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14
selected฀financial฀data
(Dollars฀in฀Millions,฀Except฀Share฀and฀per฀Share฀Data)฀
Fiscal฀Year1฀2003฀ 2002฀ 2001฀ 2000฀ 1999
Income฀Statement฀Data:
Revenues:
฀ Investment฀banking฀ $฀ 2,440฀ $฀ 2,478฀ $฀ 3,413฀ $฀ 5,008฀ $฀ 4,523
฀ Principal฀transactions:
฀ ฀ Trading฀ 6,138฀ 2,730฀ 5,503฀ 7,361฀ 5,796
฀ ฀ Investments฀ 86฀ (31)฀ (316)฀ 193฀ 725
Commissions฀ 2,970฀ 3,278฀ 3,159฀ 3,664฀ 2,783
Fees:
฀ Asset฀management,฀distribution฀and฀administration฀ 3,706฀ 3,932฀ 4,205฀ 4,381฀ 3,448
฀ Merchant฀and฀cardmember฀ 1,379฀ 1,420฀ 1,349฀ 1,256฀ 1,030
฀ Servicing฀ 2,015฀ 2,080฀ 1,888฀ 1,489฀ 1,232
Interest฀and฀dividends฀ 15,744฀ 15,879฀ 24,132฀ 21,233฀ 14,879
Other฀฀ 455฀ 660฀ 553฀ 539฀ 278
฀ Total฀revenues฀ 34,933฀ 32,426฀ 43,886฀ 45,124฀ 34,694
Interest฀expense฀ 12,809฀ 11,970฀ 20,729฀ 18,148฀ 12,487
Provision฀for฀consumer฀loan฀losses฀ 1,267฀ 1,336฀ 1,052฀ 810฀ 526
฀ Net฀revenues฀ 20,857฀ 19,120฀ 22,105฀ 26,166฀ 21,681
Non-interest฀expenses:
฀ Compensation฀and฀benefits฀ 8,545฀ 7,940฀ 9,376฀ 10,899฀ 8,365
฀ Other฀ 6,545฀ 6,225฀ 7,045฀ 6,748฀ 5,560
฀ Restructuring฀and฀other฀charges฀ —฀ 235฀ —฀ —฀ —
฀ Total฀non-interest฀expenses฀ 15,090฀ 14,400฀ 16,421฀ 17,647฀ 13,925
Gain฀on฀sale฀of฀business฀ —฀ —฀ —฀ 35฀ —
Income฀before฀losses฀from฀unconsolidated฀investees,฀income฀taxes,฀
dividends฀on฀preferred฀securities฀subject฀to฀mandatory฀redemption฀
and฀cumulative฀effect฀of฀accounting฀change฀ 5,767฀ 4,720฀ 5,684฀ 8,554฀ 7,756
Losses฀from฀unconsolidated฀investees฀ 279฀ 77฀ 30฀ 33฀ 21
Provision฀for฀income฀taxes฀ 1,547฀ 1,568฀ 2,024฀ 3,037฀ 2,916
Dividends฀on฀preferred฀securities฀subject฀to฀mandatory฀redemption฀ 154฀ 87฀ 50฀ 28฀ 28
Income฀before฀cumulative฀effect฀of฀accounting฀change฀ 3,787฀ 2,988฀ 3,580฀ 5,456฀ 4,791
Cumulative฀effect฀of฀accounting฀change฀ —฀ —฀ (59)฀ —฀ —
Net฀income฀ $฀ 3,787฀ $฀ 2,988฀ $฀ 3,521฀ $฀ 5,456฀ $฀ 4,791
Earnings฀applicable฀to฀common฀shares2฀$฀ 3,787฀ $฀ 2,988฀ $฀ 3,489฀ $฀ 5,420฀ $฀ 4,747
Per฀Share฀Data:
Earnings฀per฀common฀share:
฀ Basic฀before฀cumulative฀effect฀of฀accounting฀change฀ $฀ 3.52฀ $฀ 2.76฀ $฀ 3.26฀ $฀ 4.95฀ $฀ 4.33
฀ Cumulative฀effect฀of฀accounting฀change฀ —฀ —฀ (0.05)฀ —฀ —
฀ Basic฀ $฀ 3.52฀ $฀ 2.76฀ $฀ 3.21฀ $฀ 4.95฀ $฀ 4.33
฀ Diluted฀before฀cumulative฀effect฀of฀accounting฀change฀ $฀ 3.45฀ $฀ 2.69฀ $฀ 3.16฀ $฀ 4.73฀ $฀ 4.10
฀ Cumulative฀effect฀of฀accounting฀change฀ —฀ —฀ (0.05)฀ —฀ —
฀ Diluted฀฀ $฀ 3.45฀ $฀ 2.69฀ $฀ 3.11฀ $฀ 4.73฀ $฀ 4.10
Book฀value฀per฀common฀share฀ $฀ 22.93฀ $฀ 20.24฀ $฀ 18.64฀ $฀ 16.91฀ $฀ 14.85฀ ฀
Dividends฀per฀common฀share฀ $฀ 0.92฀ $฀ 0.92฀ $฀ 0.92฀ $฀ 0.80฀ $฀ 0.48
Balance฀Sheet฀and฀Other฀Operating฀Data:
Total฀assets฀ $฀602,843฀ $฀529,499฀ $฀482,628฀ $฀421,279฀ $฀366,967
Consumer฀loans,฀net฀ 19,382฀ 23,014฀ 19,677฀ 21,743฀ 20,963
Total฀capital3฀82,769฀ 65,936฀ 61,633฀ 49,637฀ 39,699
Long-term฀borrowings3฀57,902฀ 44,051฀ 40,917฀ 30,366฀ 22,685
Shareholders’฀equity฀ 24,867฀ 21,885฀ 20,716฀ 19,271฀ 17,014
Return฀on฀average฀common฀shareholders’฀equity฀ 16.5%฀ 14.1%฀ 18.0%฀ 30.9%฀ 32.6%
Average฀common฀and฀equivalent฀shares2฀1,076,754,740฀ 1,083,270,783฀ 1,086,121,508฀ 1,095,858,438฀ 1,096,789,720
1฀ Certain฀prior-period฀information฀has฀been฀reclassified฀to฀conform฀to฀the฀current฀year’s฀presentation.฀
2฀ Amounts฀shown฀are฀used฀to฀calculate฀basic฀earnings฀per฀common฀share.฀
3฀ These฀amounts฀exclude฀the฀current฀portion฀of฀long-term฀borrowings฀and฀include฀Capital฀Units฀and฀preferred฀securities฀subject฀to฀mandatory฀redemption.฀