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This excerpt taken from the C 8-K filed Jul 17, 2009. Europe,
Middle East and Africa
· Revenues declined by 22% from the prior year, to $394 million. More than half of the revenue decline is attributable to the impact of foreign exchange. Other drivers included lower wealth management and lending revenues due to lower volumes and spread compression. Investment sales and assets under management declined by 38% and 32%, respectively. Average loans for retail banking were down 22% from the prior year period, as a result of tighter underwriting criteria, branch closures and the impact of foreign exchange. Average deposits were down 24% from the prior year period, primarily due to the impact of foreign exchange.
· There was a net loss of $110 million in the current period, down from income of $37 million in the prior year period, as declining revenues and increasing credit costs were partially offset by expense reductions.
· Credit costs increased $216 million to $279 million as compared to the prior year period. Net credit losses increased from $48 million to $121 million, while the loan loss reserve build increased from $15 million to $158 million. Higher credit costs reflected continued credit deterioration, particularly in UAE, Turkey, Poland and Russia. The retail banking net credit loss ratio increased from 1.7% to 5.3%.
· Expenses were down 29% as compared to the second quarter of 2008, to $282 million on expense control actions, lower marketing expenditure and the impact of foreign exchange. Cost savings were achieved by branch closures, headcount reductions and other re-engineering efforts.
· This excerpt taken from the C 8-K filed Jan 16, 2009. Europe, Middle East and
Africa
· Revenues declined 27%, as average loans and deposits were down 14% and 28%, respectively. The decline in average deposits was primarily due to the impact of foreign exchange, as well as customer actions to align deposits with government insurance programs, mainly in the UK. Investment sales and assets under management declined mainly due to adverse market conditions.
· Credit costs increased 3%, due to higher net credit losses, up 14% or $25 million. The net loan loss reserve build of $83 million was $16 million lower than the prior-year period. Higher credit costs reflected continued credit deterioration , particularly in Spain and Greece. The net credit loss ratio increased 95 basis points to 3.75%. Lower revenues and the increase in credit costs led to a net loss of $233 million.
· This excerpt taken from the C 8-K filed Jul 18, 2008. Europe,
Middle East and Africa
· Revenues increased 16%, driven by increased average loans and deposits, up 18% and 19%, respectively, and improved net interest margin.
· Credit costs increased 44%, reflecting higher net credit losses, up 29%, and a $31 million incremental net charge to increase loan loss reserves. Higher credit costs reflected a slight deterioration in macro-economic indicators in certain developed countries. Net income declined 27%, primarily due to higher credit costs.
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· Latin America
· Revenues increased 4%, driven by higher average loans and deposits, up 19% and 8%, respectively, partially offset by the absence of a gain on asset sales recorded in the prior-year period. · Credit costs increased $150 million, primarily due to higher losses in the current quarter and the absence of recoveries in the prior-year period in Mexico. Significantly higher credit costs drove net income down 58%.
· Asia
· In Japan Consumer Finance, revenues declined 49% or $169 million, driven by lower interest revenues and higher refund claims. Results also reflected a decline in average loans as the portfolio is managed down, and an increase in the net credit loss ratio. The net loss of $154 million reflected the difficult operating environment and ongoing impact of consumer lending laws passed in the fourth quarter of 2006. · Excluding Japan Consumer Finance, revenues increased 11%, as growth in average loans and deposits, up 14% and 10%, respectively, was partially offset by a decline in investment sales, down 30%, due to a decline in equity markets across Asia. Credit costs increased significantly, driven by higher net credit losses, up 84%, and a $101 million incremental net charge to increase loan loss reserves. Higher credit costs were driven by increased losses and delinquencies in the unsecured loan portfolio, primarily in India, where the business is being actively repositioned to reduce costs and mitigate losses. Higher credit costs drove net income down 25%.
This excerpt taken from the C 8-K filed Jan 15, 2008. Europe, Middle East and Africa
· Consumer revenues increased 32% and net income almost doubled, driven by growth in average deposits and loans, up 47% and 48%, respectively, and higher investment product sales, up 38%. Results include the acquisition of Egg plc in the U.K.
· Markets & banking results reflected write-downs on sub-prime related direct exposures and highly leveraged finance commitments in securities and banking, which more than offset record revenues and net income in transaction services. In securities and banking, revenues reflected $4.4 billion of pre-tax write-downs and credit costs on sub-prime related direct exposures. These write-downs and credit costs were partially offset by double-digit revenue growth in equity markets and underwriting, advisory, and lending. Transaction services revenues and net income grew at a double digit pace, driven by increased customer volumes and average deposit growth.
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· This excerpt taken from the C 8-K filed Apr 15, 2005. Europe, Middle East and Africa
— Consumer results reflect revenue growth driven by increased customer balances, which was offset by repositioning costs of $66 million after-tax. — Corporate income declined as strong growth in transaction services was offset by repositioning costs of $90 million after-tax.
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