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Quarterly report pursuant to section 13 or 15(d) - старонка 27


(a) TSS is charged a credit reimbursement related to certain exposures managed within the IB credit portfolio on behalf of clients shared with TSS.

(b) Pretax margin represents income before income tax expense divided by total net revenue, which is a measure of pretax performance and another basis by which management evaluates its performance and that of its competitors.

(c) Loan balances include wholesale overdrafts, commercial card and trade finance loans.

(d) Liability balances include deposits and deposits swept to on–balance sheet liabilities such as commercial paper, federal funds purchased and securities loaned or sold under repurchase agreements.

Quarterly results



Net income was $406 million, an increase of $46 million, or 13%, from the prior year, driven by higher net revenue and the benefit of reduced deferred tax liabilities. This increase was predominantly offset by higher noninterest expense.

Net revenue was $2.0 billion, an increase of $205 million, or 12%, from the prior year. Worldwide Securities Services net revenue was $1.1 billion, an increase of $88 million, or 9%, from the prior year. The growth was driven by wider spreads on liability products and in securities lending and foreign exchange, combined with increased product usage by new and existing clients (largely in custody, fund services and alternative investment services). These benefits were offset partially by market depreciation. Treasury Services net revenue was a record $897 million, an increase of $117 million, or 15%, reflecting higher liability balances as well as volume growth in electronic funds transfer products and trade loans. TSS firmwide net revenue, which includes Treasury Services net revenue recorded in other lines of business, grew to $2.7 billion, an increase of $260 million, or 11%. Treasury Services firmwide net revenue grew to $1.6 billion, an increase of $172 million, or 12%.

Noninterest expense was $1.3 billion, an increase of $205 million, or 18%, from the prior year, reflecting higher expense related to business and volume growth as well as continued investment in new product platforms.

Year-to-date results



Net income was $1.2 billion, an increase of $259 million, or 27%, from the prior year, driven by higher net revenue. This increase was predominantly offset by higher noninterest expense.

Net revenue was $5.9 billion, an increase of $870 million, or 17%, from the prior year. Worldwide Securities Services net revenue was $3.3 billion, an increase of $497 million, or 18%, from the prior year. The growth was driven by wider spreads in securities lending, foreign exchange and liability products, combined with increased product usage by new and existing clients (largely in custody, fund services, alternative investment services and depositary receipts). These benefits were offset partially by market depreciation. Treasury Services net revenue was $2.6 billion, an increase of $373 million, or 17%, reflecting higher liability balances and volume growth in electronic funds transfer products and trade loans as well as market-driven spreads. TSS firmwide net revenue, which includes Treasury Services net revenue recorded in other lines of business, grew to $8.0 billion, an increase of $1.1 billion, or 15%. Treasury Services firmwide net revenue grew to $4.7 billion, an increase of $565 million, or 14%.

Noninterest expense was $3.9 billion, an increase of $526 million, or 16%, from the prior year, reflecting higher expense related to business and volume growth as well as continued investment in new product platforms.

TSS firmwide metrics



TSS firmwide metrics include revenue recorded in the CB, Regional Banking and AM lines of business and excludes foreign exchange (“FX”) revenue recorded in the IB for TSS-related FX activity. In order to capture the firmwide impact of TS and TSS products and revenue, management reviews firmwide metrics such as liability balances, revenue and overhead ratios in assessing financial performance for TSS. Firmwide metrics are necessary in order to understand the aggregate TSS business.

Selected metrics







(in millions, except ratio data and

Three months ended September 30,

Nine months ended September 30,

where otherwise noted)

2008



2007

Change

2008



2007

Change

TSS firmwide disclosures















Treasury Services revenue – reported

$ 897



$ 780

15%

$ 2,562



$ 2,189

17%

Treasury Services revenue reported in

Commercial Banking

643



594

8

1,889



1,719

10

Treasury Services revenue reported in

other lines of business



76



70

9

217



195

11

Treasury Services firmwide revenue(a)



1,616



1,444

12

4,668



4,103

14

Worldwide Securities Services revenue

1,056



968

9

3,323



2,826

18

Treasury & Securities Services



firmwide revenue(a)



$ 2,672



$ 2,412

11

$ 7,991



$ 6,929

15

Treasury Services firmwide liability
balances (average)(b)

$ 227,760



$ 201,671

13

$ 226,725



$ 192,560

18

Treasury & Securities Services firmwide
liability balances (average)(b)

359,401



324,462

11

360,302



306,302

18

TSS firmwide financial ratios





















Treasury Services firmwide overhead
ratio(c)

52%



54%



54%



57%



Treasury & Securities Services overhead
ratio(c)

60



59



59



60



Firmwide business metrics





















Assets under custody (in billions)

$ 14,417



$ 15,614

(8)

$ 14,417



$ 15,614

(8)

Number of:













U.S.$ ACH transactions originated
(in millions)

997



943

6

2,994



2,886

4

Total U.S.$ clearing volume
(in thousands)

29,277



28,031

4

86,396



82,650

5

International electronic funds transfer
volume (in thousands)(d)

41,831



41,415

1

123,302



125,882

(2)

Wholesale check volume (in millions)

595



731

(19)

1,836



2,269

(19)

Wholesale cards issued
(in thousands)(e)

21,858



18,108

21

21,858



18,108

21
2014-07-19 18:44
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