures Limited, a subsidiary of United Overseas
Bank Limited.As part of the acquisition, IFP upgraded its Capital
Markets Services license in Singapore so it can offer full service
brokerage encompassing dealing in exchange-traded derivatives
contracts, over-the-counter derivatives contracts and spot foreign
exchange contracts for the purposes of leveraged foreign exchange
trading. IFP was also admitted as a Trading Member of Singapore
Exchange Derivatives Trading Limited ("SGX-DT") and Clearing
Member of Singapore Exchange Derivatives Clearing Limited
("SGX-DC").
Chief Executive Officer of IFP and Deputy CEO, Asia for INTL
FCStone group, commented on the closing of the transaction, "The
successful completion of our acquisition of UOB Bullion and Futures
Limited's F&O business in Singapore marks the beginning of a new,
exciting era for INTL FCStone in Asia. We are both thrilled and
honoured by the prospect of serving our new customers and look
forward to building long lasting relationships with all of them. This
transaction significantly enhanced our regional and international
capabilities with the addition of SGX as another major exchange we
now offer clearing and execution services on. This is an important
milestone in expanding INTL FCStone's presence in Asia and fully
supports our plans of offering a one-stop solution for all our
customers' market access needs for listed derivatives globally."
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KeyCorp (USA) Reports Third Quarter 2019 Results
• Taxable-equivalent net interest income was $980 million for the third quarter of 2019, compared to taxable-equivalent net interest income of $993 million for the third
quarter of 2018. The decrease in net interest income reflects a lower net interest margin, driven by higher interest-bearing deposit costs, and lower loan fees. Additionally,
purchase accounting accretion declined $9 million. These declines were partially offset by higher earning asset balances.
• Compared to the second quarter of 2019, taxable-equivalent net interest income decreased by $9 million. The decrease was driven by a lower net interest margin,
resulting from a decline in interest rates, and lower loan fees. These declines were partially offset by higher earning asset balances, driven by solid consumer and
commercial loan growth, and one additional day in the quarter.
• Key's noninterest income was $650 million for the third quarter of 2019, compared to $609 million for the year-ago quarter. The increase reflects growth in investment
banking and debt placement fees, which reached a record third quarter level, as well as growth in corporate services income, due to higher derivatives income.
Investments made in Key's mortgage business continue to drive consumer mortgage income and mortgage servicing fees.
• Compared to the second quarter of 2019, noninterest income increased by $28 million, due to growth in investment banking and debt placement fees and corporate
services income, due to higher derivatives income, as well as consumer mortgage income.
• Key's noninterest expense was $939 million for the third quarter of 2019, compared to $964 million in the year-ago quarter and $1.0 billion in the prior quarter. The
prior quarter included notable items of $52 million, primarily efficiency-related expenses, while no notable items were reported in the current quarter or the year-ago
period.
• Noninterest expense decreased by $25 million from the year-ago period, reflecting the successful implementation of Key's expense initiatives and the elimination of the
FDIC surcharge. These expenses were partially offset by Laurel Road acquisition expenses.
• Excluding notable items, noninterest expense decreased $28 million from the prior quarter, reflecting the successful implementation of Key's expense initiatives, which
drove lower salaries and declines across most non-personnel expenses.
• Average loans were $92.0 billion for the third quarter of 2019, an increase of $3.5 billion compared to the third quarter of 2018. Commercial loans increased $2.1 billion,
reflecting broad-based growth in commercial and industrial loans, partially offset by declines in commercial mortgage and construction loans. Consumer loans increased
$1.4 billion, driven by solid growth from Laurel Road, residential mortgage loans, and indirect auto lending. Home equity loans declined $927 million, largely the result
of continued paydowns in home equity lines of credit.
• Compared to the second quarter of 2019, average loans increased by $1.2 billion, driven by solid growth in commercial and industrial loans, partially offset by a decline
in commercial mortgage loans. Consumer loans increased $825 million from the prior quarter, as growth from Laurel Road, residential mortgage, and indirect auto more
than offset the decline in home equity loans. Laurel Road originations were $500 million in the current quarter.
"Our results this quarter reflect positive revenue momentum and strong expense management that drove our cash efficiency ratio to its lowest level in over a
decade. This places us within our targeted cash efficiency ratio range of 54% to 56% and reflects the successful execution of our cost initiatives and ongoing
commitment to continuous improvement. While expenses declined 3% from the year-ago period, we have continued to invest a portion of our cost savings back
in to the business to drive future growth. We generated positive operating leverage compared to the prior year and previous quarter, supported by strong balance
sheet growth, as well as continued momentum in our fee-based businesses, including record third quarter investment banking and debt placement fees. We
produced another quarter of strong, broad-based growth in commercial and industrial loans and saw higher consumer loan balances, driven by Laurel Road and
residential mortgage lending. We have remained disciplined with credit underwriting and managing our strong capital position. In the third quarter, we increased
our quarterly common stock dividend by 9% − from $.17 to $.185. We remain committed to delivering results for our shareholders, while maintaining our
moderate risk profile as we move through different parts of the business cycle." Said Chairman and CEO
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M&T Bank (USA) Invests $5 Million in Blue Highway Growth Capital
Fund to Accelerate Revitalization in Rural Communities
M&T Bank has invested $5 million into Blue Highway Capital, a growth equity fund
created to jumpstart the growth of small companies in rural communities, the bank
announced. Structured to meet the capital needs of businesses located in rural areas often
overlooked by traditional private equity or venture capital funds, Blue Highway invests
in and provides value-added resources—such as financial and strategic advisement—to
established companies that require a capital infusion to accelerate their growth. Blue
Highway makes $2-5 million equity investments in small companies that show high
potential for growth. It focuses on businesses that are located in the Northeastern and
Mid-Atlantic states and operate in six target industries, including specialty
manufacturing, distribution and logistics, business and technology services, healthcare
and medical products, natural resources and energy and environmental services. The
fund is actively considering investment opportunities in several regions where M&T has
a significant presence, including Upstate New York, Maryland, New Jersey,
Pennsylvania, Delaware, Connecticut, Virginia and West Virginia. With a fundraising
target of $50 million, Blue Highway was founded to make a positive economic and social
impact in rural parts of the country. It is a Rural Business Investment Company, licensed
by the U.S. Department of Agriculture through the Rural Business Investment Program,
which was created to advance economic and community development in rural America.
"Blue Highway's equity investments and its focus on local businesses in small towns
and cities complement our community-focused banking model and the financial
solutions we provide our business customers," said M&T Bank regional president for
Central New York, who was recently named to Blue Highway's advisory board. "Our
investment will help Blue Highway partner with growing companies in the rural
communities we serve to create quality jobs and expand prosperity."
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M&T Bank Corporation (USA) Announces Third Quarter Results
• Diluted earnings per common share measured in accordance with generally accepted accounting
principles ("GAAP") were $3.47 in the third quarter of 2019, compared with $3.53 in the year-earlier
quarter.
• GAAP-basis net income in the recent quarter was $480 million, compared with $526 million in the third
quarter of 2018.
• GAAP-basis diluted earnings per common share and net income for the second quarter of 2019 were
$3.34 and $473 million, respectively.
• GAAP-basis net income for the third quarter of 2019 expressed as an annualized rate of return on average
assets and average common shareholders' equity was 1.58% and 12.73%, respectively, compared with
1.80% and 14.08%, respectively, in the corresponding 2018 quarter and 1.60% and 12.68%, respectively,
in the second quarter of 2019.
For the nine-month period ended September 30, 2019:
• Diluted earnings per common share were $10.16, up 13% from $9.00 in the similar 2018 period.
GAAP-basis net income for the first nine months of 2019 totaled $1.44 billion, 5% higher than $1.37
billion in the year-earlier period. Expressed as an annualized rate of return on average assets and average
common shareholders' equity,
• GAAP-basis net income in the nine-month period ended September 30, 2019 was 1.62% and 12.85%,
respectively, improved from 1.57% and 12.16%, respectively, in the corresponding 2018 period.
Commenting on M&T's third quarter results, Executive Vice President and Chief Financial Officer,
noted, "Overall, M&T's results were in line with our expectations given the current interest rate and
economic environment. During the recent quarter we realized increased total revenues, highlighted by
28% growth in our mortgage banking businesses. Higher operating expenses reflecting investments in
mortgage banking and technology accompanied the revenue growth."
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Mashreq (UAE) Posts Net Profit For 9M 2019
• Net profit for 9M 2019 stood at AED 1.76 billion - a 0.5% increase YoY
• Impairment Allowance down by 15.9% YoY
• Mashreq’s best-in-class non-interest income to operating income ratio remained
high at 39.3%
• Liquid Assets ratio stood at 32.6% with Cash and Due from Banks at AED 43.6
billion as on 30th September 2019
• Capital adequacy ratio and Tier 1 capital ratio continue to be significantly higher
than the regulatory limit and stood at 16.8% and 15.6% respectively
• Total Assets grew by 5.0% to AED 146.9 billion while Loans and Advances
increased by 4.2% to reach AED 72.2 billion as compared to December 2018
• Customer Deposits grew by 1.1% during the year to reach AED 84.1 billion
• Loan-to-Deposit ratio remained strong at 85.8% at the end of 30th September 2019
• Non-Performing Loans to Gross Loans ratio decreased slightly from 3.5% in June
to 3.4% at the end of September 2019
• Total Provisions for Loans and advances reached AED 4.1 billion, constituting
130.9% coverage for Non-Performing Loans
Mashreq’s CEOsaid: “I am pleased to announce that Mashreq Bank has once
again achieved a strong set of results at the close of our third quarter driven by
robust financial performance across our core businesses. The bank’s solid market
performance has enabled us to record a healthy net profit of AED 1.8 billion.
Notably, we continue to maintain a healthy balance sheet as well as strong
liquidity, with our Capital adequacy ratio and tier 1 capital ratios continuing to be
significantly higher than the regulatory limit - standing at 16.8% and 15.6%
respectively. Overall, our strong performance must also acknowledge our
people’s continuous efforts to introduce innovation within our services.
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Masraf(Qatar) Al Rayan Reported Result for the first nine months
of 2019
• Masraf Al Rayan achieved a net profit of QAR 1,653 million for the period ended 30
September 2019, an increase of 1.32% compared to the corresponding period in the previous
year.
• The Bank's assets grew by 5.5% to reach QAR 105,050 million as of 30 September 2019,
a strong performance while maintaining one of the lowest non-performing financing (NPF)
ratios internationally (0.66%).
• Operating efficiency ratio was at 23.61%, continuing to be the best among local banks.
• Return on average shareholders’ equity reached 16.51%
• Earnings per share reached QAR 0.220 compared to QAR 0.218, for the period ended 30
September 2018
• Book value per share reached QAR 1.79 compared to QAR 1.71 as of 30 September 2018
• Capital adequacy ratio reached 19.70%, in line with Basel III standards and Qatar Central
Bank requirements, compared to 19.04% as of 30 September 2018
• Operational efficiency ratio (cost to income ratio) is 23.61%
• Non-performing financing (NPF) ratio is kept at a low level of 0.66%, reflecting the strong
performance of our credit risk management as well as prudent policies and procedures
In his comments on the results, Chairman and Managing Director, said: “The results are
satisfactory despite achieving modest profit growth during the period, due to several
factors including high borrowing and deposit costs.”
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NBK (Kuwait)reports 9M 2019 Results
• NBK reported a net profit of KD 302.2 million (USD 993.8 million),
increasing by 10.9% compared to 30 September 2018, with total
assets increasing by 6.6% to reach KD 28.9 billion (USD 95.1 billion).
• Operating income reached KD 672.8 million (USD 2,212.6 million),
growing by 1.7%
• Customer loans and advances reached KD 16.4 billion (USD 53.8
billion), increasing by 6.2% year-on-year
• Customer deposits increased by 12.2% to reach KD 15.8 billion
(USD 51.9 billion)
• Capital Adequacy Ratio of 15.8%, in excess of regulatory
requirements
• NPL to gross loans ratio at 1.37% and an NPL coverage ratio of
227% demonstrate maintenance of strong asset quality indicators
• Consistently positive long-term credit ratings reflect conservative
approach to risk
Commenting on the interim results, NBK Group Chairman,
said:“The Bank continues to operate in a challenging
macroeconomic environment, but we are pleased that despite
headwinds we are growing our business – and its profitability –
across the region. Although there has been slower demand for
credit in Kuwait, we have seen growth in our loan book, and we
expect this trend to continue until the end of the year. By
continuing to focus on our strategy to diversify and digitalize our
operations we have seen incremental and continuous top- and
bottom-line growth across business units and geographies. Key
metrics demonstrate the Bank’s strong position, with 9-month net
profit growth of nearly 11% and a 6.6% increase in total assets.”
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PacWest Bancorp (USA) Announces Results for the
Third Quarter 2019
• Net earnings for the third quarter of 2019 of $110.0 million, or $0.92 per diluted share, compared to net earnings
for the second quarter of 2019 of $128.1 million, or $1.07 per diluted share.
• Net interest income decreased by $8.7 million to $252.2 million for the third quarter of 2019 compared to
$260.9 million for the second quarter of 2019 due mainly to a lower yield on average loans and leases, offset
partially by a higher balance of average loans and leases and one more day in the third quarter of 2019.
• The tax equivalent yield on average loans and leases was 5.91% for the third quarter of 2019 compared to 6.26%
for the second quarter of 2019. The decrease in the yield on average loans and leases was due principally to the
repricing of variable-rate loans causing lower coupon interest in addition to lower loan prepayment fees in the
third quarter compared to the second quarter. The prepayment fees added five basis points to the third quarter
loan and lease yield and 14 basis points to the second quarter loan and lease yield.
• The tax equivalent NIM was 4.46% for the third quarter of 2019 compared to 4.72% for the second quarter of
2019. The decrease in the NIM was due mainly to lower coupon interest, lower loan prepayment fees, and lower
loan fee income.
• The cost of average total deposits increased to 0.83% for the third quarter of 2019 from 0.81% for the second
quarter of 2019 due to a higher average balance of core interest-bearing deposits combined with a lower average
balance of noninterest-bearing deposits. The cost of average interest-bearing deposits declined by one basis point
in the third quarter and the cost of average total deposits for the month of September was 0.80%, reflecting
actions taken to reduce certain deposit rates in light of the fed funds target rate cuts during the third quarter.
President and CEO, commented, “We had a solid quarter highlighted by very strong core deposits growth,
another quarter of consistent loan production from all of our business groups, and the continuation of our
trend of lower credit costs. Our third quarter of 2019 results produced a return on assets of 1.65% and a
return on tangible equity of 19.01%.In a very competitive market, we achieved our largest core deposit
growth quarter ever with growth of $854 million in the third quarter. Core deposits generation, with an
emphasis on noninterest-bearing deposits, remains a priority in this declining-rate environment. We
achieved solid loan and lease production of $1.2 billion in the third quarter bringing our net loan growth to
$778 million, or 6% annualized, for the first nine months of 2019.”
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PNC Reports Third Quarter 2019 Results
• Net income was $1.4 billion, an increase of $18 million, or 1 percent.
• Total revenue of $4.5 billion grew $54 million, or 1 percent.
• Net interest income of $2.5 billion increased slightly by $6 million due to the benefits of higher loan and securities balances, lower borrowing
costs and an additional day partially offset by lower loan and securities yields.
• Net interest margin decreased 7 basis points to 2.84 percent.
• Noninterest income of $2.0 billion increased $48 million, or 2 percent.
• Fee income of $1.6 billion grew $73 million, or 5 percent, driven by an increase in residential mortgage revenue, higher asset management
revenue and seasonally higher consumer activity partially offset by lower corporate service fees.
• Other noninterest income of $342 million decreased $25 million reflecting lower asset gains partially offset by higher revenue from private
equity investments.
• Noninterest expense of $2.6 billion increased $12 million and the efficiency ratio improved to 58 percent for the third quarter from 59 percent
in the second quarter.
• Provision for credit losses of $183 million increased $3 million, or 2 percent, as a higher provision for the consumer lending portfolio was
substantially offset by a lower provision for the commercial lending portfolio.
• The effective tax rate was 17.5 percent for the third quarter and 16.6 percent for the second quarter.
• Average loans increased $2.8 billion, or 1 percent, to $237.7 billion in the third quarter compared with the second quarter.
• Average deposits increased $6.2 billion, or 2 percent, to $279.1 billion in the third quarter compared with the second quarter driven by seasonal
growth in commercial deposits.
• Average investment securities increased $1.5 billion, or 2 percent, to $85.2 billion in the third quarter compared with the second quarter.
• Average balances held with the Federal Reserve of $15.3 billion increased $2.1 billion compared with the second quarter.
• PNC returned $1.5 billion of capital to shareholders in the third quarter through repurchases of 7.5 million common shares for $1.0 billion and
dividends on common shares of $.5 billion.
• The August quarterly cash dividend on common stock was raised to $1.15 per share, an increase of 20 cents per share, or 21 percent.
"PNC delivered excellent results in the third quarter. Our loan growth was strong in both commercial and consumer average loans and we
saw good deposit inflows and customer growth including from our national strategies. Net interest income and fee income increased and
we managed expenses well even as we continued to make investments. We are pleased with our performance and expect that continued
execution of our strategies will drive differentiated growth across our franchise and generate long-term value for our shareholders." Said
President and Chief Executive Officer
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QIB (Qatar) Reports Nine Month 2019 Results
• Net Profit attributable to the Shareholders of the Bank amounted to QAR 2,215 Million for the nine months’ period ended 30 September 2019 representing a growth of 10.5% over the
same period in 2018.
• Total assets of the Bank has increased by 1.1% compared to December 2018 and now stands at QAR 154.9 billion driven by the continued growth in the financing and investing activities.
Financing activities have now reached QAR 107 Billion having grown by 4.7% compared to December 2018. Customer Deposits of the Bank now stand at QAR 106.6 Billion registering
a strong growth of 6% compared to December 2018.
• Total Income for the nine months’ period ended 30 September 2019 was QAR 5,710.6 Million registering a 11.8% growth compared to QAR 5,107.9 Million for the same period in 2018.
Income from financing and investing activities has registered a strong growth of 12.9% to reach QAR 5,113.7 Million at the end of the nine months’ period ended 30 September 2019
compared to QAR 4,528.1 Million for the same period in 2018, reflecting a healthy growth in the Bank’s core operating activities.
• Total general and administrative expenses was QAR 827.8 Million for the nine months’ period ended 30 September 2019 registering a 3.8% decrease compared to QAR 860.3 Million for
the same period in 2018. Strict cost controls supported by higher operating revenues enabled further enhancement of efficiency bringing down the cost to income ratio to 23.4% for the nine
months’ period ended September 2019 as compared to 25.5% for the same period in 2018.
• QIB was able to maintain the ratio of non-performing financing assets to total financing assets at 1.2% reflecting the quality of the Bank’s financing assets portfolio and its effective risk
management framework. QIB continues to pursue the conservative impairment provisioning policy with the coverage ratio for non-performing financing assets at 100% as of September
2019.
• Total Shareholders’ Equity of the bank has reached QAR 16.4 Billion registering a growth of 6.3% compared to December 2018 and a growth of 8.3% compared to September 2018. Total
Capital adequacy of the Bank under Basel III guidelines is 18.4% as of September 2019, higher than the minimum regulatory requirements prescribed by Qatar Central Bank and Basel
Committee.
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Signature Bank (USA) Reports 2019 Third Quarter Results
• Net Income for the 2019 Third Quarter Was $148.7 Million, or $2.75 Diluted Earnings Per Share, versus $155.4 Million, or $2.84
Diluted Earnings Per Share, Reported in the 2018 Third Quarter
• The Bank Declared a Cash Dividend of $0.56 Per Share, Payable on or After November 15, 2019 to Common Stockholders of Record
at the Close of Business on November 1, 2019
• During the 2019 Third Quarter, the Bank Repurchased 629,503 Shares of Common Stock For a Total of $75.0 Million. Thus Far, the
Bank Has Repurchased $189.7 Million of Common Stock From Its $500 Million Authorization
• Total Deposits in the Third Quarter Grew $1.52 Billion to $39.06 Billion; Total Deposits Have Grown $2.97 Billion, or 8.2 Percent,
Since the End of the 2018 Third Quarter. Average Deposits Increased a Record $1.75 Billion in the 2019 Third Quarter
• In Line with the Bank’s Strategy to Increase Floating Rate Assets and Reduce Its Commercial Real Estate Concentration, the Bank
Decreased Commercial Real Estate Loans by $873.1 Million. Conversely, Commercial & Industrial Loans Grew by $885.4 Million
During the Quarter. Therefore, For the 2019 Third Quarter, Loans Increased $4.9 Million to $37.94 Billion. Since the End of the 2018
Third Quarter, Loans Have Increased 8.0 Percent, or $2.81 Billion.
• Non-Accrual Loans Were $32.5 Million, or 0.09 Percent of Total Loans, at September 30, 2019, Versus $41.3 Million, or 0.11 Percent,
at the End of the 2019 Second Quarter and $134.2 Million, or 0.38 Percent, at the End of the 2018 Third Quarter. Excluding Taxi
Medallion Loans, Non-Accrual Loans Were $22.9 Million, or Six Basis Points of Total Loans
• Net Interest Margin on a Tax-Equivalent Basis was 2.68 Percent, Compared with 2.74 Percent for the 2019 Second Quarter and 2.88
Percent for the 2018 Third Quarter. Core Net Interest Margin on a Tax-Equivalent Basis Excluding Loan Prepayment Penalty Income
Decreased Five Basis Points to 2.66 Percent, Compared with 2.71 Percent for the 2019 Second Quarter. Excess Cash Balances From
Significant Deposit Flows Lead to Four Basis Points of the Core Net Interest Margin Decline
• Tier 1 Leverage, Common Equity Tier 1 Risk-Based, Tier 1 Risk-Based, and Total Risk-Based Capital Ratios were 9.66 Percent, 11.91
Percent, 11.91 Percent, and 13.16 Percent, Respectively, at September 30, 2019. Signature Bank Remains Significantly Above FDIC
“Well Capitalized” Standards. Tangible Common Equity Ratio was 9.51 Percent
“In order to thrive, one must consistently think about transforming. The key element to success is when to act upon said
transformation. Well, we’ve begun the process and energized our colleagues and we’re pleased with the initial outcome. The
results we are seeing include reduced borrowings, an increase in floating rate commercial and industrial loans led by the Fund
Banking Division, a decrease in fixed rate commercial real estate loan concentration and funding with record average deposit
growth,” explained President and Chief Executive Officer.
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Handelsbanken's Interim Report January - September 2019
Summary January - September 2019, compared with January - September 2018
• The Bank is continuing to channel its resources towards core customers and core business, providing a foundation for further potential for growth and improved profitability.
• The Bank is in the process of implementing a number of measures expected to reduce annual expenses by approximately SEK 1.5bn, all other things being equal. The first effects of these measures are anticipated in 2020. A restructuring cost of SEK -900m had a negative
impact on profit in the third quarter.
• Operating profit went down by 4% to SEK 16,101m (16,725). The underlying operating profit decreased by 2%.
• Return on equity went down to 11.9% (13.2), but was 12.6% if the restructuring cost is excluded.
• The period's profit after tax decreased by 6% to SEK 12,544m (13,341).
• Earnings per share decreased to SEK 6.43 (6.86).
• Income grew by 2% to SEK 33,188m (32,687). Adjusted for non-recurring items, income increased by 4%.
• Net interest income increased by 3% to SEK 24,045m (23,414).
• Net fee and commission income increased by 4% to SEK 7,931m (7,636).
• The C/I ratio rose to 48.8% (47.0), but fell to 46.1% if the restructuring cost is excluded.
• The credit loss ratio was 0.05% (0.04).
• The common equity tier 1 ratio decreased to 17.4% (21.7).
Summary of Q3 2019, compared with Q2 2019
• Operating profit fell by 13% to SEK 4,641m (5,350). The underlying operating profit increased by 5%.
• The period's profit after tax decreased by 15% to SEK 3,571m (4,217).
• Earnings per share decreased to SEK 1.82 (2.17).
• Return on equity went down to 10.0% (12.3), but was 12.2% if the restructuring cost is excluded.
• Income fell by 2% to SEK 11,113m (11,284).
• Net interest income was largely unchanged at SEK 8,047m (8,064).
• Net fee and commission income grew by 1% to SEK 2,724m (2,695).
• The C/I ratio rose to 56.5% (48.8), but fell to 48.4% if the restructuring cost is excluded.
• The credit loss ratio was 0.03% (0.07).
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Synovus (USA) Announces Earnings for the Third Quarter 2019
• Diluted EPS of $0.83; adjusted diluted EPS of $0.97, down 2.7% sequentially and
up 2.9% year-over-year.
• Period-end loan growth of $279.3 million, or 3.1% annualized, from prior quarter.
• Non-interest-bearing deposits excluding public funds increased $392.6 million
sequentially or 18.2% annualized.
• Net interest margin of 3.69%, unchanged from the previous quarter. Excluding the
impact of purchase accounting adjustments (PAA), net interest margin was 3.42%,
down 6 basis points from the prior quarter.
• Non-interest income declined by $1.0 million from the second quarter but grew
$1.1 million or 1.2% sequentially on an adjusted basis.
• Credit quality metrics remained solid, with non-performing loan (NPL) ratio
declining 2 basis points and the non-performing asset (NPA) ratio increasing 3 basis
points.
• Repurchased $343.5 million in common stock during the quarter; year-to-date
repurchases total $688.5 million of the $725 million repurchase authorization.
• Completed $350 million Fixed-Rate Reset Non-Cumulative Perpetual Preferred
Stock, Series E offering on July 1.
“Our team continues to execute on our strategic priorities, with core transaction
deposit growth of $525.5 million, strong funded loan production of $2.6 billion,
and solid fee income growth led by our mortgage, wealth, and capital markets
teams,” said Synovus chairman and CEO. “Credit quality remains strong, and we
continue to focus on efficiency and expense management, the crisp execution of
our FCB acquisition, talent and technology, and growth in our core business and
specialty lines.”
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U.S. Bancorp reports third quarter 2019 results
• Record net revenue of $5,920 million, net income of $1,908 million and diluted
earnings per share of $1.15
• Industry leading return on average assets of 1.57% and return on average
common equity of 15.3%
• Return on tangible common equity of 19.4%
• Returned 80% of 3Q earnings to shareholders through dividends and share
buybacks
• Noninterest income grew 5.0% on a linked quarter basis and 8.1% year over
year
• Total net revenue grew 3.9% year-over-year with positive operating leverage of
0.6% on a year-over-year basis
• Average total loans grew 1.1% on a linked quarter basis and 4.0%
year-over-year
U.S. Bancorp Chairman, President and CEO said, “Despite a challenging
interest rate environment, we posted record revenue, net income and earnings
per share in the third quarter, delivered industry leading returns on assets and
equity, and grew our book value by over 10% from a year earlier. During the
quarter we returned 80% of our earnings to shareholders through dividends
and share buybacks. Third quarter loan and deposit growth were solid and
momentum in our core fee businesses was supported by strong sales and
volume growth. Mortgage revenue was particularly robust this quarter,
reflecting both market conditions and the benefits of the investments we have
made in our retail platform over the past several years. As we head into the
final quarter of 2019, we feel good about our opportunity to gain market share
across our franchise and our ability to prudently manage our operating
expenses even as we invest in our digital capabilities and key business
initiatives. I’d like to thank our employees for their hard work and dedication
to delivering value to each of our constituents.”
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US Bank: Elavon acquires Sage Pay, expanding its presence and services
for customers in the UK, Ireland
Elavon, global merchant acquirer and subsidiary of U.S. Bancorp,
has agreed to acquire Sage Pay, a well-known and established
payments gateway business in the United Kingdom and Ireland.
Sage Pay is a division of The Sage Group plc (SGE), a FTSE-listed
market leader in cloud business management solutions.The
acquisition is part of Elavon’s strategy to help its business
customers grow as the global economy becomes more digital, and
as businesses look to streamline their operations with software that
includes payments capabilities. Elavon is currently the
fourth-largest merchant acquirer in Europe with an integrated
international processing platform that allows them to do business in
many countries and currencies. This acquisition extends Elavon’s
market share in the UK and Ireland, particularly for small and
medium-sized enterprises where Sage Pay is a highly-trusted
payments gateway with a loyal customer base.
“We are a customer-focused company that is helping businesses
succeed in a global marketplace that is changing rapidly,” said
President and general manager of Elavon Merchant Services,
Europe. “This acquisition brings tremendous talent and leading
technology to Elavon, which can be leveraged across the
European market.”
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Wells Fargo (USA) Reports Third Quarter 2019 Net Income
• Net income of $4.6 billion, or $0.92 per diluted common share, for third quarter 2019, compared with $6.0 billion, or $1.13 per share,
for third quarter 2018, and $6.2 billion, or $1.30 per share, for second quarter 2019.
• Net interest income in the third quarter was $11.6 billion, down $470 million from second quarter 2019, primarily due to balance sheet
repricing driven by the impact of the lower interest rate environment, as well as higher mortgage-backed securities (MBS) premium
amortization, partially offset by the benefit of one additional day in the quarter and favorable balance sheet growth and mix.
• The net interest margin was 2.66%, down 16 basis points from the prior quarter primarily due to balance sheet repricing driven by the
impact of the lower interest rate environment, as well as higher MBS premium amortization.
• Noninterest income in the third quarter was $10.4 billion, up $896 million from second quarter 2019. Third quarter noninterest income
included higher other income and market sensitive revenue3, partially offset by lower mortgage banking income.
• Trust and investment fees were $3.6 billion, flat compared with second quarter 2019. Higher asset-based fees in retail brokerage
advisory and asset management, reflecting higher market valuations, and higher investment banking income on increased advisory fees,
were offset by lower trust and investment management fees due to the sale of our IRT business on July 1, 2019.
• Mortgage banking income was $466 million, down from $758 million in second quarter 2019. Net mortgage servicing income was a
loss of $142 million, down from a gain of $277 million in the second quarter, driven by the impact of higher prepayment rate estimates
on the valuation of our residential mortgage servicing rights asset. Net gains on mortgage loan originations and sales activities were
$608 million, up from $481 million in the second quarter. Residential held-for-sale mortgage loan originations increased in the third
quarter to $38 billion from $33 billion in the second quarter, primarily due to lower mortgage loan interest rates. The production margin
on residential held-for-sale mortgage loan originations4 increased to 1.21% from 0.98% in the second quarter.
• Market sensitive revenue3 was $1.2 billion, up from $871 million in second quarter 2019, predominantly due to higher net gains from
equity securities, driven by gains from our affiliated venture capital and private equity partnerships, partially offset by a $91 million
decrease in deferred compensation plan investment results in the third quarter (largely offset by lower employee benefits expense).
• Other income was $1.5 billion and included a $1.1 billion gain from the previously announced sale of our IRT business and $302
million of gains from the sales of $510 million of Pick-a-Pay purchased credit-impaired (PCI) and other PCI residential mortgage loans.
Interim Chief Executive Officer said, “We continued to make progress on our top priorities during the third quarter, and we're all
looking forward to Charlie Scharf's joining Wells Fargo on October 21 as the company’s Chief Executive Officer and President.
It’s been an honor for me to serve as the interim Chief Executive Officer over the past six months, and I want to thank both our
management team and all our team members for their hard work during this period of transition. Our continued efforts to
transform Wells Fargo and our unwavering commitment to serve our customers resulted during the third quarter in higher branch
customer experience survey scores, growth in primary consumer checking customers, and increased loan and deposit balances.
We have more work ahead, but I’m confident that our focused efforts and the fundamental strengths of Wells Fargo will continue
to enable us to achieve success.”
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Wells Fargo (USA) Enters its Largest Renewable Energy Purchase
Wells Fargo announced a 10-year structured renewable energy agreement with
Reliant, an NRG Energy company. The new agreement is the bank’s largest contract
to date in support of its corporate strategy to advance the development of new sources
of renewable energy in order to meet its electricity needs. The new agreement will
provide approximately 62,000 megawatt-hours of solar energy annually to
approximately 400 Wells Fargo properties from a new utility-scale solar facility in
Texas. The NRG Renewable Selectsm plan will provide 100% of the bank’s total
annual requirements in the Electric Reliability Council of Texas (ERCOT) region and
3% of the company’s national load. The Texas facility is expected to break ground in
2020 and begin delivering clean energy to the grid in 2021.The NRG agreement is the
first significant transaction under Wells Fargo’s strategy to contract with providers of
renewable energy resources geographically close to its load centers. In this case, by
greening the mix of energy sources flowing into the ERCOT grid, the Wells
Fargo/NRG transaction helps reduce overall carbon emissions and support resiliency
efforts in the region. Wells Fargo is pursuing similar agreements across the U.S. as
part of its long-term energy strategy.
“Wells Fargo is focused on continuing to demonstrate leadership in the transition
to a low carbon economy,” said Head of Wells Fargo’s Corporate Properties
Group. “Transitioning from the purchase of renewable energy certificates to
long-term contracts that fund new sources of renewable energy is a critical piece
of Wells Fargo’s 2020 renewable energy goal. Through structured retail
transactions, like the one we announced today with NRG, we can continue to
minimize our impact on the environment while supporting the communities
where we work and live.”
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