Second Quarter Results
Six months ended September 30, 2000
ATB
Leads in Small Business Lending in Alberta
Message
to Stakeholders
Alberta Treasury
Branches (ATB) continued to maintain strong earnings reporting net income of
$43.3 million for the quarter ended September 30, 2000. This is an increase of
$4.7 million, or 12.21% from the previous quarter. These results increased ATB’s
retained earnings to $354.6 million, as at September 30, 2000.
"The personalized customer service we provide is a hallmark of ATB and
we measure our success by the competitive products and services we
provide," says Paul G. Haggis, President & CEO of ATB. "We
continue to augment the services we offer, providing more choice and continually
looking for ways to improve our operations to meet the changing needs of our
customers. Our customers appreciate having options and continue to demonstrate
their loyalty to ATB as their first choice financial services provider."
Financial Highlights
- Core net interest income of $90.3 million; an increase of 20.70% over the
$74.8 million reported for the same quarter last year.
- Non-interest expenses of $61.8 million; an increase of 2.72% over the
$60.2 million for the same quarter last year.
- ATB’s efficiency ratio (non-interest expenses as a percentage of total
core revenues) was 57.41%; compared to 62.95% for the same six-month period
last year.
- The allowance for credit losses (including specific and general loan loss
allowances) exceeds gross impaired loans by $48.5 million. Net impaired
loans represent a negative 0.51% of total loans at September 30, 2000,
compared to a negative 0.59% at September 30, 1999.
- Total assets at $11.2 billion; an increase of 10.16% over last year.
- Total loans at $9.4 billion; increased 11.39% over last year.
- Customer deposits at $10.6 billion; increased 8.48% over last year.
Products and Services
Small business is a core focus for ATB and we continue to dedicate a
tremendous effort to support this market. A national survey recently released by
the Canadian Federation of Independent Business confirmed ATB’s initiatives to
better support Alberta small business are on track. The survey found that ATB’s
share of the small business market now leads all major financial institutions in
the province.
The survey, conducted in the spring of 2000, cited quality of service as the
top reason for small business changing financial institutions, followed by
availability of credit.
Century GIC (Series One) - A 5-year Redeemable Century Guaranteed
Investment Certificate (GIC) was introduced to commemorate Alberta’s
centennial in 2005. The 2000 Redeemable Century GIC is the first of six annual
Century GICs that will be issued for a limited time in October each year.
Purchasers of the 5-year Redeemable Century GIC will also qualify for a $100,000
draw in December 2005. Due to overwhelming customer demand, ATB extended the
sale of the Series One Century GIC to November 11, 2000.
The Alberta Gold My Rewards MasterCardâ , a credit card loyalty program to accumulate points that can be redeemed
for travel or merchandise, was introduced in late September.
The differentiating feature of the Alberta Gold My Rewards
MasterCardâ is that points for travel can be
redeemed anytime, anywhere, with any airline. As well, any combination of points
and cash can be used for travel.
Customers earn one point for every dollar charged and points will not expire.
A program catalogue outlining travel features and merchandise is available on
ATB’s website, www.atb.com.
The AgriBusinessCard is being well accepted, with continued
interest from our customers. The card is designed for customers with lower loan
requirements. Many customers with operating loans now use the AgriBusinessCard
for this purpose.
The total number of AgriBusinessCards issued has almost doubled since March
2000, while the card’s share of the small agri-industry portfolio increased by
over 16.5%.
The roll-out of a new tool to assist in credit decision making continues. All
MasterCardâ consumer applications are now evaluated
using this tool. The result is faster turnaround of credit approvals. New
functionality will be added over the next six months to support the full product
line.
We are also committed to upgrading our branch network. Two branches relocated
during the quarter. The Grande Prairie Northview branch opened in late August.
The branch relocated from the Grande Prairie Mall to a new 4,500 square foot
facility at 11507 – 99th Street. At the end of September, the
Calgary Sunridge branch relocated to a new 6,500 square foot free-standing
building at the Spectrum Shopping Centre, 2555 – 32nd Street, in
Northeast Calgary. Both new branches provide increased convenience and improved
accessibility for their customers.
An additional 52 seats were added to the existing 130 seat Customer Contact
Centre located in Calgary, to handle inbound and outbound sales. This additional
capability will help to strengthen our relationship with our existing customers.
Community Involvement
ATB is a proud community sponsor and participated in a number of activities
throughout the summer. For example, in Calgary, we sponsored the Wild Cow
Milking Contest at the Calgary Stampede; and in Edmonton we presented the annual
Klondike Days Parade and Circusmania, a new family event during K-Days. ATB also
co-sponsored the Lethbridge International Air Show and the opening ceremonies of
the Alberta Summer Games in Grande Prairie.
A new concept for a parade float was developed with three modular pieces
representing technology, youth accounts, and community involvement. These floats
participated in 38 parades across Alberta, including Edmonton, Calgary, Red
Deer; and numerous rural communities from Manning in the north, to Lloydminster
in the east; Onoway in the west; and Bow Island in the south.
ATB is one of the leading lenders to the agri-industry in Alberta. We
recognize that young people are the future for the agri-industry in Alberta and
we support young people belonging to Alberta 4-H. During the quarter, the top 20
finishers in the ATB Provincial 4-H judging competition were awarded with team
jackets. These competitors will now compete in judging competitions in Canada
and the United States.
On behalf of the Board, Management and Staff of ATB, we appreciate your
loyalty and thank you for entrusting ATB with your business. With your continued
support we will maintain the momentum by meeting and exceeding your expectations
through profitable growth.
Ron P. Triffo
Chairman of the Board
Paul G. Haggis
President &
Chief Executive Officer
top of page...
| Caution Regarding Forward-Looking Statements
ATB from time to time may make forward-looking statements in written or
verbal communications. These statements include objectives for the short
and medium term and strategies to achieve those objectives. ATB cautions
readers not to place undue reliance on the forward-looking statements as
actual results may differ materially from plans, objectives and
expectations. By their very nature, forward-looking statements involve
uncertainties and can change due to a variety of reasons including
legislative or regulatory changes, competition, technological changes, and
changes in interest rates and general economic conditions. The foregoing
list is not exhaustive and when relying on forward-looking statements
these factors as well as other factors should be considered. |
Consolidated Balance Sheet (unaudited)
($ in thousands)
|
As at
|
|
Sept. 30
2000
|
|
June 30
2000
|
|
Sept. 30
1999
|
|
Assets
|
|
|
|
|
|
|
| |
|
Cash resources
|
|
|
|
|
|
|
|
Cash and non-interest bearing deposits with banks
|
$
|
91,209
|
$
|
117,072
|
$
|
126,131
|
|
Interest bearing deposits with banks
|
|
705,145
|
|
649,576
|
|
642,273
|
|
Cheques and other items in transit, net
|
|
-
|
|
-
|
|
23,371
|
| |
|
796,354
|
|
766,648
|
|
791,775
|
| |
|
|
|
|
|
|
|
Securities
|
|
759,539
|
|
752,187
|
|
721,700
|
| |
|
Loans, net of allowances for credit losses
|
|
|
|
|
|
|
|
Residential mortgages
|
|
3,862,414
|
|
3,743,203
|
|
3,502,787
|
|
Personal
|
|
1,401,175
|
|
1,370,087
|
|
1,205,684
|
|
Credit cards
|
|
133,772
|
|
115,369
|
|
63,262
|
|
Business and other
|
|
3,987,557
|
|
3,921,315
|
|
3,653,910
|
| |
|
9,384,918
|
|
9,149,974
|
|
8,425,643
|
| |
|
Other
|
|
|
|
|
|
|
|
Capital assets
|
|
62,221
|
|
61,452
|
|
56,800
|
|
Other assets
|
|
173,300
|
|
165,610
|
|
149,573
|
| |
|
235,521
|
|
227,062
|
|
206,373
|
| |
| |
$
|
11,176,332
|
$
|
10,895,871
|
$
|
10,145,491
|
| |
|
Liabilities and equity
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
Personal
|
$
|
5,892,008
|
$
|
5,825,372
|
$
|
5,373,482
|
|
Business and other
|
|
4,668,071
|
|
4,524,473
|
|
4,361,211
|
| |
|
10,560,079
|
|
10,349,845
|
|
9,734,693
|
| |
|
Other
|
|
|
|
|
|
|
|
Other liabilities
|
|
240,385
|
|
214,126
|
|
270,744
|
|
Cheques and other items in transit, net
|
|
3,862
|
|
3,213
|
|
-
|
| |
|
244,247
|
|
217,339
|
|
270,744
|
| |
|
|
|
|
|
|
|
Subordinated debenture
|
|
17,444
|
|
17,444
|
|
7,519
|
| |
|
Equity
|
|
354,562
|
|
311,243
|
|
132,535
|
| |
| |
$
|
11,176,332
|
$
|
10,895,871
|
$
|
10,145,491
|
top of page...
Consolidated Statement of Income (unaudited)
($ in thousands)
| |
|
For the three months
ended |
For the six months ended |
|
|
Sept. 30 2000
|
|
June 30 2000
|
|
Sept. 30 1999
|
|
Sept. 30 2000
|
|
Sept. 30 1999
|
| |
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
|
|
|
|
|
|
|
|
Loans |
$
|
183,256
|
$
|
173,152
|
$
|
172,005
|
$
|
356,408
|
$
|
319,566
|
Securities |
|
11,103
|
|
8,984
|
|
8,150
|
|
20,087
|
|
14,617
|
Deposits with banks |
|
10,015
|
|
8,212
|
|
8,339
|
|
18,227
|
|
15,438
|
| |
|
204,374
|
|
190,348
|
|
188,494
|
|
394,722
|
|
349,621
|
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
113,807
|
|
103,030
|
|
93,383
|
|
216,837
|
|
181,365
|
Subordinated debentures |
|
265
|
|
103
|
|
103
|
|
368
|
|
103
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
114,072
|
|
103,133
|
|
93,486
|
|
217,205
|
|
181,468
|
| |
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
90,302
|
|
87,215
|
|
95,008
|
|
177,517
|
|
168,153
|
Provision (recovery) for credit losses |
|
6,079
|
|
6,079
|
|
(4,673)
|
|
12,158
|
|
1,053
|
| |
|
|
|
|
|
|
|
|
|
|
Net interest income after provision (recovery) for credit losses |
|
84,223
|
|
81,136
|
|
99,681
|
|
165,359
|
|
167,100
|
| |
|
|
|
|
|
|
|
|
|
|
|
Other income
|
|
|
|
|
|
|
|
|
|
|
Service charges |
|
9,595
|
|
9,654
|
|
9,031
|
|
19,249
|
|
17,765
|
Credit fees |
|
4,298
|
|
5,461
|
|
5,065
|
|
9,759
|
|
10,191
|
Commission and other |
|
3,515
|
|
3,416
|
|
3,215
|
|
6,931
|
|
5,892
|
Card fees |
|
2,321
|
|
2,475
|
|
1,866
|
|
4,796
|
|
3,451
|
Foreign exchange |
|
1,200
|
|
1,470
|
|
956
|
|
2,670
|
|
1,653
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
20,929
|
|
22,476
|
|
20,133
|
|
43,405
|
|
38,952
|
| |
|
|
|
|
|
|
|
|
|
|
|
Net interest and other income
|
|
105,152
|
|
103,612
|
|
119,814
|
|
208,764
|
|
206,052
|
| |
|
|
|
|
|
|
|
|
|
|
|
Non-interest expenses
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
30,789
|
|
32,459
|
|
29,283
|
|
63,248
|
|
58,864
|
Premises and equipment, including amortization |
|
9,522
|
|
10,220
|
|
9,315
|
|
19,742
|
|
18,368
|
Communications and electronic processing |
|
11,614
|
|
12,365
|
|
11,883
|
|
23,979
|
|
23,286
|
Other |
|
9,908
|
|
9,963
|
|
9,714
|
|
19,871
|
|
17,147
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
61,833
|
|
65,007
|
|
60,195
|
|
126,840
|
|
117,665
|
| |
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
43,319
|
$
|
38,605
|
$
|
59,619
|
$
|
81,924
|
$
|
88,387
|
top of page...
Consolidated Statement of Cash Flows (unaudited)
($ in thousands)
|
|
For the six months ended |
| |
|
Sept. 30 2000
|
|
Sept. 30 1999
|
| |
|
|
|
|
|
Cash flows from operating activities
|
|
|
|
|
|
Net income
|
$
|
81,924
|
$
|
88,387
|
|
Adjustments to determine net cash flows:
|
|
|
|
|
|
Provision for credit losses
|
|
12,158
|
|
1,053
|
|
Amortization
|
|
7,222
|
|
5,876
|
|
Net changes in accrued interest receivable and payable
|
|
23,818
|
|
7,678
|
|
Other items, net
|
|
(8,947)
|
|
25,850
|
| |
|
116,175
|
|
128,844
|
|
Cash flows from financing activities
|
|
|
|
|
|
Net change in deposits
|
|
635,524
|
|
712,734
|
|
Issue of subordinated debenture
|
|
9,925
|
|
7,519
|
| |
|
645,449
|
|
720,253
|
|
Cash flows from investing activities
|
|
|
|
|
|
Net change in interest bearing deposit balances with banks
|
|
(148,074)
|
|
(141,905)
|
|
Purchase of investment securities
|
|
(2,833,125)
|
|
(2,716,525)
|
|
Maturity of investment securities
|
|
2,703,810
|
|
2,463,303
|
|
Net change in loans
|
|
(472,423)
|
|
(390,004)
|
|
Net purchases of capital assets
|
|
(5,827)
|
|
(8,505)
|
| |
|
(755,639)
|
|
(793,636)
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
248
|
|
(393)
|
| |
|
|
|
|
|
Net change in cash and cash equivalents
|
|
6,233
|
|
55,068
|
|
Cash and cash equivalents at beginning of year
|
|
81,114
|
|
94,434
|
| |
|
|
|
|
|
Cash and cash equivalents at end of period
|
$
|
87,347
|
$
|
149,502
|
|
Consists of:
|
|
|
|
|
|
Cash and non-interest bearing deposits with banks
|
$
|
91,209
|
$
|
126,131
|
|
Cheques and other items in transit, net
|
|
(3,862)
|
|
23,371
|
| |
$
|
87,347
|
$
|
149,502
|
top of page...
Consolidated Statement of Changes in Equity (unaudited)
($ in thousands)
|
|
For the six months ended |
| |
|
Sept. 30 2000
|
|
Sept. 30 1999
|
|
Equity at beginning of year
|
$
|
272,638
|
$
|
44,148
|
|
Net income for period
|
|
81,924
|
|
88,387
|
| |
|
|
|
|
|
Equity at end of period
|
$
|
354,562
|
$
|
132,535
|
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 six months ended
September 30, 2000
|
| ($ in thousands) |
| |
|
|
|
Lending business |
|
|
|
|
|
|
Deposit business
|
|
Individual
|
|
Agricultural
|
|
Independent
business & commercial
|
|
Other *
|
|
Total
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
$ |
83,188 |
$ |
40,395 |
$ |
13,208 |
$ |
37,768 |
$ |
2,958 |
$ |
177,517 |
Other income |
|
23,035 |
|
4,996 |
|
840 |
|
9,042 |
|
5,492 |
|
43,405 |
Total revenue |
|
106,223 |
|
45,391 |
|
14,048 |
|
46,810 |
|
8,450 |
|
220,922 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Provision (recovery) for credit losses |
|
|
- |
2,022 |
|
(65) |
|
3,570 |
|
6,631 |
|
12,158 |
Non-interest expenses |
|
- |
|
- |
|
- |
|
- |
|
126,840 |
|
126,840 |
Net income (loss) |
$ |
106,223 |
$ |
43,369 |
$ |
14,113 |
$ |
43,240 |
$ |
(125,021) |
$ |
81,924 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Average loans |
$
|
- |
$ |
5,183,100 |
$ |
1,107,375 |
$ |
2,939,401 |
$ |
(61,123) |
$ |
9,168,753 |
Average deposits |
|
8,849,829 |
|
- |
|
- |
|
- |
|
1,362,897 |
|
10,212,726 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
- |
|
5,329,796 |
|
1,132,710 |
|
2,979,351 |
|
1,734,475 |
|
11,176,332 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 1999
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
$ |
62,586 |
$ |
35,276 |
$ |
12,407 |
$ |
56,278 |
$ |
1,606 |
$ |
168,153 |
Other income |
|
21,791 |
|
4,562 |
|
851 |
|
8,341 |
|
3,407 |
|
38,952 |
Total revenue |
|
84,377 |
|
39,838 |
|
13,258 |
|
64,619 |
|
5,013 |
|
207,105 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Provision (recovery) for credit losses |
|
- |
|
1,806 |
|
830 |
|
2,815 |
|
(4,398) |
|
1,053 |
Non-interest expenses |
|
- |
|
- |
|
- |
|
- |
|
117,665 |
|
117,665 |
Net income (loss) |
|
$84,377 |
$ |
38,032 |
$ |
12,428 |
$ |
61,804 |
$ |
(110,269) |
$ |
88,387 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Average loans |
$ |
- |
$ |
4,609,230 |
$ |
1,034,399 |
$ |
2,659,507 |
$ |
93,587 |
$ |
8,396,723 |
Average deposits |
|
8,091,558 |
|
- |
|
- |
|
- |
|
1,243,318 |
|
9,334,876 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
- |
|
4,750,728 |
|
1,023,326 |
|
2,711,567 |
|
1,659,870 |
|
10,145,491 |
*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.
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Management's Discussion and Analysis (unaudited)
Net Income
ATB’s net income for the second quarter ended September 30, 2000 is $43.3
million, compared to the previous quarter’s net income of $38.6 million, and
$59.6 million reported for the quarter ended September 30, 1999. These results
include exceptional loan loss recoveries and non-recurring gains.
The following table details core earnings and non-core items. Core earnings
exclude items that are unusual and not expected to re-occur. In management’s
view, the non-core items would distort the analysis of trends, and are therefore
excluded from the following discussion.
Total core net income is $44.4 million for the quarter ended September 30,
2000, compared to $47.2 million in the previous quarter and $31.4 million one
year earlier. For the six months ended September 30, 2000, core income is $91.6
million, an increase of 52.41% over last year's core net income of $60.1
million.
|
($ in millions)
|
|
For the three months ended |
For the six months ended |
| |
|
Sept. 30, 2000
|
|
June 30, 2000
|
|
Sept. 30, 1999
|
|
Sept. 30, 2000
|
|
Sept. 30, 1999
|
|
Core earnings
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
$
|
90.3
|
$
|
87.2
|
$
|
74.8
|
$
|
177.5
|
$
|
147.9
|
|
Other income
|
|
20.9
|
|
22.5
|
|
20.1
|
|
43.4
|
|
39.0
|
|
Non-interest expense
|
|
61.8
|
|
65.0
|
|
60.2
|
|
126.8
|
|
117.7
|
|
Loan losses (recoveries)
|
|
5.0
|
|
(2.5)
|
|
3.3
|
|
2.5
|
|
9.1
|
|
Total core net income
|
|
44.4
|
|
47.2
|
|
31.4
|
|
91.6
|
|
60.1
|
| |
|
|
|
|
|
|
|
|
|
|
|
Non-core items
|
|
|
|
|
|
|
|
|
|
|
|
Interest income on past impaired loans
|
|
|
|
|
|
20.2
|
|
|
|
20.2
|
|
Loan loss recoveries
|
|
|
|
|
|
8.8
|
|
|
|
17.4
|
|
Changes in unallocated loan loss provisions |
|
(1.1)
|
|
(8.6)
|
|
(0.8)
|
|
(9.7)
|
|
(9.3)
|
| |
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
43.3
|
$
|
38.6
|
$
|
59.6
|
$
|
81.9
|
$
|
88.4
|
Net Interest Income
Core net interest income for the quarter ended September 30, 2000 is $90.3
million, up $3.1 million or 3.54% from the first quarter and $15.5 million or
20.70% from a year ago.
For the six months ended September 30, 2000, core net interest income is
$177.5 million, an increase of $29.6 million or 19.98% over the same period last
year. The increase in net interest income over the past year is due to growth in
average assets of 9.14% and an increase in net interest margins on core earnings
from 2.99% as at September 30, 1999 to 3.29% as at September 30, 2000.
Non-interest Expenses
Non-interest expenses in the second quarter ended September 30, 2000 are
$61.8 million, a decrease of 4.88% from the previous quarter and an increase of
2.72% over the second quarter of last year.
For the six months ended September 30, 2000, non-interest expenses increased
7.80% from September 30, 1999. This increase in non-interest expenses is largely
due to investments in customer access channels and an increase in processing
volumes.
The efficiency ratio, calculated as a percentage of non-interest expenses to
core revenue, is 57.41% at September 30, 2000 compared to 62.95% one year
earlier.
Loan
Quality
Gross impaired loans (before deducting the allowance for credit losses) at
the end of the quarter is $125.4 million, compared to $156.8 million a year ago.
The allowance for credit losses now exceeds the gross amount of impaired loans
by $48.5 million compared to $50.9 million last year.
Balance Sheet
At September 30, 2000, ATB’s total assets are $11.2 billion, an increase of
2.57% from June 30, 2000 and an increase of 10.16% from September 30, 1999.
Loans are up 11.39% from a year ago due to steady growth in all customer
segments. In the past year loans to individuals increased by $579.1 million or
12.19%, agriculture loans increased by $109.4 million or 10.69%, and independent
business and commercial loans increased by $267.8 million or 9.88%. Deposits
grew by $825.4 million or 8.48% over the past twelve months.
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Highlights (unaudited)
| |
|
For
the three months ended |
For the
six months ended |
($ in thousands) |
|
Sept. 30 2000
|
|
June 30
2000
|
|
Sept. 30
1999
|
|
Sept. 30
2000
|
|
Sept. 30
1999
|
|
Operating results
|
Total revenue |
$ |
111,231 |
$ |
109,691 |
$ |
115,141 |
$
|
220,922
|
$ |
207,105 |
Provision (recovery) for credit losses |
|
6,079 |
|
6,079 |
|
(4,673) |
|
12,158
|
|
1,053 |
Non-interest expense |
|
61,833 |
|
65,007 |
|
60,195 |
|
126,840
|
|
117,665 |
Net income |
|
43,319 |
|
38,605 |
|
59,619 |
|
81,924
|
|
88,387 |
| |
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet Summary |
Assets |
$ |
11,176,332 |
$ |
10,895,871 |
$ |
10,145,491 |
|
|
|
|
Loans |
|
9,384,918 |
|
9,149,974 |
|
8,425,643 |
|
|
|
|
Deposits |
|
10,560,079 |
|
10,349,845 |
|
9,734,693 |
|
|
|
|
Impaired loans net of loan loss allowances |
|
(48,456) |
|
(58,134) |
|
(50,864) |
|
|
|
|
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Key
Performance Indicators on Core Earnings
|
Sept. 30
2000
Six months
|
March 31,
2000
Twelve months
|
Sept. 30
1999
Six months
|
| |
|
|
|
Operating revenue growth* |
18.20% |
6.86% |
4.85% |
Net interest margin |
3.29% |
3.07% |
2.99% |
Net interest spread on average earning assets |
3.38% |
3.17% |
3.07% |
Other income to operating revenue |
19.65% |
20.76% |
20.84% |
Expenses to operating revenue |
57.41% |
64.29% |
62.95% |
Return on assets (before tax) |
1.70% |
1.80% |
1.22% |
Operating expense growth* |
7.80% |
1.27% |
(4.00%) |
Net impaired loans to total gross loans |
(0.51%) |
(0.46%) |
(0.59%) |
Credit losses to average loans |
0.26% |
(0.49%) |
0.03% |
Loan growth* |
11.92% |
10.52% |
12.47% |
Deposit growth* |
8.48% |
10.00% |
10.54% |
Asset growth* |
10.16% |
12.39% |
11.80% |
* Growth percentages calculated over a one-year period
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|
