Third Quarter Results
Nine months ended December 31, 2000
ATB
Continues to Grow
Message
to Stakeholders
Alberta Treasury Branches (ATB) reported solid third quarter earnings with net income of $41.4 million for the period
ending December 31, 2000, compared to $53.4 million reported for the same period last
year. Last year’s results included a number of non-recurring items and unusual recoveries, such as interest income received on past impaired loans, sale of share options, and a reduction in pension liability. Excluding these items, loan loss recoveries and a decrease in the general loan loss allowance, core earnings for the third quarter last year were $31.0 million.
This quarter’s results increased ATB’s retained earnings to $395.9 million, as at December 31, 2000.
"ATB continues to offer flexible products and services that truly meet the financial services needs of our customers," said Paul G. Haggis, President and CEO of ATB. "We serve our customers the way they want to be served, by providing a multitude of channels to access our services. Our customers appreciate having a choice and continue to demonstrate their loyalty toward
ATB."
Financial Highlights
- Core net interest income of $92.4 million is an increase of 18.00% over the
$78.3 million for the same quarter last year.
- Core non-interest expenses of $67.1 million is an increase of 12.40% over
the $59.7 million for the same quarter last year.
- ATB’s efficiency ratio, non-interest expenses as a percentage of total
core revenues, was 57.81% compared to 62.16% for the same nine-month period
last year.
- The allowances for credit losses, including specific and general loan loss
allowances, exceed gross impaired loans by $57.1 million. Net impaired loans
represent a negative 0.58% of total loans at December 31, 2000, compared to a
negative 0.66% at December 31, 1999.
- Total assets of $11.5 billion is an increase of 14.00% over last year.
- Total loans at $9.6 billion is an increase of 10.59% over last year.
- Customer deposits of $10.8 billion is an increase of 12.66% over last year.
Products and Services
Strong third quarter deposit growth was led by a tremendous response to ATB’s Century GIC product. Demand was strong and the sales period extended to accommodate customer demand.
ATB continues to create innovative products to meet the unique demands of Albertans. This year, ATB’s RSP product line-up includes a Springboard GIC and three Equity-linked GICs, including a special Western Canadian-based Equity-linked product. ATB’s RSP product line-up provides flexibility of term, redeemability and growth potential.
Six linked RSP GICs have matured, where returns were based on major stock indices and commodity
price levels that provided ATB customers with one-time interest payments with returns ranging from 12.12% to a high of 83.69%. These linked products provide customers with the added benefit of a guarantee to their principal.
A new line-up of saving and chequing account products was introduced to provide customers with a realm of choices. Whether our customers prefer personalized services, the convenience of electronic banking, or all-inclusive packaged accounts, ATB is uniquely positioned to respond to how our customers choose to deal with us.
An alliance was formed with the Alberta Chambers of Commerce to offer merchant services to their members across the province. This partnership opens the door for Alberta businesses across the province who belong to their local Chamber, to take advantage of discount rates and flexible options with ATB’s Merchant MasterCardâ and Direct Payment system.
Sales of the Alberta Business MasterCardâ continue to be very strong and over 50 percent of ATB’s small revolving loans are now delivered through this product. The ATB Internet Banking business-banking product continues to grow at a rapid pace, with over 3,100 businesses now using this platform to perform more than 35,000 transactions per month. Customer reaction to the new Business Financial Services Centre in Calgary has been extremely positive and local businesses from across the city have been taking advantage of the 24-hour automated depository service.
Our commitment to providing services is demonstrated by our investment in the branch network,
with the relocation of a branch in Sherwood Park to new freestanding premises at the Lakeland Ridge shopping centre. Grand
openings were held in November for recently relocated branches at Calgary Sunridge and Grande Prairie Northview.
These grand openings featured customer promotions, free refreshments and community fundraisers to support local causes.
This year, we will opennew branches in Calgary, Edmonton, and Red Deer, relocate five branches to new premises, and undertake renovations at seven branches.
Bursaries totaling $20,000 were awarded to 10 post-secondary students who applied for financial services with ATB between May and October 2000. Random draws were held regionally across Alberta, from these Alberta post-secondary students enrolled in a full-time program at an approved Canadian post-secondary institution.
Supporting our Communities
ATB is a strong supporter of numerous community events throughout Alberta. Our employees give back to the communities where they work and live by volunteering and supporting many local activities.
For example, ATB sponsored the opening ceremonies of the Canadian Finals Rodeo (CFR) during November. This sponsorship included a customer contest for free CFR tickets and a $1,000 ATB MasterCardâ credit.
ATB employees contributed a record amount to various United Way campaigns across Alberta. ATB employees raised a total of $127,000 for the United Way campaign, when combined with a corporate
donation.
Edmonton and area branches once again supported the annual Christmas Bureau by accepting donations to support families in need, sponsoring families, and providing a corporate donation for the fundraising campaign.
We are well positioned for further profitable growth. ATB operates on sound banking and business principles, providing fair value to its customers in meeting their financial services needs in the Alberta marketplace. We appreciate the loyalty of our customers and believe that ATB truly does offers an alternative in the financial services landscape.
Ron P. Triffo
Chairman of the Board
Paul G. Haggis
President &
Chief Executive Officer
February 2001
top of page...
Consolidated Balance Sheet (unaudited)
($ in thousands)
|
As at
|
|
Dec. 31
2000 |
|
Sept. 30
2000 |
|
Dec. 31
1999 |
|
Assets
|
|
|
|
|
|
|
| |
|
Cash resources
|
|
|
|
|
|
|
|
Cash and non-interest bearing deposits with banks
|
$
|
117,764 |
$
|
91,209 |
$
|
141,858 |
Interest bearing deposits with banks |
|
708,598 |
|
705,145 |
|
514,183
|
| |
|
826,362 |
|
796,364 |
|
656,041 |
| |
|
|
|
|
|
|
|
Securities
|
|
792,941 |
|
759,539 |
|
512,280 |
| |
|
Loans, net of allowances for credit losses
|
|
|
|
|
|
|
|
Residential mortgages
|
|
3,935,571 |
|
3,862,414 |
|
3,588,702 |
|
Personal
|
|
1,403,498 |
|
1,401,175 |
|
1,246,164 |
|
Credit cards
|
|
149,570 |
|
133,772 |
|
83,684 |
|
Business and other
|
|
4,109,703 |
|
3,987,557 |
|
3,760,588 |
| |
|
9,598,342 |
|
9,384,918 |
|
8,679,138 |
| |
|
Other
|
|
|
|
|
|
|
|
Capital assets
|
|
65,152 |
|
62,221 |
|
59,651 |
|
Other assets
|
|
180,968 |
|
173,300 |
|
149,237 |
| |
|
246,120 |
|
235,521 |
|
208,888 |
| |
| |
$
|
11,463,765 |
$
|
11,176,332 |
$
|
10,056,347 |
| |
|
Liabilities and equity
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
Personal
|
$
|
5,993,870 |
$
|
5,892,008 |
$
|
5,364,470 |
|
Business and other
|
|
4,791,691 |
|
4,668,071 |
|
4,209,069 |
| |
|
10,785,561 |
|
10,560,079 |
|
9,573,539 |
| |
|
Other
|
|
|
|
|
|
|
|
Other liabilities
|
|
259,982 |
|
240,385 |
|
284,628 |
|
Cheques and other items in transit, net
|
|
4,801 |
|
3,862 |
|
4,731 |
| |
|
264,783 |
|
244,247 |
|
289,359 |
| |
|
|
|
|
|
|
|
Subordinated debenture
|
|
17,444
|
|
17,444
|
|
7,519
|
| |
|
Equity
|
|
395,977 |
|
354,562 |
|
185,930 |
| |
| |
$
|
11,463,765 |
$
|
11,176,332 |
$
|
10,056,347 |
top of page...
Consolidated Statement of Income (unaudited)
($ in thousands)
| |
|
For the three months
ended |
For the nine months ended |
|
|
Dec. 31 2000 |
|
Sept. 30 2000 |
|
Dec. 31 1999 |
|
Dec. 31 2000 |
|
Dec. 31 1999 |
| |
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
|
|
|
|
|
|
|
|
Loans |
$
|
187,535 |
$
|
183,256 |
$
|
161,559 |
$
|
543,943 |
$
|
481,125 |
Securities |
|
11,623 |
|
11,103 |
|
7,343 |
|
31,710 |
|
21,960 |
Deposits with banks |
|
10,995 |
|
10,015 |
|
8,558 |
|
29,222 |
|
23,996 |
| |
|
210,153 |
|
204,374 |
|
177,460 |
|
604,875 |
|
527,081 |
Interest expense |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
117,441 |
|
113,807 |
|
94,783 |
|
334,278 |
|
276,148 |
Subordinated debentures |
|
265
|
|
265 |
|
103
|
|
633 |
|
206 |
| |
|
|
|
|
|
|
|
|
|
|
| |
|
117,706 |
|
114,072 |
|
94,886 |
|
334,911 |
|
276,354 |
| |
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
92,447 |
|
90,302 |
|
82,574 |
|
269,964 |
|
250,727 |
Provision for credit losses |
|
6,079
|
|
6,079
|
|
881 |
|
18,237 |
|
1,934 |
| |
|
|
|
|
|
|
|
|
|
|
Net interest income after provision for credit losses |
|
86,368 |
|
84,223 |
|
81,693 |
|
251,727 |
|
248,793 |
| |
|
|
|
|
|
|
|
|
|
|
Other income |
|
|
|
|
|
|
|
|
|
|
Service charges |
|
11,282 |
|
9,595 |
|
10,019 |
|
30,531 |
|
27,648 |
Credit fees |
|
4,003 |
|
4,298 |
|
3,907 |
|
13,762 |
|
14,098 |
Commission and other |
|
2,679 |
|
3,515 |
|
8,248 |
|
9,610 |
|
14,276 |
Card fees |
|
2,821 |
|
2,321 |
|
1,993 |
|
7,617 |
|
5,444 |
Foreign exchange |
|
1,386 |
|
1,200 |
|
978 |
|
4,056 |
|
2,631 |
| |
|
|
|
|
|
|
|
|
|
|
| |
|
22,171 |
|
20,929 |
|
25,145 |
|
65,576 |
|
64,097 |
| |
|
|
|
|
|
|
|
|
|
|
Net interest and other income |
|
108,539 |
|
105,152 |
|
106,838 |
|
317,303 |
|
312,890 |
| |
|
|
|
|
|
|
|
|
|
|
Non-interest expenses |
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
34,005 |
|
30,789 |
|
21,610 |
|
97,253 |
|
80,474 |
Premises and equipment, including amortization |
|
9,764 |
|
9,522 |
|
9,299 |
|
29,506 |
|
27,667 |
Communications and electronic processing |
|
13,198 |
|
11,614 |
|
13,419 |
|
37,177 |
|
36,705 |
Other |
|
10,157 |
|
9,908 |
|
9,115 |
|
30,028 |
|
26,262 |
| |
|
|
|
|
|
|
|
|
|
|
| |
|
62,124 |
|
61,833 |
|
53,443 |
|
193,964 |
|
171,108 |
| |
|
|
|
|
|
|
|
|
|
|
Net income |
$
|
41,415 |
$
|
43,319 |
$
|
53,395 |
$
|
123,339 |
$
|
141,782 |
top of page...
Consolidated Statement of Cash Flows (unaudited)
($ in thousands)
|
|
For the nine
months ended |
| |
|
Dec. 31 2000 |
|
Dec. 31 1999 |
| |
|
|
|
|
|
Cash flows from operating activities
|
|
|
|
|
|
Net income
|
$
|
123,339 |
$
|
141,782 |
|
Adjustments to determine net cash flows:
|
|
|
|
|
|
Provision for credit losses
|
|
18,237 |
|
1,934 |
|
Amortization
|
|
11,216 |
|
9,163 |
|
Net changes in accrued interest receivable and payable
|
|
31,783 |
|
19,490 |
|
Other items, net
|
|
(5,006) |
|
28,529 |
| |
|
179,569 |
|
200,898 |
|
Cash flows from financing activities
|
|
|
|
|
|
Net change in deposits
|
|
860,936 |
|
551,309 |
|
Issue of subordinated debenture
|
|
9,925 |
|
7,519
|
| |
|
870,861 |
|
558,828 |
|
Cash flows from investing activities
|
|
|
|
|
|
Net change in interest bearing deposit balances with banks
|
|
(151,465) |
|
(13,730) |
|
Purchase of investment securities
|
|
(4,623,824) |
|
(4,062,606) |
|
Maturity of investment securities
|
|
4,461,107 |
|
4,018,805 |
|
Net change in loans
|
|
(691,889) |
|
(644,342) |
|
Net purchases of capital assets
|
|
(12,752) |
|
(14,643) |
| |
|
(1,018,823) |
|
(716,516) |
|
Effect of exchange rate changes on cash and cash equivalents
|
|
242 |
|
(517) |
| |
|
|
|
|
|
Net change in cash and cash equivalents
|
|
31,849 |
|
42,693 |
|
Cash and cash equivalents at beginning of year
|
|
81,114
|
|
94,434
|
| |
|
|
|
|
|
Cash and cash equivalents at end of period
|
$
|
112,963 |
$
|
137,127 |
|
Consists of:
|
|
|
|
|
|
Cash and non-interest bearing deposits with banks
|
$
|
117,764 |
$
|
141,858 |
|
Cheques and other items in transit, net
|
|
(4,801) |
|
(4,731) |
| |
$
|
112,963 |
$
|
137,127 |
top of page...
Consolidated Statement of Changes in Equity (unaudited)
($ in thousands)
|
|
For the nine months ended |
| |
|
Dec. 31 2000 |
|
Dec. 31 1999 |
|
Equity at beginning of year
|
$
|
272,638
|
$
|
44,148
|
|
Net income for period
|
|
123,339 |
|
141,782 |
| |
|
|
|
|
|
Equity at end of period
|
$
|
395,977 |
$
|
185,930 |
top of page...
Market Segment Information (unaudited)
ATB conducts its business through market segments that offer different products and services - deposit business, individual lending, agricultural lending, and independent business and commercial lending. The deposit business market segment provides a wide range of deposit and investment products and sundry financial services to all clients. The lending business market segments provide a variety of credit products and services including credit cards designed specifically for each particular group of borrowers.
Results for these market segments are based on ATB's internal financial reporting systems and are consistent with the accounting policies followed in the preparation of ATB's Consolidated Financial Statements. The assets and liabilities of the market segments are transfer-priced based on their nature and term to determine the net interest income. Non-interest expenses are currently not allocated to the business units.
| (unaudited) |
For the
nine months ended
December 31, 2000 |
| ($ in thousands) |
| |
|
|
|
Lending business |
|
|
|
|
|
|
Deposit business |
|
Individual |
|
Agricultural |
|
Independent
business & commercial |
|
Other * |
|
Total |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
$ |
117,048 |
$ |
62,083 |
$ |
20,473 |
$ |
54,953 |
$ |
15,407 |
$ |
269,964 |
Other income |
|
35,558 |
|
7,543 |
|
1,351 |
|
12,989 |
|
8,135 |
|
65,576 |
Total revenue |
|
152,606 |
|
69,626 |
|
21,824 |
|
67,942 |
|
23,542 |
|
335,540 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Provision for credit losses |
|
|
- |
3,501 |
|
45 |
|
6,439 |
|
8,252 |
|
18,237 |
Non-interest expenses |
|
- |
|
- |
|
- |
|
- |
|
193,964 |
|
193,964 |
Net income (loss) |
$ |
152,606 |
$ |
66,125 |
$ |
21,779 |
$ |
61,503 |
$ |
(178,674) |
$ |
123,339 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Average loans |
$ |
- |
$ |
5,241,930 |
$ |
1,134,056 |
$ |
2,963,448 |
$ |
(53,391) |
$ |
9,286,043 |
Average deposits |
|
9,007,871 |
|
- |
|
- |
|
- |
|
1,363,085 |
|
10,370,956 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
- |
|
5,406,806 |
|
1,241,084 |
|
3,008,661 |
|
1,807,214 |
|
11,463,765 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
December
31, 1999 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
$ |
96,043 |
$ |
53,685 |
$ |
18,547 |
$ |
78,075 |
$ |
4,377 |
$ |
250,727 |
Other income |
|
33,786 |
|
6,635 |
|
1,311 |
|
11,768 |
|
10,597 |
|
64,097 |
Total revenue |
|
129,829 |
|
60,320 |
|
19,858 |
|
89,843 |
|
14,974 |
|
314,824 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Provision for credit losses |
|
- |
|
2,784 |
|
921 |
|
8,224 |
|
(9,995) |
|
1,934 |
Non-interest expenses |
|
- |
|
- |
|
- |
|
- |
|
171,108 |
|
171,108 |
Net income (loss) |
$ |
129,829 |
$ |
57,536 |
$ |
18,937 |
$ |
81,619 |
$ |
(146,139) |
$ |
141,782 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Average loans |
$ |
- |
$ |
4,675,205 |
$ |
1,049,229 |
$ |
2,682,120 |
$ |
94,256 |
$ |
8,500,810 |
Average deposits |
|
8,161,200 |
|
- |
|
- |
|
- |
|
1,275,073 |
|
9,436,273 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
- |
|
4,888,989 |
|
1,133,334 |
|
2,723,741 |
|
1,310,283 |
|
10,056,347 |
*Comprised of business of corporate nature such as investment, treasury, risk
management and asset management operations. Non-interest expenses are not
allocated to the business segments.
top of page...
Management's Discussion and Analysis (unaudited)
Net Income
ATB reported net income of $41.4 million for the third quarter ended December 31, 2000 compared to $43.3 million for the second quarter ended September 30, 2000 and $53.4 million for the third quarter last year. These figures include items that are unusual and not expected to re-occur. In management's view, these unusual and non-recurring items distort the analysis of trends and have been separated in the table below to reflect total core net income. The following discussion concentrates on core results. The amount of loan loss recoveries and decreases in general allowances recorded last year was unusual and is not expected to reoccur. Therefore, it is
excluded from the core earnings. In the current year, these recoveries are included in core earnings. The following discussion concentrates on core results.
Total core net income is $42.3 million for the third quarter ended December 31, 2000, compared to $44.4 million for the second quarter ended September 30, 2000 and $31.0 million for the third quarter last year. Total core net income for the nine months ended December 31, 2000, is $134.0 million, an increase of 46.93% over last year's comparable income of $91.2 million.
|
($ in millions)
|
|
For the three months ended |
For the nine months ended |
| |
|
Dec.
31, 2000 |
|
Sept. 30, 2000 |
|
Dec. 31, 1999 |
|
Dec.
31, 2000 |
|
Dec. 31, 1999 |
|
Core earnings
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
$
|
92.4 |
$
|
90.3 |
$
|
78.3 |
$
|
270.0 |
$
|
226.2 |
|
Other income
|
|
22.2 |
|
20.9 |
|
20.1
|
|
65.6 |
|
59.1 |
|
Non-interest expense
|
|
67.1 |
|
61.8 |
|
59.7 |
|
194.0 |
|
177.4 |
|
Loan losses
|
|
5.2 |
|
5.0 |
|
7.7 |
|
7.6 |
|
16.7 |
|
Total core net income
|
|
42.3 |
|
44.4 |
|
31.0 |
|
134.0 |
|
91.2 |
| |
|
|
|
|
|
|
|
|
|
|
|
Non-core items
|
|
|
|
|
|
|
|
|
|
|
|
Interest income on past impaired loans
|
|
|
|
|
|
4.3 |
|
|
|
24.5 |
|
Loan loss recoveries
|
|
|
|
|
|
5.4 |
|
|
|
22.7 |
| Decrease in general
loan loss allowance |
|
|
|
|
|
12.5 |
|
|
|
12.5 |
| Sale of share
options held by ATB |
|
|
|
|
|
5.0 |
|
|
|
5.0 |
| reduction in
pension liabilities |
|
|
|
|
|
6.3 |
|
|
|
6.3 |
Changes in unallocated loan loss provisions |
|
(0.9)
|
|
(1.1)
|
|
(11.1)
|
|
(10.6)
|
|
(20.4)
|
| |
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
41.4 |
$
|
43.3 |
$
|
53.4
|
$
|
123.4 |
$
|
141.8 |
Net Interest Income
Core net interest income is $92.4 million for the third quarter ended December 31, 2000, up $2.1 million or
2.33% compared to core net interest income for the second quarter ended September 30, 2000 and up $14.1 million or 18.00% compared to the third quarter last year.
Core net interest income for the nine months ended December 31, 2000 is $270.0 million, an increase of $43.8 million or 19.36% from the same period last year. The increase in core net interest income over the past year is due to growth in average assets of 9.69% and an increase in the net interest margin to 3.27% at December 31, 2000 from 3.01% at December 31, 1999.
Other Income
Core other income is $22.2 million for the third quarter and $65.6 million for the nine months ended December 31, 2000. This is an 11.00% increase from the previous year. The largest increase is in card fees, a result of introduction of new MasterCard products.
Non-interest Expenses
Core non-interest expenses are $67.1 million for the third quarter ended December 31, 2000, an increase of 8.58% compared to core non-interest expenses for the second quarter ended September 30, 2000 and an increase of 12.40% compared to core non-interest expenses for the third quarter last year.
Core non-interest expenses for the nine months ended December 31, 2000, are $194.0 million, an increase of 9.36% compared to the same period last year.
This increase in non-interest expenses is largely due to investments in customer access channels and an increase in processing volumes.
The efficiency ratio, expressed as a percentage of non-interest expenses to core revenue (net interest income plus other income) improved to 57.81% for the nine months ended December 31, 2000, compared to 62.16% for the same period last year.
Loan
Quality
Gross impaired loans (before deducting the allowance for credit losses) at the end of the quarter are $116.3 million,
compared to $150.5 million a year ago. The allowance for credit losses exceeds the gross amount of impaired loans by $57.1 million.
Balance Sheet
ATB's total assets are $11.5 billion at December 31, 2000, an increase of 2.57% from September 30, 2000 and an increase of 14.00% from December 31, 1999. Total loans are up 10.59% from a year ago due to steady growth in all customer segments. In the past year loans to individuals increased by $527.7 million or 10.78%, agriculture loans increased by $91.9 million or 7.89%, and independent business and commercial loans increased by $299.6 million or 11.43%. Deposits grew by $1.2 billion or 12.66% over the past twelve months.
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Highlights (unaudited)
| |
|
For
the three months ended |
For the nine months ended |
($ in thousands) |
|
Dec. 31 2000 |
|
Sept 30
2000 |
|
Dec. 31
1999 |
|
Dec. 31
2000 |
|
Dec. 31
1999 |
|
Operating results
|
Total revenue |
$ |
114,618 |
$ |
111,231 |
$ |
107,719 |
$ |
335,540 |
$ |
314,824 |
Provision for credit losses |
|
6,079 |
|
6,079 |
|
881 |
|
18,237 |
|
1,934 |
Non-interest expense |
|
67,124 |
|
61,833 |
|
53,443 |
|
193,964 |
|
171,108 |
Net income |
|
41,415 |
|
43,319 |
|
53,395 |
|
123,339 |
|
141,782 |
| Core net income |
|
42,315 |
|
44,466 |
|
30,941 |
|
133,932 |
|
91,127 |
| |
|
|
|
|
|
|
|
|
|
|
Balance Sheet Summary |
Assets |
$ |
11,463,765 |
$ |
11,176,332 |
$ |
10,056,347 |
|
|
|
|
Loans |
|
9,598,342 |
|
9,384,918 |
|
8,679,138 |
|
|
|
|
Deposits |
|
70,785,561 |
|
10,560,079 |
|
9,573,539 |
|
|
|
|
Impaired loans net of loan loss allowances |
|
(57,126) |
|
(48,456) |
|
(58,224) |
|
|
|
|
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Key
Performance Indicators on Core Earnings **
|
Dec. 31
2000
Nine months |
March 31,
2000
Twelve months |
Dec. 31
1999
Nine months |
| |
|
|
|
Operating revenue growth* |
17.60% |
6.86% |
5.35% |
Net interest margin |
3.27% |
3.07% |
3.01% |
Net interest spread on average earning assets |
3.36% |
3.17% |
3.09% |
Other income to operating revenue |
19.54% |
20.76% |
20.73% |
Expenses to operating revenue |
57.81% |
64.29% |
62.16% |
Return on assets (before tax) |
1.62% |
1.80% |
1.21% |
Operating expense growth* |
9.36% |
1.27% |
(3.75%) |
Net impaired loans to total gross loans |
(0.58%) |
(0.46%) |
(0.66%) |
Credit losses to average loans |
0.11% |
(0.49%) |
0.26% |
Loan growth* |
10.592% |
10.52% |
10.85% |
Deposit growth* |
12.66% |
10.00% |
7.72% |
Asset growth* |
14.00% |
12.39% |
10.21% |
* Growth percentages calculated over a one-year period
** See table under
Net Income in the Management's Discussion and Analysis section for a
definition of core earnings
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