Citi reported revenues of $24.8 billion for the first quarter of 2009, nearly double the prior year period. Net income was $1.6 billion. Results were driven by strong performance in institutional banking, though offset by higher credit costs. Credit costs totaled $10.3 billion, up 76% due to increased net credit losses and loan loss reserves. The CEO commented that clients remained engaged with Citi and that the company would continue reducing legacy risks and improving efficiency.
JPMorgan Chase Second Quarter 2008 Financial Results Conference Callfinance2
JPMorgan Chase reported net income of $2.0 billion for Q2 2008, down 55% from the prior year. Earnings per share were $0.54. While several businesses saw growth, losses increased significantly in the mortgage and credit card portfolios, and markdowns were taken on leveraged loans and mortgage-related positions. The firm also completed its acquisition of Bear Stearns during the quarter.
JPMorgan Chase First Quarter 2008 Financial Results Conference Call finance2
JPMorgan Chase reported net income of $2.4 billion for the first quarter of 2008, down 49% from $4.8 billion in the first quarter of 2007. Earnings per share were $0.68, down from $1.34 the previous year. The Investment Bank saw declines in revenue and increases in credit losses. Retail Financial Services increased revenue but also significantly increased its provision for credit losses due to deterioration in home equity and subprime portfolios. JPMorgan Chase maintained a strong capital position despite challenges in the market and credit environment.
Retail Financial Services reported net income of $1.0 billion compared to $15 million in the prior year. Mortgage Banking and Other Consumer Lending net income was $364 million, up 55% year-over-year. The Investment Bank reported net income of $1.4 billion on revenue of $6.3 billion with a return on equity of 14%. Card Services reported net income of $343 million compared to a net loss of $672 million in the prior year, with credit costs down year-over-year.
capital one Printer Friendly Version of the Press Releasefinance13
Capital One reported a net loss for 2008 due to a large goodwill impairment in its Auto Finance business. It added $1 billion to loan loss reserves due to expectations of increasing losses. Credit performance deteriorated in the fourth quarter as the recession deepened. Deposits grew over 30% from the previous year and 10% in the last quarter.
Fulton Financial Corporation reported a 80.6% decrease in net income for Q1 2009 compared to Q1 2008, mainly due to a $38.8 million increase in loan loss provisions and $5 million in preferred stock dividends. Total assets increased 2.7% to $16.5 billion while loans increased 5.4% and deposits grew 13.6%. However, net interest margin declined to 3.45% from 3.58% in Q1 2008 due to higher deposit costs and lower asset yields. Non-performing assets rose to 1.63% of assets from 0.90% in Q1 2008 as the economic downturn negatively impacted loan quality.
JPMORGAN CHASE REPORTS THIRD-QUARTER 2013 NET LOSS OF $0.4 BILLION, OR $(0.17) PER SHARE, ON REVENUE1 OF $23.9 BILLION
THIRD-QUARTER 2013 NET INCOME OF $5.8 BILLION, OR $1.42 PER SHARE, EXCLUDING LITIGATION EXPENSE AND RESERVE RELEASES1
JPMorgan Chase reported first quarter 2010 net income of $3.3 billion, up from $2.1 billion in the first quarter of 2009. The Investment Bank generated strong results driven by fixed income markets revenue. Retail Financial Services reported a net loss due to high credit costs, though Retail Banking saw higher profits. While credit costs remained elevated, the firm saw signs of stabilization and improvement in some consumer credit portfolios.
Morgan Stanley reported a 17% decline in third quarter net income to $611 million. Revenues decreased across most business segments due to difficult market conditions. The annualized return on equity was 11.4%. While markets remained challenging, the company maintained its focus on serving clients and preserving its franchise for future growth.
JPMorgan Chase Second Quarter 2008 Financial Results Conference Callfinance2
JPMorgan Chase reported net income of $2.0 billion for Q2 2008, down 55% from the prior year. Earnings per share were $0.54. While several businesses saw growth, losses increased significantly in the mortgage and credit card portfolios, and markdowns were taken on leveraged loans and mortgage-related positions. The firm also completed its acquisition of Bear Stearns during the quarter.
JPMorgan Chase First Quarter 2008 Financial Results Conference Call finance2
JPMorgan Chase reported net income of $2.4 billion for the first quarter of 2008, down 49% from $4.8 billion in the first quarter of 2007. Earnings per share were $0.68, down from $1.34 the previous year. The Investment Bank saw declines in revenue and increases in credit losses. Retail Financial Services increased revenue but also significantly increased its provision for credit losses due to deterioration in home equity and subprime portfolios. JPMorgan Chase maintained a strong capital position despite challenges in the market and credit environment.
Retail Financial Services reported net income of $1.0 billion compared to $15 million in the prior year. Mortgage Banking and Other Consumer Lending net income was $364 million, up 55% year-over-year. The Investment Bank reported net income of $1.4 billion on revenue of $6.3 billion with a return on equity of 14%. Card Services reported net income of $343 million compared to a net loss of $672 million in the prior year, with credit costs down year-over-year.
capital one Printer Friendly Version of the Press Releasefinance13
Capital One reported a net loss for 2008 due to a large goodwill impairment in its Auto Finance business. It added $1 billion to loan loss reserves due to expectations of increasing losses. Credit performance deteriorated in the fourth quarter as the recession deepened. Deposits grew over 30% from the previous year and 10% in the last quarter.
Fulton Financial Corporation reported a 80.6% decrease in net income for Q1 2009 compared to Q1 2008, mainly due to a $38.8 million increase in loan loss provisions and $5 million in preferred stock dividends. Total assets increased 2.7% to $16.5 billion while loans increased 5.4% and deposits grew 13.6%. However, net interest margin declined to 3.45% from 3.58% in Q1 2008 due to higher deposit costs and lower asset yields. Non-performing assets rose to 1.63% of assets from 0.90% in Q1 2008 as the economic downturn negatively impacted loan quality.
JPMORGAN CHASE REPORTS THIRD-QUARTER 2013 NET LOSS OF $0.4 BILLION, OR $(0.17) PER SHARE, ON REVENUE1 OF $23.9 BILLION
THIRD-QUARTER 2013 NET INCOME OF $5.8 BILLION, OR $1.42 PER SHARE, EXCLUDING LITIGATION EXPENSE AND RESERVE RELEASES1
JPMorgan Chase reported first quarter 2010 net income of $3.3 billion, up from $2.1 billion in the first quarter of 2009. The Investment Bank generated strong results driven by fixed income markets revenue. Retail Financial Services reported a net loss due to high credit costs, though Retail Banking saw higher profits. While credit costs remained elevated, the firm saw signs of stabilization and improvement in some consumer credit portfolios.
Morgan Stanley reported a 17% decline in third quarter net income to $611 million. Revenues decreased across most business segments due to difficult market conditions. The annualized return on equity was 11.4%. While markets remained challenging, the company maintained its focus on serving clients and preserving its franchise for future growth.
Morgan Stanley reported second quarter net income of $599 million, including a $287 million pre-tax impairment charge related to its aircraft financing business. Net revenues were $5 billion, up 2% from the prior year's second quarter but down 8% from the first quarter of 2003. Fixed income sales contributed strongly to earnings while challenging market conditions negatively impacted advisory and equity revenues. For the first half of 2003, net income was $1.5 billion with net revenues of $10.5 billion, up 3% from the prior year.
Citigroup reported a 60% decline in third quarter net income to $2.21 billion compared to the prior year. Revenues increased 5% to $22.4 billion driven by 29% growth in international revenues, however this was more than offset by a $2.98 billion increase in credit costs. The revenue growth was primarily due to strong international consumer and wealth management results, while fixed income revenues declined significantly due to losses related to dislocations in the mortgage-backed securities and credit markets. Higher credit costs were the primary driver of the net income decline.
Merrill Lynch reported a net loss of $1.97 billion for Q1 2008 compared to net earnings of $2.03 billion in Q1 2007. Revenues fell 69% to $2.9 billion due to write-downs related to US ABS CDOs and credit valuation adjustments on hedges with financial guarantors. However, Global Wealth Management saw record quarterly revenues with strong fee income and $9 billion in annuity inflows. While investment banking revenues fell 40% due to lower deal volumes, the business pipeline was only down 5% overall from year-end levels.
The document provides an overview of an investment bank's performance in 2011. It discusses near record financial results including revenue of $26.3 billion and earnings of $6.8 billion. It highlights the bank's leadership positions in various markets including #1 in global investment banking fees for the third consecutive year. The document also outlines strategic initiatives for 2011 including expanding the international footprint and completing an acquisition. It discusses positioning for regulatory changes and maintaining expense discipline to enable continued investment.
The Corporate & Investment Bank (CIB) at J.P. Morgan Chase is well positioned to maintain its leadership in wholesale banking due to its strong client franchise, economies of scale, fortress balance sheet, and stable earnings from its markets business. The CIB has over 7,600 clients globally, with 61% located internationally, and generates 48% of its revenue from outside the US. It holds leading market positions across banking and markets businesses. The CIB's scale allows it to invest for ongoing leadership while maintaining efficient overhead ratios. Its balance sheet is supported by stable wholesale deposits and capital markets secured financing.
JPMorgan Chase reported second quarter 2010 net income of $4.8 billion, up significantly from $2.7 billion in the second quarter of 2009. Revenue was $25.6 billion. While most businesses performed solidly with reduced credit costs, returns in consumer lending remained unacceptable. The bank maintained strong capital and liquidity positions. Looking ahead, Dimon noted regulatory reforms could impact clients and businesses, and implementation will require careful coordination.
Merrill Lynch reported a net loss of $4.6 billion for Q2 2008 compared to net earnings of $2 billion in Q2 2007. Key drivers of the loss included $3.5 billion in losses from US super senior ABS CDOs and $2.9 billion in credit valuation adjustments from hedges with financial guarantors. Merrill Lynch completed the sale of its stake in Bloomberg for $4.4 billion and announced an expected sale of Financial Data Services for over $3.5 billion to bolster its capital position. Core businesses performed well but revenue declined to negative $2.1 billion from $9.5 billion last year due to losses in fixed income currencies and commodities.
- Davivienda is a Colombian financial services company with over $39 billion in assets and over 17.5 million customers across 6 countries in Latin America.
- The presentation provides an overview of Davivienda's financial performance in 2020, including 9.5% year-over-year growth in gross loans to $31.1 billion and 15.4% growth in deposits to $25.4 billion.
- Davivienda has a diversified portfolio across commercial, consumer, and mortgage loans both in Colombia and internationally, and maintains stable funding sources including deposits, international bonds, and securitizations.
JPMorgan Chase reported second quarter 2013 net income of $6.5 billion, down from $5 billion in the second quarter of 2012. Revenue was $26 billion, up from $22.9 billion the prior year. Return on tangible common equity was 17%, up from 15% in 2012. Consumer & Community Banking saw deposit growth of 10% and record credit card sales volume of $105.2 billion, though net income fell to $3.1 billion due to lower revenue and higher expenses. Mortgage originations increased 12% to $49 billion while net income fell to $1.1 billion on lower revenue.
- JPMorgan Chase reported net income of $9.1 billion for Q3 2019, up 8% from the prior year. Revenue was $30.1 billion, up 8%, driven by growth in consumer and investment banking.
- Consumer & Community Banking revenue was $14.3 billion, up 7%, helped by higher deposits and auto/credit card volumes, though home lending revenue fell due to loan sales.
- Corporate & Investment Bank revenue was $9.3 billion, up 6%, with record investment banking fees and strong fixed income markets, though equity markets fell.
JPMorgan Chase reported third quarter 2011 net income of $4.3 billion, down slightly from $4.4 billion in third quarter 2010. Revenue decreased due to challenging market conditions impacting the Investment Bank. The firm maintained its #1 ranking for Global Investment Banking Fees year-to-date. Consumer & Business Banking reported higher revenues and deposits compared to a year ago. Credit quality improved with lower credit card and wholesale credit losses, while mortgage losses remained elevated. The firm repurchased $4.4 billion in stock and estimated its Basel III Tier 1 ratio was 7.7% at the end of the third quarter.
JPMorgan Chase reported third quarter 2009 net income of $3.6 billion, an improvement from $527 million in the third quarter of 2008. Revenue was $28.8 billion, a record level for the year to date. Credit costs remained high at $2 billion added to consumer credit reserves, bringing the total to $31.5 billion. The firm's capital levels were strengthened with Tier 1 Common Capital reaching $101 billion, or 8.2% of the total. While signs of stability were seen in consumer credit, continued uncertainty remains around the economy. JPMorgan Chase aims to continue investing in its businesses through the challenging environment.
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.
Citigroup announced a reorganization of its Global Consumer Group, restructuring its North American Cards, Consumer Finance, and Retail Banking divisions. Mexico consumer results were moved from North America to International. The attached quarterly financial supplement presents results under the new organizational structure, including: U.S. Cards, Retail Distribution, Consumer Lending, and Commercial Business, as well as International Cards, Consumer Finance, and Retail Banking. A diagram maps the previous and new disclosure structures for the Global Consumer Group.
5
J.P. Morgan Chase & Co. reported second quarter 2009 net income of $2.7 billion, up 36% from the prior year. Revenue was a record $27.7 billion. The Investment Bank reported record revenue for the first half of 2009, including record fees and fixed income markets revenue. Retail Financial Services saw higher revenue due to the Washington Mutual acquisition, but a higher provision for credit losses led to a net loss. JPMorgan maintained a strong capital position with Tier 1 capital of $122.2 billion after repaying $25 billion in TARP funds.
El documento describe la experiencia del autor en un taller de capacitación para maestros sobre el uso de herramientas TIC en la enseñanza. Asistió a varias sesiones del taller que se llevaron a cabo los martes de 2 a 6:30 pm en la Universidad del Valle durante los meses de agosto y septiembre. En el taller, aprendió sobre nuevas herramientas digitales como tabletas y planeó un proyecto educativo llamado "¿Cuál es tu cuento?" que usaría fotografía para enseñar sobre la relación entre el hombre
Purposeful reflection and worship acf salt factory 10 27 10pyplett
God is a creative God who is worthy of praise. A document describes a purposeful reflection and worship activity with multiple stations for contemplating God's wonderful creations like water droplets, beautiful colors in nature, intricate details that can be missed, the complexity of humans, and bringing laughter and joy. It encourages appreciating the beauty and complexity in God's creations like the sun, walking, music and more. The goal is to use this time to reflect on God's wonders and praise Him.
The document summarizes the results of a 2015 survey on proctoring and learner authentication. It finds that the most common proctoring modality is the approved human proctor. The highest psychological deterrent to cheating according to both faculty and students is instructor proctoring. 38% of faculty see issues with proctoring as a major threat to the quality of eLearning.
Informe "Atenció a la salut mental infantil i adolescent a Catalunya"Fundació Pere Tarrés
L’informe “Atenció a la salut mental infantil i adolescent a Catalunya” de la Fundació Pere Tarrés i la Federació Salut Mental Catalunya exposa les febleses i necessitats del sistema i planteja 7 reptes i propostes concretes per garantir una millor atenció integral als infants i adolescents.
Knobbe Martens Attorney Tom Cowan presented "Introduction to IP: Basics of Patents, Trademarks, & Trade Secrets" at a seminar series in our San Diego office.
- Royal Gold reported record quarterly revenue of $74.1 million, up 7% from the previous year, driven by a record 65,868 gold equivalent ounces sold.
- The quarter included a $56 million expense from terminating the Andacollo royalty interest. Excluding this, earnings per share would have been $0.17.
- Production is expected to grow over the near term from new streams at Andacollo, Golden Star, and Pueblo Viejo, as well as continued ramp up at Mount Milligan.
Morgan Stanley reported second quarter net income of $599 million, including a $287 million pre-tax impairment charge related to its aircraft financing business. Net revenues were $5 billion, up 2% from the prior year's second quarter but down 8% from the first quarter of 2003. Fixed income sales contributed strongly to earnings while challenging market conditions negatively impacted advisory and equity revenues. For the first half of 2003, net income was $1.5 billion with net revenues of $10.5 billion, up 3% from the prior year.
Citigroup reported a 60% decline in third quarter net income to $2.21 billion compared to the prior year. Revenues increased 5% to $22.4 billion driven by 29% growth in international revenues, however this was more than offset by a $2.98 billion increase in credit costs. The revenue growth was primarily due to strong international consumer and wealth management results, while fixed income revenues declined significantly due to losses related to dislocations in the mortgage-backed securities and credit markets. Higher credit costs were the primary driver of the net income decline.
Merrill Lynch reported a net loss of $1.97 billion for Q1 2008 compared to net earnings of $2.03 billion in Q1 2007. Revenues fell 69% to $2.9 billion due to write-downs related to US ABS CDOs and credit valuation adjustments on hedges with financial guarantors. However, Global Wealth Management saw record quarterly revenues with strong fee income and $9 billion in annuity inflows. While investment banking revenues fell 40% due to lower deal volumes, the business pipeline was only down 5% overall from year-end levels.
The document provides an overview of an investment bank's performance in 2011. It discusses near record financial results including revenue of $26.3 billion and earnings of $6.8 billion. It highlights the bank's leadership positions in various markets including #1 in global investment banking fees for the third consecutive year. The document also outlines strategic initiatives for 2011 including expanding the international footprint and completing an acquisition. It discusses positioning for regulatory changes and maintaining expense discipline to enable continued investment.
The Corporate & Investment Bank (CIB) at J.P. Morgan Chase is well positioned to maintain its leadership in wholesale banking due to its strong client franchise, economies of scale, fortress balance sheet, and stable earnings from its markets business. The CIB has over 7,600 clients globally, with 61% located internationally, and generates 48% of its revenue from outside the US. It holds leading market positions across banking and markets businesses. The CIB's scale allows it to invest for ongoing leadership while maintaining efficient overhead ratios. Its balance sheet is supported by stable wholesale deposits and capital markets secured financing.
JPMorgan Chase reported second quarter 2010 net income of $4.8 billion, up significantly from $2.7 billion in the second quarter of 2009. Revenue was $25.6 billion. While most businesses performed solidly with reduced credit costs, returns in consumer lending remained unacceptable. The bank maintained strong capital and liquidity positions. Looking ahead, Dimon noted regulatory reforms could impact clients and businesses, and implementation will require careful coordination.
Merrill Lynch reported a net loss of $4.6 billion for Q2 2008 compared to net earnings of $2 billion in Q2 2007. Key drivers of the loss included $3.5 billion in losses from US super senior ABS CDOs and $2.9 billion in credit valuation adjustments from hedges with financial guarantors. Merrill Lynch completed the sale of its stake in Bloomberg for $4.4 billion and announced an expected sale of Financial Data Services for over $3.5 billion to bolster its capital position. Core businesses performed well but revenue declined to negative $2.1 billion from $9.5 billion last year due to losses in fixed income currencies and commodities.
- Davivienda is a Colombian financial services company with over $39 billion in assets and over 17.5 million customers across 6 countries in Latin America.
- The presentation provides an overview of Davivienda's financial performance in 2020, including 9.5% year-over-year growth in gross loans to $31.1 billion and 15.4% growth in deposits to $25.4 billion.
- Davivienda has a diversified portfolio across commercial, consumer, and mortgage loans both in Colombia and internationally, and maintains stable funding sources including deposits, international bonds, and securitizations.
JPMorgan Chase reported second quarter 2013 net income of $6.5 billion, down from $5 billion in the second quarter of 2012. Revenue was $26 billion, up from $22.9 billion the prior year. Return on tangible common equity was 17%, up from 15% in 2012. Consumer & Community Banking saw deposit growth of 10% and record credit card sales volume of $105.2 billion, though net income fell to $3.1 billion due to lower revenue and higher expenses. Mortgage originations increased 12% to $49 billion while net income fell to $1.1 billion on lower revenue.
- JPMorgan Chase reported net income of $9.1 billion for Q3 2019, up 8% from the prior year. Revenue was $30.1 billion, up 8%, driven by growth in consumer and investment banking.
- Consumer & Community Banking revenue was $14.3 billion, up 7%, helped by higher deposits and auto/credit card volumes, though home lending revenue fell due to loan sales.
- Corporate & Investment Bank revenue was $9.3 billion, up 6%, with record investment banking fees and strong fixed income markets, though equity markets fell.
JPMorgan Chase reported third quarter 2011 net income of $4.3 billion, down slightly from $4.4 billion in third quarter 2010. Revenue decreased due to challenging market conditions impacting the Investment Bank. The firm maintained its #1 ranking for Global Investment Banking Fees year-to-date. Consumer & Business Banking reported higher revenues and deposits compared to a year ago. Credit quality improved with lower credit card and wholesale credit losses, while mortgage losses remained elevated. The firm repurchased $4.4 billion in stock and estimated its Basel III Tier 1 ratio was 7.7% at the end of the third quarter.
JPMorgan Chase reported third quarter 2009 net income of $3.6 billion, an improvement from $527 million in the third quarter of 2008. Revenue was $28.8 billion, a record level for the year to date. Credit costs remained high at $2 billion added to consumer credit reserves, bringing the total to $31.5 billion. The firm's capital levels were strengthened with Tier 1 Common Capital reaching $101 billion, or 8.2% of the total. While signs of stability were seen in consumer credit, continued uncertainty remains around the economy. JPMorgan Chase aims to continue investing in its businesses through the challenging environment.
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.
Citigroup announced a reorganization of its Global Consumer Group, restructuring its North American Cards, Consumer Finance, and Retail Banking divisions. Mexico consumer results were moved from North America to International. The attached quarterly financial supplement presents results under the new organizational structure, including: U.S. Cards, Retail Distribution, Consumer Lending, and Commercial Business, as well as International Cards, Consumer Finance, and Retail Banking. A diagram maps the previous and new disclosure structures for the Global Consumer Group.
5
J.P. Morgan Chase & Co. reported second quarter 2009 net income of $2.7 billion, up 36% from the prior year. Revenue was a record $27.7 billion. The Investment Bank reported record revenue for the first half of 2009, including record fees and fixed income markets revenue. Retail Financial Services saw higher revenue due to the Washington Mutual acquisition, but a higher provision for credit losses led to a net loss. JPMorgan maintained a strong capital position with Tier 1 capital of $122.2 billion after repaying $25 billion in TARP funds.
El documento describe la experiencia del autor en un taller de capacitación para maestros sobre el uso de herramientas TIC en la enseñanza. Asistió a varias sesiones del taller que se llevaron a cabo los martes de 2 a 6:30 pm en la Universidad del Valle durante los meses de agosto y septiembre. En el taller, aprendió sobre nuevas herramientas digitales como tabletas y planeó un proyecto educativo llamado "¿Cuál es tu cuento?" que usaría fotografía para enseñar sobre la relación entre el hombre
Purposeful reflection and worship acf salt factory 10 27 10pyplett
God is a creative God who is worthy of praise. A document describes a purposeful reflection and worship activity with multiple stations for contemplating God's wonderful creations like water droplets, beautiful colors in nature, intricate details that can be missed, the complexity of humans, and bringing laughter and joy. It encourages appreciating the beauty and complexity in God's creations like the sun, walking, music and more. The goal is to use this time to reflect on God's wonders and praise Him.
The document summarizes the results of a 2015 survey on proctoring and learner authentication. It finds that the most common proctoring modality is the approved human proctor. The highest psychological deterrent to cheating according to both faculty and students is instructor proctoring. 38% of faculty see issues with proctoring as a major threat to the quality of eLearning.
Informe "Atenció a la salut mental infantil i adolescent a Catalunya"Fundació Pere Tarrés
L’informe “Atenció a la salut mental infantil i adolescent a Catalunya” de la Fundació Pere Tarrés i la Federació Salut Mental Catalunya exposa les febleses i necessitats del sistema i planteja 7 reptes i propostes concretes per garantir una millor atenció integral als infants i adolescents.
Knobbe Martens Attorney Tom Cowan presented "Introduction to IP: Basics of Patents, Trademarks, & Trade Secrets" at a seminar series in our San Diego office.
- Royal Gold reported record quarterly revenue of $74.1 million, up 7% from the previous year, driven by a record 65,868 gold equivalent ounces sold.
- The quarter included a $56 million expense from terminating the Andacollo royalty interest. Excluding this, earnings per share would have been $0.17.
- Production is expected to grow over the near term from new streams at Andacollo, Golden Star, and Pueblo Viejo, as well as continued ramp up at Mount Milligan.
Brazilian supermodel Gisele Bundchen is featured in the document. Multiple photos from news agencies such as Reuters, AFP, and Getty are included showing the famous model. The document appears to be a collection of photos of Gisele Bundchen from various photo sources.
The first emoji may have been created unintentionally in 1862 when a sideways wink was printed in Abraham Lincoln's speech notes. Shigetaka Kurita created the first intentional set of 176 emojis in 1999 for Japanese mobile phones to help users communicate through images. In 2011, Apple looked to expand in Japan and added emojis to iOS after seeing how popular they were being used to provide context. One emoji, the poop icon, became particularly popular. For an emoji to be officially recognized, it must go through a approval process with the Unicode Consortium that can take 1-2 years. A proposal must prove there is a need or gap that existing emojis cannot fulfill. The document challenges the reader to design an original emoji
This document provides an overview of quantum computing, including its history, basic concepts, applications, advantages, difficulties, and future directions. It discusses how quantum computing originated in the 1980s with the goal of building a computer that is millions of times faster than classical computers and theoretically uses no energy. The basic concepts covered include quantum mechanics, superpositioning, qubits, quantum gates, and how quantum computers could perform calculations that are intractable on classical computers, such as factoring large numbers. The document also outlines some of the challenges facing quantum computing as well as potential future advances in the field.
My books- Learning to Go https://gumroad.com/l/learn2go & The 30 Goals Challenge for Teachers http://routledge.com/books/details/9780415735346/
Resources at http://30goals.com
Dr. John Medina is an evolutionary biologist. He knows how the brain works. This is what led him to encourage others to destroy their current PowerPoint presentations and start over.
Inspired by his recent book, Brain Rules, BrainSlides.com helps people design effective slide presentations or redesign their existing ones. Created especially for teachers and students, BrainSlides encourage research-based teaching and design practices to improve classroom experiences.
Free information is available on the blog. You can inquire about design or consulting services via the contact form.
Visit brainslides.com for more info.
Video created in Apple Keynote using images available from brainrules.net/news
This document provides tips and best practices for creating effective presentations using visuals such as shapes, colors, images, and fonts. It recommends starting with a bold cover slide to grab attention, using visuals to highlight key points and sustain audience interest, and ending with a clear call to action. The overall message is that presentations should be visually appealing and easy to understand in order to effectively engage the audience.
Somfy implemented a new Salesforce CRM platform to improve the customer experience and harmonize business processes across its 60 countries and 114 subsidiaries. The project was successful due to its agile implementation approach, with early user involvement, flexible scoping, and joint program management between Somfy and Capgemini. The first version went live on time and within budget, and rollouts to other countries have now launched.
JPMorgan Chase reported third quarter 2008 net income of $527 million, down significantly from the previous year due to losses from mortgage and leveraged lending positions. The company acquired Washington Mutual's banking operations during the quarter, adding over 2,200 branches. While losses reduced earnings, JPMorgan Chase maintained a strong capital position and welcomed Washington Mutual employees as part of continuing to serve clients.
Citigroup reported strong financial results for the second quarter of 2003, with net income of $4.30 billion, up 12% from the previous year. Income per share was $0.83, rising 14% over 2002. Several business lines saw significant income growth, including Retail Banking income up 63% and the Private Bank's sixth consecutive record quarter. However, some international operations struggled, with income down 24% in Japan. Overall, Citigroup achieved record revenues of $19.4 billion for the quarter, up 8% from the prior year, demonstrating continued strong performance.
Citigroup reported record income from continuing operations of $4.10 billion for Q1 2003, an 18% increase over Q1 2002. Global Consumer income increased 26% to $2.15 billion due to strong growth in cards, retail banking, and Asia consumer businesses. The Global Corporate and Investment Bank rebounded with a 22% income increase to $1.43 billion, driven by improved results in capital markets and transaction services. Overall, most Citigroup businesses produced double-digit income growth, demonstrating the strength of the company's diversified business model.
JPMorgan Chase reported net income of $2.4 billion for the first quarter of 2008, down 49% from the first quarter of 2007. Earnings per share were $0.68 compared to $1.34 in the prior year. The Investment Bank saw significant declines in revenue and increased credit losses. Retail Financial Services also reported an increased provision for credit losses related to deteriorating home equity and subprime mortgage portfolios. However, the firm maintained a strong capital position with a Tier 1 capital ratio of 8.3%. JPMorgan also announced the planned acquisition of Bear Stearns during the quarter to enhance client services.
Citigroup reported a 23% increase in third quarter net income to $3.92 billion. Core income, which excludes certain one-time items, rose 17% to $3.79 billion. Revenues increased 10% for the quarter. Global Consumer business core income rose 13% to a record $2.22 billion, driven by strong growth in cards and retail banking. Global Corporate and Investment Bank core income fell 7% to $1.20 billion due to higher credit losses, despite expense reductions.
Citigroup reported a 23% increase in third quarter net income to $3.92 billion compared to the prior year. Core income, which excludes certain one-time items, rose 17% to $3.79 billion. Earnings per share increased 25% and 19% respectively. Revenues increased 10% for the quarter driven by strong performance across business segments, though credit costs remained high. For the first nine months of the year, net income rose 25% while core income increased 14% on 10% higher revenues.
5
J.P. Morgan Chase & Co. reported second quarter 2009 net income of $2.7 billion, up 36% from the prior year. Revenue was a record $27.7 billion. The Investment Bank reported record revenue for the first half of 2009, including record fees and fixed income markets revenue. Retail Financial Services earnings were reduced by high credit costs, though revenue increased 56% due to the Washington Mutual acquisition. JPMorgan maintained a strong capital position with Tier 1 capital of $122.2 billion.
JPMorgan Chase reported third quarter 2009 net income of $3.6 billion, an increase from $527 million in third quarter 2008. Revenue was $28.8 billion, a record year-to-date. Credit costs remained high at $31.5 billion and the firm added $2 billion to consumer credit reserves. The firm's capital levels were strengthened with Tier 1 Common at $101 billion and ratios of 8.2% and 10.2% respectively. While signs of credit stability emerged, continued uncertainty led to higher reserves. The firm's strong capital position will enable continued investment despite this uncertainty.
JPMorgan Chase reported first quarter 2009 net income of $2.1 billion, down from $2.4 billion in the first quarter of 2008. Revenue was a record $26.9 billion driven by strong performance in the Investment Bank. The Investment Bank generated record revenue and net income due to #1 rankings in debt and equity underwriting. Retail Financial Services income was $474 million, improved from a loss the prior year, due to the Washington Mutual acquisition partially offset by higher credit costs. Credit costs increased across portfolios as housing prices declined and delinquencies rose. The company remains well capitalized with a Tier 1 capital ratio of 11.3% and loan loss reserves of $28 billion to withstand
JPMorgan Chase reported first quarter 2009 net income of $2.1 billion, down from $2.4 billion in the first quarter of 2008. While credit costs were high at $10 billion, record firmwide revenue was generated. The Investment Bank achieved record revenue and net income through strong performance in debt and equity markets. Retail Banking saw growth in deposits and checking accounts due to the Washington Mutual integration. The balance sheet remained strong with a Tier 1 capital ratio of 11.3% and loan loss reserves of $28 billion. JPMorgan Chase continued lending activities and foreclosure prevention efforts during the quarter.
JPMorgan Chase reported first quarter 2009 net income of $2.1 billion, down from $2.4 billion in the first quarter of 2008. Revenue was a record $26.9 billion driven by strong performance in the Investment Bank. The Investment Bank generated record revenue and net income due to #1 rankings in debt and equity underwriting. Retail Financial Services income was $474 million, improved from a loss the prior year, due to the Washington Mutual acquisition partially offset by higher credit costs. Credit costs increased across portfolios as housing prices declined and delinquencies rose. The company remains well capitalized with a Tier 1 capital ratio of 11.3% and loan loss reserves of $28 billion to withstand
Citigroup reported third quarter core income of $3.26 billion, down 7% from the prior year due to $700 million in losses from the September 11th attacks. Revenue grew 5% to $20.29 billion while expenses declined 2%. The diversification of Citigroup's businesses allowed growth in many areas, including a 45% increase in CitiFinancial income and a 25% rise in Citibanking income, despite challenges in the market environment from the attacks. Sanford Weill, CEO, expressed confidence that Citigroup would deliver 15% earnings growth in the fourth quarter assuming a stable market.
Citigroup reported a 13% increase in core income to $3.79 billion for Q2 2001 compared to Q2 2000. Revenue grew 8% to $20.3 billion led by 12% growth in the Global Consumer segment. Core EPS grew 14% to $0.74 per share. Several business segments saw strong growth including 40% growth for CitiFinancial, 17% for North America Cards, and 18% for the Private Bank. Despite difficult market conditions, Corporate Finance delivered 12% earnings growth through increased market share.
Citigroup reported record net income of $15.28 billion for 2002, an 8% increase over 2001. Net income per share also rose 8% to $2.94. Core income for the year was a record $13.65 billion, or $2.63 per share. However, fourth quarter net income declined 37% to $2.43 billion due to a $1.55 billion legal settlement charge. Core income fell 32% to $2.44 billion. Revenue grew 7% for the full year to $75.76 billion but was flat in the fourth quarter at $18.93 billion.
Morgan Stanley reported financial results for the third quarter of 2008. Net revenues were $8.0 billion, a 1% increase from the third quarter of 2007. Earnings per share were $1.32. Business lines like commodities, foreign exchange and equity trading performed strongly, with record results in prime brokerage. However, mortgage trading incurred losses of $640 million. Overall, the company saw solid performance despite challenging market conditions.
Citigroup reported core income of $3.66 billion for Q1 2001, a 7% decrease from Q1 2000. Excluding investment activities, core income rose 7% year-over-year. Global Consumer saw core income increase 18% to $1.78 billion driven by growth in US banking and lending. Global Corporate core income declined 7% to $1.75 billion due to weaker investment markets, though revenues grew 11%. Overall, Citigroup achieved solid results despite challenging markets due to the strength and diversity of its businesses.
JPMorgan Chase reported first quarter 2010 net income of $3.3 billion, up from $2.1 billion in the first quarter of 2009. The Investment Bank generated strong results driven by fixed income markets revenue. Retail Financial Services reported a net loss due to high credit costs, though Retail Banking saw higher profits. While credit costs remained elevated, the firm saw signs of stabilization and improvement in some consumer credit portfolios.
Morgan Stanley reported second quarter results, with net revenues of $6.5 billion, down 38% from the previous year. Earnings per share were $0.95. The annualized return on equity was 12%. Business highlights included solid results in wealth management and equity derivatives, but fixed income revenues declined significantly. Total client assets grew to $739 billion and the firm strengthened its capital and liquidity positions during the quarter.
Citigroup reported first quarter 2022 core income of $3.86 billion, up 5% from the first quarter of 2021. However, core income included an $816 million pre-tax charge related to economic conditions in Argentina. Revenue for the quarter increased 5% to $22 billion. Net income, including a $1.06 billion gain from the Travelers IPO, was $4.84 billion, up 37% from the prior year. The CEO commented that core businesses delivered strong results despite difficult economic conditions and charges related to Argentina. Key highlights included strong performance in global consumer businesses and the investment bank.
Similar to Q1 2009 Earning Report of Citigroup (20)
Daimler reported its Q3 2009 results, with the automotive market continuing to experience a slump. Key points include:
- Group sales were €19.3 billion in Q3, with an EBIT of €0.5 billion excluding special items.
- Mercedes-Benz Cars achieved a positive EBIT of €355 million in Q3 due to the availability of new models and cost measures.
- Daimler Trucks reported an EBIT loss of €127 million in Q3 due to weak demand and charges from repositioning.
- Daimler aims to further improve earnings in Q4 through new models and ongoing efficiency programs.
A. Schulman reported fiscal fourth-quarter and full-year 2009 results, with strong margins and excellent liquidity. For the quarter, gross margins reached 16.3% compared to 12.1% last year. North America approached break-even despite lower volumes. Cash on hand exceeded $228 million with over $300 million available in credit lines. For the full year, net sales were $1.28 billion, down 35.5% from last year. Gross margins increased to 13.3% from 11.8% last year, and income from continuing operations was $11.2 million.
BB&T Corporation presented its fourth quarter 2009 investor presentation. The presentation highlighted BB&T's strategic acquisition of Colonial Bank, which enhanced its franchise in key Southeastern markets. The Colonial transaction was deemed financially attractive and expected to be accretive to earnings, exceeding BB&T's merger criteria. BB&T has a proven track record of successfully integrating acquisitions and anticipated achieving annual cost savings of $170 million from the Colonial deal.
Brown & Brown Inc. reported a 1% increase in net income for the third quarter of 2009 compared to the same period in 2008. Total revenue decreased 1% for the quarter. Net income for the first nine months of 2009 was up slightly compared to the same period last year, while total revenue increased slightly. The company stated that results reflected a challenging operating environment with declines in insurable exposure units and soft market rates.
Boston Scientific reported financial results for the third quarter of 2009. Net sales increased 3% to $2.025 billion and adjusted EPS was $0.19. Reported GAAP EPS was $0.13. The company maintained its leadership in the worldwide DES market with a 41% share. Worldwide CRM product sales increased 8% and Endosurgery sales increased 8%. Guidance for Q4 2009 estimates net sales of $2.025-$2.125 billion and adjusted EPS of $0.17-$0.21. Full year 2009 guidance estimates net sales of $8.134-$8.234 billion and adjusted EPS of $0.75-$0.79.
Boston Scientific reported financial results for the third quarter of 2009. Net sales increased 3% to $2.025 billion and adjusted EPS was $0.19. Reported GAAP EPS was $0.13. The company maintained its leadership in the worldwide DES market with a 41% share. Worldwide CRM product sales increased 8% and Endosurgery sales increased 8%. Guidance for Q4 2009 estimates net sales of $2.025-$2.125 billion and adjusted EPS of $0.17-$0.21. Full year 2009 guidance estimates net sales of $8.134-$8.234 billion and adjusted EPS of $0.75-$0.79.
This document is Atheros Communications' quarterly report filed with the SEC for the quarter ended September 30, 2009. It includes Atheros' condensed consolidated financial statements, with assets of $676 million and liabilities of $103 million. It also provides management's discussion of the company's financial condition and operating results, and discusses risks including the economic downturn and competition in the wireless LAN market. The report includes certifications of the CEO and CFO regarding financial controls.
- The document is Apple Inc.'s Form 10-Q quarterly report filed with the SEC for the quarter ended June 27, 2009.
- It provides Apple's condensed consolidated financial statements and notes to the financial statements for the quarter.
- The financial statements show that Apple's net sales increased 12% to $8.3 billion for the quarter compared to $7.5 billion in the same quarter the previous year, while net income increased 15% to $1.2 billion from $1.1 billion.
Hancock Holding Company announced its financial results for the third quarter of 2009. Net income increased 10.7% from the previous quarter to $15.2 million. Key factors were lower loan loss provisions and an expanded net interest margin. Non-performing assets rose slightly while net charge-offs decreased. Total assets declined 3.4% but the company remained well capitalized, with tangible equity ratio rising to 8.71%.
This document provides an agenda and highlights for Walgreen Co.'s 4th quarter and fiscal year 2009 conference call with investors. It includes introductions, a discussion of 4Q and FY performance and strategies, financial results, and a Q&A session. Key metrics highlighted are 7.6% sales growth and a 1.5% decline in net earnings for 4Q, and 7.3% sales growth and a 7% decline in net earnings for FY2009. The document also outlines Walgreen's strategies around healthcare reform, the flu season, and expanding their business model.
1) Infosys Technologies reported financial results for the quarter ending September 30, 2009, with revenues of $1.154 billion, a 5.1% decline from the previous year. Net income was $317 million, a 0.9% decline.
2) For the quarter ending December 31, 2009, Infosys expects revenues between $1.155-1.165 billion, a 1.4-0.5% decline from the previous year, and earnings per share of $0.50, a 13.8% decline.
3) For the full fiscal year ending March 31, 2010, Infosys expects revenues between $4.60-4.62 billion, a 1
Marriott International reported financial results for the third quarter of 2009. Key highlights include:
- Revenue declined to $2.5 billion compared to $3 billion in Q3 2008 due to weaker demand.
- Net income declined 57% to $53 million compared to the prior year.
- REVPAR declined 23.5% worldwide and 20.6% in North America.
- The company added 79 new properties and expects to open over 33,000 new rooms in 2009.
PepsiCo held its 2009 Q3 earnings call on October 8, 2009. In the call, PepsiCo reaffirmed its guidance for 2009 of mid-to-high single digit constant currency net revenue and core EPS growth. PepsiCo also set a 2010 target of 11-13% core constant currency EPS growth, assuming the closing of acquisitions of PBG and PAS in early 2010. PepsiCo reported 5% constant currency net revenue growth and 8% core constant currency EPS growth in Q3 2009. PepsiCo highlighted investments planned for 2010 in areas such as R&D, emerging markets, brands, IT infrastructure, sustainability, and developing its employees.
- Alcoa held its 3rd quarter 2009 earnings conference call on October 7, 2009
- The call discussed Alcoa's financial results for the 3rd quarter of 2009 as well as the current state and outlook of the aluminum market
- Key highlights included income from continuing operations of $73 million, revenue up 9% sequentially, and initiatives offsetting currency and energy headwinds
The Pepsi Bottling Group reported third quarter 2009 results. Comparable diluted EPS was $1.06 and reported diluted EPS was $1.14. Currency neutral operating income grew 10% compared to the prior year on a comparable basis, while reported operating income declined 4% due to foreign exchange impacts. The company remains on track to achieve full-year 2009 guidance of $2.30-$2.40 diluted EPS at the high end of the range and has raised operating free cash flow guidance to approximately $550 million.
- Jean Coutu Group reported an increase in sales and revenues for the second quarter of 2010 compared to the same period last year. Total sales increased 7.7% to $549 million while revenues from franchising increased 7.3% to $608.7 million.
- Net earnings for the quarter were $14.9 million compared to a net loss of $39.1 million in the previous year. Earnings per share were $0.07 compared to a loss per share of $0.16 last year.
- Rite Aid also reported financial results for the second quarter, with revenues of $6.3 billion and a net loss of $116 million. Rite Aid revised its guidance
Minerva plc presented preliminary results for the year ended 30 June 2009. Key points included successfully restructuring and extending £750 million in loan facilities with no scheduled maturities in the current or next fiscal year. Development projects such as The Walbrook and St. Botolphs were on time and on budget. Tenant interest was improving for office developments in London's financial district despite a difficult real estate market.
This document is Worthington Industries' quarterly report filed with the SEC for the quarter ended August 31, 2009. It includes financial statements and notes for the quarter, as well as a discussion of financial results by management. Some key details include:
- Net sales for the quarter were $417.5 million, down from $913.2 million in the prior year quarter. The company reported a net loss of $4.5 million compared to net income of $79.7 million in the previous year.
- Inventories totaled $232.9 million as of August 31, 2009, down from $270.6 million as of May 31, 2009 as the company worked to reduce inventory levels.
The document provides the agenda and highlights from Walgreen Co.'s 4th quarter and fiscal year 2009 conference call with analysts held on September 29, 2009. It discusses 4th quarter and fiscal year financial results including net sales growth of 7.6% and 7.3% respectively, adjusted earnings per share of $0.44 and $2.02, and prescription sales growth. The document also summarizes Walgreen's strategies around healthcare reform, the H1N1 flu pandemic, expanding health services and 90-day prescriptions to lower costs.
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Q1 2009 Earning Report of Citigroup
1. Citi Reports First Quarter Revenues of $24.8 Billion
Net Income of $1.6 Billion, Loss Per Share of $0.18
Positive EPS Excluding The $0.24 Impact of Resetting The Conversion Price of Certain Preferred
Shares
Net Income Primarily Driven by Improved Performance in Institutional Clients Group and Continued
Expense Reductions
New York, NY, April 17, 2009 — Citigroup Inc. (NYSE: C) today reported net income for the first quarter of
2009 of $1.6 billion and a loss per share of $0.18, based on 5,385 million shares outstanding. Revenues of
$24.8 billion were driven by strong results in the Institutional Clients Group, partially offset by net write-downs.
Results also include $7.3 billion in net credit losses and a $2.7 billion net loan loss reserve build.
The $0.18 loss per share reflected the reset in January 2009 of the conversion price of the $12.5 billion
convertible preferred stock issued in a private offering in January 2008. This did not have an impact on net
income but resulted in a reduction to income available to common shareholders of $1.3 billion or $0.24 per
share. Without this reduction, earnings per share were positive. The loss per share also reflected preferred
stock dividends, which did not impact net income but reduced income available to common shareholders by
$1.3 billion.
Key Items
Total revenues of $24.8 billion were up 99% compared to the first quarter of 2008, with sequential improvement
across all regions.
Net interest margin of 3.30% increased 50 and 8 basis points versus the first and fourth quarter 2008,
respectively.
Operating expenses were down $3.7 billion, or 23%, since the first quarter 2008.
Headcount reduced by approximately 13,000 since the fourth quarter 2008 to 309,000 and approximately
65,000 since peak levels.
Tier 1 capital ratio was approximately 11.8% versus 7.7% in the first quarter 2008.
Deposit base remained relatively stable at $763 billion compared to the fourth quarter 2008, despite the
challenging environment. Deposits declined 8% since the first quarter 2008, due to the sale of the German
retail banking operations and the impact of foreign exchange. U.S. deposits increased $8 billion sequentially
and $28 billion year-over-year.
Closed sale of remaining Redecard position for an after-tax gain of $704 million.
Management Comment
quot;Our results this quarter reflect the strength of Citi's franchise and we are pleased with our performance. With
revenues of nearly $25 billion and net income of $1.6 billion, we had our best overall quarter since the second
quarter of 2007,quot; said Vikram Pandit, Chief Executive Officer of Citi.
quot;The clear message from this quarter is that our clients remain engaged. Citi is a unique franchise in global
financial services. We offer more services in more places around the globe than anyone, which our clients have
long recognized. Despite the challenges we have faced this past year, they remain closely engaged with us.
quot;As strong as our franchise is, we have been taking steps to strengthen it further. We have lowered risk and
dramatically reduced the problem legacy assets that have caused many of our losses. We have meaningfully
lowered expenses and headcount and improved efficiency. We have also increased our capital base.
quot;Additionally, we continued to extend significant amounts of credit to U.S. consumers and continued to focus on
supporting the U.S. housing market. Since October 2008, we successfully worked with borrowers, with
combined mortgages totaling approximately $13.5 billion, to avoid potential foreclosure and were able to keep
2. more than 9 out of 10 distressed borrowers with Citi mortgages we own in their homes. Also since October
2008, our U.S. Cards business has worked with over 820,000 consumers to help them manage their credit card
debt through a variety of forbearance programs.
quot;While we and the industry face challenges in the coming quarters as we work through the weak economy, we
will remain focused on strengthening the Citi franchise. We will continue to reduce our legacy risk, aggressively
manage expenses and improve efficiency. Most importantly, we will continue to engage our clients with what I
believe to be the most talented team of people in financial services today.
quot;As a final note, I want to personally thank all Citi employees around the world who are the foundation of Citi's
success. Their continued tireless efforts on behalf of our clients underscore their dedication. Despite the
challenges of the past year, I remain confident that Citi will emerge from the financial crisis as one of the
strongest franchises in financial services,quot; said Pandit.
FIRST QUARTER SUMMARY
Revenues were $24.8 billion, approximately double those of the prior-year period. Strong trading results and
lower net write-downs in Securities and Banking drove revenues. The difficult economic environment continued
to have a negative impact on all other businesses.
Global Cards GAAP revenues declined 10%, mainly due to higher credit losses flowing through the
securitization trusts in North America. On a managed basis, Global Cards revenues grew 3% and North
America increased 6%. Revenues in the current quarter included a $1.1 billion pre-tax gain on the sale of
Redecard shares. The prior-year period included a $439 million gain on Visa shares and a $663 million gain on
the sale of Redecard shares.
Consumer Banking revenues declined 18%, driven by a 42% decline in investment sales, the impact from
foreign exchange changes on non-U.S. dollar revenues as they are converted to U.S. dollars for reporting
purposes (quot;impact of foreign exchangequot;), lower volumes, and spread compression.
In the Institutional Clients Group, Securities and Banking revenues were $7.2 billion, mainly due to strong
trading results, partially offset by net write-downs and losses of $2.2 billion (see detail in Schedule B).
Transaction Services revenues declined 1% to $2.3 billion, and average deposits and other customer liability
balances declined 2%. Growth in both revenues and deposits, driven by double-digit growth in North America
and strong growth in EMEA, was more than offset by the impact of foreign exchange.
Global Wealth Management revenues declined 20%, reflecting the adverse impact of market conditions on
capital markets and investment revenues across all regions. The revenue decline was partially offset by higher
banking revenues, driven by the bank deposit program.
Citi adopted FASB's recent rule changes regarding fair valuation (FAS 157) and other than temporary
impairments (FAS 115). The adoption of the changes to FAS 157 had no impact on Citi's financial results. The
adoption of the changes to FAS 115 resulted in approximately $631 million pre-tax of lower impairment charges
recorded in revenue in the current quarter. Additionally, the cumulative effect of the changes to FAS 115, which
did not impact revenues, led to a $413 million after-tax increase in retained earnings and an offset in other
comprehensive income on the balance sheet.
Operating expenses were $12.1 billion, down 23%, reflecting benefits from ongoing re-engineering efforts, the
impact of foreign exchange, and a $250 million litigation reserve release. Expenses in the prior-year period
included $626 million of net charges (see detail in Schedule D). Excluding those items, as well as the litigation
release in the current quarter, expenses declined 19%.
Credit costs of $10.3 billion, up 76%, consisted of $7.3 billion in net credit losses, a $2.7 billion net loan loss
reserve build, and $332 million of policyholder benefits and claims. Net credit losses increased $3.6 billion,
primarily driven by Consumer Banking and Cards in North America, and Securities and Banking. The
incremental net loan loss reserve build of $754 million was mainly driven by Global Cards and Securities and
Banking. The total allowance for loans, leases and unfunded lending commitments was $32.7 billion.
Taxes. The effective tax rate on continuing operations was 32.8% versus 42.9% in the prior-year period. The
current quarter included a $110 million tax benefit related to the resolution of certain issues in an IRS audit.
Capital Position. On January 15, 2009, Citi issued $7.1 billion of preferred stock and a warrant to purchase
common stock to the U.S. Treasury and the FDIC as consideration for the loss-sharing agreement on a $301
billion portfolio of assets (valued as of November 21, 2008). Of the issuance, $3.6 billion was treated as Tier 1
Capital for regulatory purposes. The Tier 1 capital ratio was approximately 11.8% versus 7.7% in the first
quarter of 2008 and 11.9% in the fourth quarter of 2008. The sequential decline in the Tier 1 capital ratio was
3. largely due to the consolidation of $82 billion of card-related securitization assets for regulatory capital
purposes, largely offset by higher Tier 1 capital and a reduction in other risk-weighted assets.
GLOBAL CARDS
Revenues
Global Cards GAAP revenues declined 10%, mainly due to higher credit losses flowing through the
securitization trusts in North America. Revenues in the current quarter included a $1.1 billion gain on the sale of
Redecard shares. The prior-year period included a $439 million gain on Visa shares and a $663 million gain on
the sale of Redecard shares. Global Cards managed revenues grew 3%.
Average managed loans declined 7%, due to lower purchase sales across most regions and the impact of
foreign exchange.
In North America, GAAP revenues declined 17% as lower securitization revenues primarily reflected the impact
of higher credit losses in the securitization trusts. Managed revenues increased 6%, driven by a 252 basis point
increase in the managed net interest margin to 12.61%, partially offset by the absence of a prior-year gain on
Visa shares of $349 million. The improvement in the managed net interest margin was a result of higher
interest and fee revenues from higher revolving balances and pricing actions, and lower cost of funds.
Purchase sales declined 18% reflecting a continued decline in discretionary and non-discretionary consumer
spending. Average managed loans declined 4% due to lower purchase sales and balance transfer volumes,
partially offset by a decline in payment rates.
In EMEA, revenues declined 16%, as a 50 basis point expansion in net interest margin was more than offset by
the impact of foreign exchange. Purchase sales were down 27%, reflecting the impact of foreign exchange and
lower consumer spending. Average loans declined 15%, as the effect of higher revolve rates was more than
offset by the impact of foreign exchange.
In Latin America, revenues increased 10% driven by the $1.1 billion pre-tax gain on the sale of Redecard
shares in the current quarter, compared to a $663 million gain in the prior-year period. Excluding the sale of
Redecard shares from both periods, revenues declined 25%, driven by the impact of foreign exchange, and a
236 basis point decline in net interest margin. The decline in net interest margin was mainly due to higher
interest reversals from restructured loans. Purchase sales and average loans declined 28% and 23%,
respectively, reflecting the impact of foreign exchange and lower consumer spending.
In Asia, revenues declined 19%, as continued growth in revenues was more than offset by the impact of foreign
exchange and the absence of an $81 million gain on Visa shares in the prior-year period. Purchase sales were
down 20% reflecting the impact of foreign exchange and lower consumer spending. Average loans declined 9%
as growth in loans was more than offset by the impact of foreign exchange.
Expenses
Expenses declined 15%, primarily due to lower marketing costs, lower compensation due to headcount
reductions, benefits from re-engineering efforts, and the impact of foreign exchange. Expenses in the prior-year
period included a net benefit of $172 million for a Visa-related litigation reserve release and a benefit related to
a legal vehicle restructuring in Mexico, partially offset by repositioning charges.
Credit Costs
In North America, the 91% increase in credit costs was a result of higher net credit losses, up 81% or $498
million, and a $342 million incremental net loan loss reserve build. Continued weakening of leading credit
indicators and trends in the macro-economic environment, including rising unemployment, higher bankruptcy
filings and the housing market downturn, drove higher credit costs. Credit costs also reflected a significant
increase in delinquencies, as well as the continued acceleration in the rate at which delinquent customers
advanced to write-off. The managed net credit loss ratio increased 395 basis points to 8.88% in the Citi
branded portfolio and 508 basis points to 12.40% in the retail partners portfolio. The ratio reflects higher net
credit losses, exacerbated by the decline in average managed loans.
In EMEA, the $261 million increase in credit costs was a result of higher net credit losses, up 67% or $94
million, and a $167 million incremental net loan loss reserve build. Higher credit costs reflected continued credit
deterioration in the UK, Spain and Greece, and were partially offset by the impact of foreign exchange. The net
credit loss ratio increased 358 basis points to 7.14%.
In Latin America, credit costs decreased 5%, as higher net credit losses, up 17% or $61 million, were offset by
a lower net loan loss reserve build and the impact of foreign exchange. The year-over-year increase in net
credit losses was driven mainly by Mexico; however, past-due accounts declined for the third consecutive
quarter. The loan loss reserve build in the current quarter was $92 million lower than in the prior-year period,
4. mainly due to the impact of foreign exchange and lower volumes. The net credit loss ratio increased 540 basis
points to 15.65%.
In Asia, the 69% increase in credit costs was a result of higher net credit losses, up 31% or $42 million, and a
$68 million incremental net loan loss reserve build. Higher credit costs reflected continued deterioration,
primarily in India, and were partially offset by the impact of foreign exchange. The net credit loss ratio increased
145 basis points to 4.62%.
Net Income
The 66% decline in net income was driven mainly by the significant increase in credit costs.
CONSUMER BANKING
Revenues declined 18%, driven by a 42% decline in investment sales, the impact of foreign exchange, lower
volumes and spread compression. A general slowdown in global capital market activities drove the decline in
investment sales. Average loans were down 10%, mainly due to a decline in residential real estate loans in
North America and the impact of foreign exchange. Average deposits were also down 10% driven by the
impact of foreign exchange. Expenses declined 18%, reflecting benefits from re-engineering efforts and the
impact of foreign exchange. Credit costs of $5.0 billion included $3.8 billion of net credit losses and a $1.2
billion net loan loss reserve build, mainly in North America residential real estate. The 44% increase in credit
costs was due to higher net credit losses mainly in North America.
North America
Revenues declined 12%, largely due to lower volumes and spread compression. Average loans were down
8%, driven by a decline in residential real estate originations and loans, and deposits were up 4%.
Credit costs increased 51%, due to higher net credit losses, up 88% or $1.4 billion, and a $989 million net loan
loss reserve build, driven by residential real estate. The loan loss reserve build was $44 million lower than the
prior-year period. Credit costs reflected a continued weakening of leading credit indicators, including a
continued rise in delinquencies in first and second mortgages, personal, and commercial loans. Credit costs
also reflected trends in the macro-economic environment, including housing market declines. The net credit
loss ratio increased 213 basis points to 4.15%. Benefits from re-engineering efforts and expense management
were more than offset by significantly higher credit costs, leading to a net loss of $1.2 billion.
EMEA
Revenues declined 28%, as investment sales and assets under management declined 64% and 49%,
respectively, mainly due to adverse market conditions. Average loans were down 21% due to tighter
underwriting criteria, exiting certain markets, and the impact of foreign exchange. Average deposits were down
35%, reflecting a decline in balances in the UK as customers align deposits with government insurance
programs and the impact of foreign exchange.
Credit costs nearly doubled as a result of higher net credit losses, up 57% or $91 million, and an incremental
net loan loss reserve build of $100 million. Higher credit costs reflected continued credit deterioration,
particularly in Spain, Greece, and the UK. The net credit loss ratio increased 256 basis points to 5.11%. Higher
credit costs and lower revenues more than offset lower expenses, resulting in a net loss of $178 million.
Latin America
Revenues declined 22%, and average loans and deposits were down 7% and 19%, respectively, due to the
impact of foreign exchange.
Credit costs increased 15%, due to a $20 million incremental net loan loss reserve build. Net credit loses were
even with the prior-year period. The net credit loss ratio increased 32 basis points to 4.10%. The 70% decline
in net income to $81 million was mainly driven by lower revenues and the absence of a $221 million expense
benefit related to a legal vehicle restructuring in Mexico, recorded in the prior-year period. Excluding the
expense benefit from the prior year period, net income declined 37%.
Asia
Excluding Japan Consumer Finance, revenues were down 25%, mainly driven by a significant decline in
investment revenues, as investment sales decreased 66% reflecting a continued decline in equity markets
across Asia, as well as a slight impact from foreign exchange. The declines in average loans and deposits of
19% and 15%, respectively, were mainly due to the impact of foreign exchange. Credit costs increased 22%
due to higher net credit losses, up 45% or $57 million. The net loan loss reserve build of $91 million was $8
million lower than the prior-year period. Higher credit costs were mainly driven by continued deterioration in the
credit environment in India. The net credit loss ratio increased 81 basis points to 1.79%. Net income declined
47% to $152 million.
5. In Japan Consumer Finance, revenues declined 40%, reflecting a decline in net interest revenues as the
portfolio continues to be managed down. Average loans were down 15% and the net credit loss ratio increased
253 basis points to 16.86%.
INSTITUTIONAL CLIENTS GROUP
Securities and Banking
Securities and Banking revenues were $7.2 billion, driven by positive trading results and lower net write-downs
and losses of $2.2 billion (See Schedule B).
Fixed income markets revenues of $4.7 billion reflected strong trading performance, as high volatility and wider
spreads in many products created favorable trading opportunities. Interest rates and currencies and credit
products had strong revenue growth. Revenues also included (all reflected in Schedule B):
A net $2.5 billion positive CVA on derivative positions, excluding monolines, mainly due to the widening of Citi's
CDS spreads
A net $30 million positive CVA of Citi's liabilities at fair value option
A $541 million benefit related to the revenue accretion of non-credit marks on assets that were moved from fair
value accounting to accrual accounting in the fourth quarter 2008.
Revenues were partially offset by the following (all reflected in Schedule B):
Net write-downs of $2.3 billion on sub-prime related direct exposures. See details in Schedule C.
Private equity and equity investments losses of $1.2 billion.
Downward credit value adjustments of $1.1 billion related to exposure to monoline insurers.
Net write-downs and impairments of $490 million on Alt-A mortgages.
Write-downs of $186 million on commercial real estate positions.
Equity markets revenues increased 94% to $1.9 billion, primarily driven by a net $233 million positive CVA on
derivative positions, excluding monolines, as well as a net $150 million positive CVA of Citi's liabilities at fair
value option (both reflected in Schedule B). Revenues also reflected strength in derivatives, convertibles and
equity trading.
Lending revenues declined $948 million to negative $364 million, primarily driven by losses on credit default
swap hedges. Negative revenues also included $247 million of net write-downs and impairments on highly
leveraged finance commitments (reflected in Schedule B).
Net investment banking revenues were $1.2 billion versus negative $1.7 billion in the prior-year period.
Advisory revenues were $230 million, down 25%, as a result of lower volumes and continued difficult market
conditions.
Equity underwriting revenues were $194 million, down 15%, reflecting continued low volumes.
Debt underwriting revenues of $847 million were up significantly, primarily due to the absence of write-downs
on highly leveraged finance commitments.
Expenses decreased 39% and included a $250 million litigation reserve release. The prior-year period included
a $202 million write-down of the Old Lane intangible asset and $305 million of repositioning charges. Excluding
these items from both periods, expenses declined 25%, driven by lower compensation due to headcount
reductions and benefits from re-engineering and expense management.
Credit costs increased significantly to $1.8 billion. Net credit losses were up $1.4 billion mainly due to
LyondellBassell. The $306 million net loan loss reserve build was driven by a $1.2 billion build for specific
counterparties and a $506 million build to reflect a general weakening in the corporate credit environment,
largely offset by a $1.4 billion release for specific counterparties, mainly LyondellBassell.
Transaction Services
Transaction Services revenues declined 1% to $2.3 billion. Average deposits and other customer liability
balances declined 2%. Growth in both revenues and deposits, driven by North America and EMEA, was more
than offset by the impact of foreign exchange. Assets under custody declined 20%, largely due to declining
equity markets.
Treasury and Trade Solutions (quot;TTSquot;) revenues were up 14%, driven by growth in liabilities and spreads, as
well as fee revenues from new business wins. Securities Services revenues decreased 28%, driven by lower
fees from declining assets under custody valuations and from the impact of market disruption on volumes and
balances.
North America revenue growth of 18% was primarily due to higher interest revenues from liability balances. In
EMEA, revenues declined 3% as growth in revenues and customer liability balances was more than offset by
the impact of foreign exchange. Latin America revenues increased 1%, driven by higher spreads in TTS, offset
6. by lower volumes in Securities Services and the impact of foreign exchange. In Asia, revenues were down
13%, mainly due to the impact of foreign exchange and lower volumes and assets under custody in Securities
Services, due to difficult market conditions and lower valuations.
Expenses declined 15%, driven by headcount reductions and re-engineering benefits, as well as the impact of
foreign exchange.
Net income increased 15% to a record $843 million with double-digit growth in North America, EMEA, and Latin
America. Strong results in TTS and benefits from re-engineering and expense management drove the increase
in net income.
GLOBAL WEALTH MANAGEMENT
Global Wealth Management revenues declined 20%, reflecting the adverse impact of market conditions on
capital markets and investment revenues across all regions. The revenue decline was partially offset by higher
banking revenues, driven by the bank deposit program. Average loans and deposits declined 17% and 11%,
respectively, and client assets under fee-based management declined 39%. The decline in client assets under
fee-based management was mainly due to lower asset valuations. Net client asset outflows of $40 billion were
a result of financial advisor attrition and client diversification. Attrition was weighted towards the lower end of
the performance scale, consistent with previously announced compensation plans.
o In North America, revenues declined 17% as lower investments and capital markets revenues due to difficult
market conditions were partially offset by an increase in banking revenues. Average deposits were down 1%.
o In EMEA, revenues declined 26%, mainly due to lower management fees and the impact of market conditions.
o In Latin America, revenues declined 40%, also reflecting the impact of market conditions.
o In Asia, revenues declined 29% as market conditions continued to be challenging, leading to a significant
decline in investments and capital markets revenues.
Expenses declined 25% reflecting lower compensation costs and the absence of a $250 million reserve for the
liquidation of the Falcon Funds recorded in the prior-year period. Credit costs increased $91 million, driven by
an $83 million incremental net loan loss reserve build, mainly in North America for residential mortgages and
margin loans. Net income declined 11% to $261 million.
CORPORATE/OTHER
Corporate/Other revenues of $496 million were mainly driven by hedging activities. The net loss of $675 million
was primarily driven by higher taxes held at Corporate, as well as higher expenses mainly due to the
amortization of the cost of the loss-sharing agreement with the U.S. government.
A reconciliation of non-GAAP financial information contained in this press release is on page 14.
Ned Kelly, Chief Financial Officer, will host a conference call today at 8:30 AM (EDT). A live webcast of the presentation, as well as
financial results and presentation materials, will be available at http://www.citigroup.com/citigroup/fin. A replay of the webcast will be
available at http://www.citigroup.com/citigroup/fin/pres.htm. Dial-in numbers for the conference call are as follows: (877) 700-4194 in
the U.S.; (706) 679-8401 outside of the U.S. The passcode for all numbers is 93310396.
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100
countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services,
including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's
major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be
found at www.citigroup.com or www.citi.com.
Additional financial, statistical, and business-related information, as well as business and segment trends, is included in a Financial
Supplement. Both the earnings release and the Financial Supplement are available on Citi's website at www.citigroup.com or
www.citi.com.
Certain statements in this document are quot;forward-looking statementsquot; within the meaning of the Private Securities Litigation Reform
Act. These statements are based on management's current expectations and are subject to uncertainty and changes in
circumstances. Actual results may differ materially from those included in these statements due to a variety of factors. More
information about these factors is contained in Citigroup's filings with the Securities and Exchange Commission.