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Isis to Launch Oct. 22, App for T-Mobile Goes Live Wireless Week Isis has confirmed it will launch trials of its NFC-based mobile payments service in Austin, Texas and Salt Lake City on Oct. 22 after delaying the summer debut of the app. The company had planned on going live during the summer, but abandoned the ... See all stories on this topic » | ||
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Wednesday, October 17, 2012
GSMA requests feedback on mobile wallet technical proposal
Apple secures patent for NFC alternative technology
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Apple secures patent for NFC alternative technology Digital Spy A similar process is known as Near Field Communications (NFC), and this technology is fitted in many Android and Windows Phone devices, enabling them to share data with other NFC handsets without needing Bluetooth or WiFi. NFC technology is also ... See all stories on this topic » |
You're here because you searched for news. IMI's proprietary breaking news content marketing platform is second to none. Learn More
Innovative Marketing Ideas has created a "News Content Marketing" software platform that creates "breaking news" sites for any industry, vertical or niche. Any subject. Our newsbots scour the web for breaking news on "keywords" they are trained to find. The breaking news story is then sent to our server and reformatted as follows:
- Title
- Picture (if available in news story)
- Credit to Author (i.e. Chicago Tribune)
- 25 Word Blurb (Preview
- Additional Articles on same keyword (if available)
- Direct Link to Original Content Provider
Web Crawlers Love Breaking News! |
To see our technology in action, visit NBANewsHeat.com or NFCIP.org
MasterCard Hits News 52 Week High at $483.01
NEW YORK (TheStreet) -- MasterCard Incorporated (NYSE:MA) hit a new 52-week high Wednesday as it is currently trading at $483.01, above its previous 52-week high of $483 with 73,214 shares traded as of 10:35 a.m. ET. Average volume has been 723,700 shares over the past 30 days. read more
You're here because you searched for news. IMI's proprietary breaking news content marketing platform is second to none. Learn More
Innovative Marketing Ideas has created a "News Content Marketing" software platform that creates "breaking news" sites for any industry, vertical or niche. Any subject. Our newsbots scour the web for breaking news on "keywords" they are trained to find. The breaking news story is then sent to our server and reformatted as follows:
- Title
- Picture (if available in news story)
- Credit to Author (i.e. Chicago Tribune)
- 25 Word Blurb (Preview
- Additional Articles on same keyword (if available)
- Direct Link to Original Content Provider
Web Crawlers Love Breaking News! |
To see our technology in action, visit NBANewsHeat.com or NFCIP.org
Square Shuts Down Checker NY Taxi Pilot
English: Looking south from Madison Avenue at Checker Cab standing in front of the Metropolitan Life North Building on a cloudy afternoon. Deutsch: Ein Checker Cab vor dem Metropolitan North Life Building in New York City. (Photo credit: Wikipedia) |
Square has abruptly shut down Checker, a pilot service enabling New York City taxi passengers to more efficiently pay their fare via credit card.
In a letter to New York's Taxi and Limousine Commission obtained by The New York Post, Square told officials it plans to overhaul Checker in light of new rules designed to legislate credit card payments in cabs. The new TLC guidelines would allow any company in compliance to offer payment services in NYC taxis.
"Square has determined, in light of developments in prospective taxicab regulations in New York and other markets, and based on what we have learned conducting the pilot program to date, that we wish to pursue a different hardware and software solution," Square wrote.
Read more: Square abruptly halts NYC taxi payment system trial - FierceMobileContent http://www.fiercemobilecontent.com/story/square-abruptly-halts-nyc-taxi-payment-system-trial/2012-10-17#ixzz29ZgqYNMn
Search engines give breaking news priority resulting in top billing. Better yet, people who use search engines to find news are targeted resulting in qualified visitors who have demonstrated an interest in your industry, niche or vertical. So if we create breaking news on the Miami Heat, our visitors are most likely to be Miami Heat Fans. This means we can target our visitors with real "contextual advertising" (i.e NBA Heat Jersey's, Lebron James shoes, South Beach related merchandise (Groupon) etc.
In a letter to New York's Taxi and Limousine Commission obtained by The New York Post, Square told officials it plans to overhaul Checker in light of new rules designed to legislate credit card payments in cabs. The new TLC guidelines would allow any company in compliance to offer payment services in NYC taxis.
"Square has determined, in light of developments in prospective taxicab regulations in New York and other markets, and based on what we have learned conducting the pilot program to date, that we wish to pursue a different hardware and software solution," Square wrote.
For more:
- read this New York Post article
- read this New York Post article
Read more: Square abruptly halts NYC taxi payment system trial - FierceMobileContent http://www.fiercemobilecontent.com/story/square-abruptly-halts-nyc-taxi-payment-system-trial/2012-10-17#ixzz29ZgqYNMn
You're here because you searched for news. IMI's proprietary breaking news content marketing platform is second to none. Learn More
Innovative Marketing Ideas has created a "News Content Marketing" software platform that creates "breaking news" sites for any industry, vertical or niche. Any subject. Our newsbots scour the web for breaking news on "keywords" they are trained to find. The breaking news story is then sent to our server and reformatted as follows:
- Title
- Picture (if available in news story)
- Credit to Author (i.e. Chicago Tribune)
- 25 Word Blurb (Preview
- Additional Articles on same keyword (if available)
- Direct Link to Original Content Provider
Web Crawlers Love Breaking News! |
To see our technology in action, visit NBANewsHeat.com or NFCIP.org
Ex-Nokia Money Team Launches iKaaz Tap & Pay Mobile Payments Platform for Enterprises
Image via CrunchBase |
Ex-Nokia Money Team Launches iKaaz Tap & Pay Mobile Payments Platform for Enterprises (via PR Newswire)
BANGALORE, October 17, 2012 /PRNewswire/ -- iKaaz, a Bangalore-based mobile payments solution provider, launched its new iKaaz mobile payment platform for enterprises (you can view the product launch event video at http://www.ikaaz.com). The iKaaz platform broadly caters to two major segments. The…
First NFC Grocery Program Shared at DMA 2012 Conference
First NFC Grocery Program Shared at DMA 2012 Conference (via PR Newswire)
LAS VEGAS, Oct. 17, 2012 /PRNewswire/ -- The results of a Summer 2012 retail innovation pilot were shared at the Direct Marketing Association (DMA) 2012 Conference & Exhibition. In his keynote presentation to leading marketers and agencies on "Mobile 3.0", Patrick Meyer, Chief Marketing Officer, thinaire…
C.H. Robinson Announces Sale of T-Chek Systems to EFS for $302.5 Million
Announces Conference Call to Discuss Sale
MINNEAPOLIS--(BUSINESS WIRE)--C.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (Nasdaq: CHRW), today announced that it has reached a definitive agreement and has sold its payment services business, T-Chek Systems, Inc. (“T-Chek”), to Electronic Funds Source, LLC (“EFS”) for $302.5 million in cash. EFS acquired the assets and assumed certain liabilities of T-Chek.
“T-Chek is a high quality company with strong customer relationships, very good technology, and talented, dedicated employees”
T-Chek is a business-to-business provider of spend management and payment processing services. T-Chek’s technology supports a variety of funds transfer, vendor payment, fuel purchasing, and online expense management tools. Historically, T-Chek has focused on the transportation industry with its major customer segments including the truckload, less-than-truckload, and private fleet industries, and truck stop chains. Due to changes in the industry, T-Chek has expanded its business further into the financial services sector, to include funds transfer and expense management for other industries through its MasterCard® product.
“We are proud of T-Chek’s success and of T-Chek’s employees, who built a very strong business with a long track record of growth,” said John P. Wiehoff, chief executive officer of C.H. Robinson. “As the payment services industry continues to consolidate and evolve, scale and alignment with the financial services sector are becoming increasingly important. EFS is an excellent organization and we felt, for T-Chek’s long term success, that strategically it was the right time for T-Chek to join forces with EFS.”
“T-Chek is a high quality company with strong customer relationships, very good technology, and talented, dedicated employees,” said Scott Phillips, president and chief executive officer of EFS. “The acquisition will provide us with a unique opportunity to add a successful business and outstanding team to our portfolio. We look forward to welcoming the business and its employees into the EFS organization.”
T-Chek has 190 employees, most of whom are based in Minnesota. EFS expects to retain a Minnesota presence, and T-Chek’s management will assume key roles in the combined organization. Prior to the sale, C.H. Robinson purchased services from T-Chek, including services to advance funds to C.H. Robinson’s contract carriers, and employee expense card services. C.H. Robinson has entered into a contract to purchase those services from EFS.
T-Chek had annual payment services net revenues of $49.3 million and operating income of $24.6 million in 2011. T-Chek has been a subsidiary of C.H. Robinson since 1984.
T-Chek Systems, Inc. | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||
2011 | 2012 | ||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | |||||||||||||||
Net revenues | $ | 11.9 | $ | 12.4 | $ | 12.5 | $ | 12.5 | $ | 12.8 | $ | 13.4 | $ | 13.2 | |||||||
Income from operations
| $ | 6.0 | $ | 6.0 | $ | 6.2 | $ | 6.4 | $ | 5.7 | $ | 6.8 | $ | 6.9 | |||||||
Conference Call Information:
C.H. Robinson Sale of T-Chek Systems Conference Call
Tuesday, October 16, 2012; 6:00 pm Eastern Time
Presentation slides and a simultaneous live audio webcast of the conference call may be accessed through the Investor Relations link on C.H. Robinson’s website at www.chrobinson.com
To participate in the conference call by telephone, please call ten minutes early by dialing: 1-877-941-8609
C.H. Robinson Sale of T-Chek Systems Conference Call
Tuesday, October 16, 2012; 6:00 pm Eastern Time
Presentation slides and a simultaneous live audio webcast of the conference call may be accessed through the Investor Relations link on C.H. Robinson’s website at www.chrobinson.com
To participate in the conference call by telephone, please call ten minutes early by dialing: 1-877-941-8609
Callers should reference the conference ID, which is 4570671
Webcast replay available through Investor Relations link at www.chrobinson.com
Telephone audio replay available until 12:59 a.m. Eastern Time on October 19: 800-406-7325; passcode: 4570671#
Telephone audio replay available until 12:59 a.m. Eastern Time on October 19: 800-406-7325; passcode: 4570671#
About C.H. Robinson
Founded in 1905, C.H. Robinson is a global provider of multimodal transportation services and logistics solutions, serving over 37,000 customers through a network of 234 offices in North America, Europe, Asia, South America, and Australia. C.H. Robinson is one of the largest third-party logistics companies in the world, with annual total revenues of over $10 billion. For more information about our company, visit our Web site atwww.chrobinson.com.
Founded in 1905, C.H. Robinson is a global provider of multimodal transportation services and logistics solutions, serving over 37,000 customers through a network of 234 offices in North America, Europe, Asia, South America, and Australia. C.H. Robinson is one of the largest third-party logistics companies in the world, with annual total revenues of over $10 billion. For more information about our company, visit our Web site atwww.chrobinson.com.
About EFS
Electronic Funds Source, LLC (www.efsllc.com) is the leading provider of innovative and intelligent customized payment solutions designed specifically to meet the dynamic and competitive transportation industry needs. Serving the industry for 30 years, EFS brings unparalleled service, customer-driven innovation, and the latest technologies to make the industry better. EFS provides payment solutions that are universally accepted at over 10,000 locations in North America. Its portfolio includes a suite of private-label cards; the latest in cardless technology solutions; alternative payments solutions; money transfer solutions; payroll distribution solutions; and intelligent, real-time analytics and notifications to help its customers better manage their businesses. Led by industry experts, EFS maintains its commitment to bettering the industry by developing new technology to deliver smarter payments. To serve customers most effectively, EFS has offices in Memphis, Tennessee; Nashville, Tennessee; and Ogden, Utah.
Electronic Funds Source, LLC (www.efsllc.com) is the leading provider of innovative and intelligent customized payment solutions designed specifically to meet the dynamic and competitive transportation industry needs. Serving the industry for 30 years, EFS brings unparalleled service, customer-driven innovation, and the latest technologies to make the industry better. EFS provides payment solutions that are universally accepted at over 10,000 locations in North America. Its portfolio includes a suite of private-label cards; the latest in cardless technology solutions; alternative payments solutions; money transfer solutions; payroll distribution solutions; and intelligent, real-time analytics and notifications to help its customers better manage their businesses. Led by industry experts, EFS maintains its commitment to bettering the industry by developing new technology to deliver smarter payments. To serve customers most effectively, EFS has offices in Memphis, Tennessee; Nashville, Tennessee; and Ogden, Utah.
You're here because you searched for news. IMI's proprietary breaking news content marketing platform is second to none. Learn More
Innovative Marketing Ideas has created a "News Content Marketing" software platform that creates "breaking news" sites for any industry, vertical or niche. Any subject. Our newsbots scour the web for breaking news on "keywords" they are trained to find. The breaking news story is then sent to our server and reformatted as follows:
- Title
- Picture (if available in news story)
- Credit to Author (i.e. Chicago Tribune)
- 25 Word Blurb (Preview
- Additional Articles on same keyword (if available)
- Direct Link to Original Content Provider
Web Crawlers Love Breaking News! |
To see our technology in action, visit NBANewsHeat.com or NFCIP.org
AIRTAG Launches “AIRTAG Kit” to Help Developers Build Applications Implementing MasterCard MobilePayPass™
A fast and easy way to develop your Mobile PayPass™ Wallet Application
NEW YORK--(BUSINESS WIRE)--AIRTAG®, the leading provider of Mobile Shopping Solutions, today announces the launch of the AIRTAG Kit, an all-in-one toolkit designed for banks, financial institutions and mobile network operators to help reduce costs and simplify the development of MasterCard® Mobile PayPass™ Wallet Applications. The AIRTAG Kit was designed to be used in conjunction with the recently released MasterCard Mobile PayPassUser Interface Software Development Kit (MMPP UI SDK), now available via the MasterCard® Worldwide Developer Zone.
“We are providing the right tools, showing how the tools and MMPP UI SDK can be used, helping to solve your issues and continually providing assistance.”
The AIRTAG kit contains all of the components that are needed to develop and test Mobile PayPassapplications; the latest generation Samsung Galaxy S3, a USB Contactless Card Reader, demo tags and five UICC samples – which enable access to the Secure Element on a SIM card for development purposes. As a result, high and low value contactless transactions can be simulated on the card reader, the wallet framework can be tested and development issues can be resolved. The kit also comes with a one year subscription to the Developer Program that includes access to a forum where AIRTAG developers will answer questions, a user guide for the MMPP UI SDK and AIRTAG Kit, demonstrations and tutorials, and software updates for additional Smartphone platforms as they become available.
“The AIRTAG Kit will help MasterCard partners more easily assemble the components they need, and access the support necessary, to leverage the full potential of the Mobile PayPass UI SDK,” said James Anderson, Senior Vice President of Mobile Product Development at MasterCard. “As a pioneer in mobile payments and industry leader in mobile deployments, we’re using our expertise and experience to help accelerate mobile application development. The AIRTAG Kit aligns well with our vision, and market needs, to quickly and efficiently bring Mobile MasterCard PayPass services to market.”
“The added value of the Kit is the included ongoing support from our development team,” said Jérémie Leroyer CEO of AIRTAG. “We are providing the right tools, showing how the tools and MMPP UI SDK can be used, helping to solve your issues and continually providing assistance.”
Pricing & Availability
The AIRTAG Kit Developer Program and Kit are available for purchase through www.airtagkit.com. A separate subscription to the Developer Program is also available on the AIRTAG Kit website.
Customized Mobile wallet apps for payments, transit, loyalty and couponing including integration services are available online at www.airtag.com
About AIRTAG
The leader in mobile shopping ecosystem innovations, AIRTAG provides mobile, NFC and in-store solutions that continue to improve the consumer buying experience. AIRTAG solutions are the platform of choice for globally recognized MNO’s, financial institutions and retailers, across Europe, North America, The Middle East and The UK. AIRTAG’s quickly growing partner base is comprised of more than 35 retailers including; McDonald’s, McCafé, Carrefour, Casino, G20, Dior, and Reebok, and 10 MNO’s and financial institutions including; MasterCard, Orange, SFR, CIC, Credit Mutuel, Bouygues, and NRJ Mobile. For more information about AIRTAG and its patented technologies, visit www.airtag.com.
You're here because you searched for news. IMI's proprietary breaking news content marketing platform is second to none. Learn More
Innovative Marketing Ideas has created a "News Content Marketing" software platform that creates "breaking news" sites for any industry, vertical or niche. Any subject. Our newsbots scour the web for breaking news on "keywords" they are trained to find. The breaking news story is then sent to our server and reformatted as follows:
- Title
- Picture (if available in news story)
- Credit to Author (i.e. Chicago Tribune)
- 25 Word Blurb (Preview
- Additional Articles on same keyword (if available)
- Direct Link to Original Content Provider
Web Crawlers Love Breaking News! |
To see our technology in action, visit NBANewsHeat.com or NFCIP.org
U.S. Bancorp today reported record net income of $1,474 million for Q3
U.S. Bancorp Reports Record Earnings for the Third Quarter of 2012
15.8 Percent Increase in Net Income Over Prior Year was Driven by Record Total Net Revenue
MINNEAPOLIS--(BUSINESS WIRE)--U.S. Bancorp (NYSE: USB) today reported record net income of $1,474 million for the third quarter of 2012, or $.74 per diluted common share. Earnings for the third quarter of 2012 were driven by year-over-year growth in total net revenue and positive operating leverage. Highlights for the third quarter of 2012 included:
- Strong new lending activity of $66.6 billion during the third quarter, including:
- $35.7 billion of new and renewed commercial and commercial real estate commitments
- $2.4 billion of lines related to new credit card accounts
- $28.5 billion of mortgage and other retail loan originations
- Growth in average total loans of 7.3 percent over the third quarter of 2011 (9.6 percent excluding covered loans)
- Growth in average total loans on a linked quarter basis of 1.6 percent, excluding the impact of a credit card portfolio sale, or 1.3 percent inclusive of the portfolio sale (2.0 percent excluding covered loans)
- Growth in average total commercial loans of 18.8 percent over the third quarter of 2011 and 3.6 percent over the second quarter of 2012
- Growth in average commercial and commercial real estate commitments of 21.0 percent year-over-year and 3.5 percent over the prior quarter
- Significant growth in average deposits of 11.1 percent over the third quarter of 2011, including:
- Growth in average noninterest-bearing deposits of 16.2 percent
- Growth in average total savings deposits of 6.9 percent
- Total net revenue growth of 8.0 percent over the third quarter of 2011 and 2.2 percent on a linked quarter basis, reaching a record high for the quarter
- Net interest income growth of 6.1 percent over the third quarter of 2011 and 2.6 percent on a linked quarter basis
- Average earning assets growth of 7.9 percent year-over-year and 1.7 percent on a linked quarter basis
- Continued strong growth in lower cost core deposit funding on a year-over-year and linked quarter basis
- Net interest margin of 3.59 percent for the third quarter of 2012, compared with 3.65 percent for the third quarter of 2011, and 3.58 percent for the second quarter of 2012
- Year-over-year and linked quarter growth in fee-based revenue of 10.4 percent and 1.7 percent, respectively, led by higher mortgage banking revenue
- Positive operating leverage on both a year-over-year and a linked quarter basis
- Net charge-offs declined 19.6 percent year-over-year, while increasing 3.5 percent on a linked quarter basis. Provision for credit losses was $50 million less than net charge-offs
- Net charge-offs increased by $18 million over the second quarter of 2012; included $54 million of incremental charge-offs due to a regulatory clarification
- Annualized net charge-offs to average total loans ratio of .99 percent (.89 percent, excluding incremental charge-offs)
- Allowance to period-end loans (excluding covered loans) was 2.26 percent at September 30, 2012, compared with 2.34 percent at June 30, 2012, and 2.66 percent at September 30, 2011
- Nonperforming assets declined on both a linked quarter and year-over-year basis
- Nonperforming assets (excluding covered assets) decreased 3.0 percent from the second quarter of 2012 (6.4 percent including covered assets)
- Allowance to nonperforming assets (excluding covered assets) was 213 percent at September 30, 2012, compared with 210 percent at June 30, 2012, and 166 percent at September 30, 2011
- Capital generation continues to fortify capital position; ratios at September 30, 2012 were:
- Tier 1 capital ratio of 10.9 percent
- Total risk based capital ratio of 13.3 percent
- Tier 1 common equity to risk-weighted assets ratio of 9.0 percent
- Tier 1 common equity ratio of approximately 8.2 percent using proposed rules for the Basel III standardized approach released June 2012
EARNINGS SUMMARY | Table 1 | |||||||||||||||
($ in millions, except per-share data) | Percent | Percent | ||||||||||||||
Change | Change | |||||||||||||||
3Q | 2Q | 3Q | 3Q12 vs | 3Q12 vs | YTD | YTD | Percent | |||||||||
2012 | 2012 | 2011 | 2Q12 | 3Q11 | 2012 | 2011 | Change | |||||||||
Net income attributable to U.S. Bancorp | $1,474 | $1,415 | $1,273 | 4.2 | 15.8 | $4,227 | $3,522 | 20.0 | ||||||||
Diluted earnings per common share | $.74 | $.71 | $.64 | 4.2 | 15.6 | $2.12 | $1.77 | 19.8 | ||||||||
Return on average assets (%) | 1.70 | 1.67 | 1.57 | 1.66 | 1.50 | |||||||||||
Return on average common equity (%) | 16.5 | 16.5 | 16.1 | 16.4 | 15.5 | |||||||||||
Net interest margin (%) | 3.59 | 3.58 | 3.65 | 3.59 | 3.67 | |||||||||||
Efficiency ratio (%) | 50.4 | 51.1 | 51.5 | 51.1 | 51.4 | |||||||||||
Tangible efficiency ratio (%) (a) | 49.1 | 49.8 | 50.0 | 49.8 | 49.8 | |||||||||||
Dividends declared per common share | $.195 | $.195 | $.125 | -- | 56.0 | $.585 | $.375 | 56.0 | ||||||||
Book value per common share (period-end) | $18.03 | $17.45 | $16.01 | 3.3 | 12.6 | |||||||||||
(a) Computed as noninterest expense divided by the sum of net interest income on a taxable-equivalent basis and noninterest income | ||||||||||||||||
excluding net securities gains (losses) and intangible amortization. | ||||||||||||||||
Net income attributable to U.S. Bancorp was $1,474 million for the third quarter of 2012, 15.8 percent higher than the $1,273 million for the third quarter of 2011 and 4.2 percent higher than the $1,415 million for the second quarter of 2012. Diluted earnings per common share of $.74 in the third quarter of 2012 were $.10 higher than the third quarter of 2011 and $.03 higher than the previous quarter. Return on average assets and return on average common equity were 1.70 percent and 16.5 percent, respectively, for the third quarter of 2012, compared with 1.57 percent and 16.1 percent, respectively, for the third quarter of 2011. During the third quarter of 2012, the Company recognized a gain on the sale of a credit card portfolio, recorded a charge related to an investment under the equity method of accounting and recorded incremental provision for credit losses for charge-offs related to a regulatory clarification in the treatment of residential mortgage and other consumer loans to borrowers who have exited bankruptcy but continue to make payments on their loans. Taken together, these items had no impact on third quarter diluted earnings per common share. During the second quarter, the Company recorded an accrual related to its portion of indemnification obligations associated with Visa Inc. (NYSE: V) litigation matters, which reduced diluted earnings per common share by $.02 (“Visa accrual”). The provision for credit losses was $50 million lower than net charge-offs in the second and third quarters of 2012 and $150 million lower than net charge-offs in the third quarter of 2011.
U.S. Bancorp Chairman, President and Chief Executive Officer Richard K. Davis said, “I am very proud to announce our Company’s third quarter results. U.S. Bancorp, today, reported record net income of $1.5 billion, or $.74 diluted earnings per common share, on record total net revenue of $5.2 billion. Once again, we achieved industry-leading performance metrics with returns on average assets and average common equity of 1.70 percent and 16.5 percent, respectively, as well as an efficiency ratio of 50.4 percent. Additionally, we posted positive operating leverage on both a year-over-year and linked quarter basis, and we achieved these results despite an economy described as only modestly growing and burdened by uncertainty.
“Our third quarter earnings included continued strong mortgage banking activity, which contributed to our growth in fee income, residential real estate loans and loans held for sale. Solid new lending activity outside of mortgage also helped to grow our balance sheet, particularly in commercial loans, which grew on average by 21.9 percent year-over-year and 4.2 percent on a linked quarter basis. On the retail side, automobile loans and leases, a national business for our Company, also continued to show good growth in the quarter. Finally, strong growth in average deposits over the prior time periods demonstrated that we continued to enjoy a flight to quality as consumers and businesses sought a safe and stable financial partner and, along with the growth in our loan and fee-based businesses, continued to expand our market share.
“The overall credit quality of our loan portfolio continued to improve, as net charge-offs and nonperforming assets, excluding a change in reporting for collateralized loans to consumers who have filed for bankruptcy, both declined on a linked quarter basis. We expect this downward trend in net charge-offs and nonperforming assets to continue in the fourth quarter, with the net charge-off ratio remaining below one percent.
“With our growth in earnings, we continued to generate significant capital. Our capital ratios remained strong with a Tier 1 common ratio of 9.0 percent and a Tier 1 capital ratio of 10.9 percent at September 30th. Importantly, based on our assessment of the proposed rules for the Basel III standardized approach, our Tier 1 common equity ratio was 8.2 percent at September 30th, above our targeted ratio of 8.0 percent. We are where we need to be in terms of our capital levels. As a result, during the third quarter we were able to return 67 percent of our earnings to shareholders in the form of dividends and share buybacks – consistent with our goal of returning 60-80 percent of the capital we generate back to our shareholders.
“Finally, I want to take this opportunity to thank our almost 66,000 dedicated, engaged employees, who come to work each day with the goal of providing our customers with the products and services they need to handle their finances, buy a home, prepare for retirement, or manage and expand their businesses. In other words, help them shape their future and reach their dreams. Our industry has an important role to play in the growth and success of each of our customers – large and small – and the economy as a whole. I look forward to being a part of that future for the benefit of our customers, communities, employees and, importantly, our shareholders.” read more
You're here because you searched for news. IMI's proprietary breaking news content marketing platform is second to none. Learn More
Innovative Marketing Ideas has created a "News Content Marketing" software platform that creates "breaking news" sites for any industry, vertical or niche. Any subject. Our newsbots scour the web for breaking news on "keywords" they are trained to find. The breaking news story is then sent to our server and reformatted as follows:
- Title
- Picture (if available in news story)
- Credit to Author (i.e. Chicago Tribune)
- 25 Word Blurb (Preview
- Additional Articles on same keyword (if available)
- Direct Link to Original Content Provider
Web Crawlers Love Breaking News! |
To see our technology in action, visit NBANewsHeat.com or NFCIP.org
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