- Net income of $5.6 billion, compared with $5.8 billion in third quarter 2015
- Diluted earnings per share (EPS) of $1.03, compared with $1.05
- Revenue of $22.3 billion, up 2 percent
- Pre-tax pre-provision profit 1 of $9.1 billion, compared with $9.5 billion
Pre-tax pre-provision profit (PTPP) is total revenue less noninterest expense. Management believes that PTPP is a useful financial measure because it enables investors and others to assess the Company’s ability to generate capital to cover credit losses through a credit cycle
- Return on assets of 1.17 percent and return on equity of 11.60 percent
Total average loans of $957.5 billion, up $62.4 billion, or 7 percent, from third quarter 2015Total average deposits of $1.3 trillion, up $62.7 billion, or 5 percent
Net charge-offs of $805 million, up $102 million from third quarter 2015
Net charge-offs were 0.33 percent of average loans (annualized), up from 0.31 percent
Nonaccrual loans down $551 million, or 5 percent [?]
No reserve build or release, consistent with third quarter 2015 [?]Reserve build represents the amount by which the provision for credit losses exceeds net charge-offs, while reserve release represents the amount by which net charge-offs exceed the provision for credit losses
Common Equity Tier 1 ratio (fully phased-in) of 10.7 percentSee table on page 36 for more information on Common Equity Tier 1. Common Equity Tier 1 (fully phased-in) is a preliminary estimate and is calculated assuming the full phase-in of the Basel III capital rules.
the Company had fully accrued for as of June 30, 2016, totaled $185 million, plus $5 million in customer remediation.
- John Stumpf forfeited unvested equity awards valued at approximately $41 million (retired from the Company after 34 years of service)
Carrie Tolstedt has left the Company; will receive no severance; has forfeited unvested equity awards valued at approximately $19 million; will not exercise outstanding options during investigation
Neither executive will receive a bonus for 2016
Capital remained strong and our net payout ratio 5 was 61 percent in the quarter, as we returned $3.2 billion to shareholders through common stock dividends and net share repurchases.