The company said taxable-equivalent net interest income for 2023 was $7.17 billion, up 22% from 2022 $5.86 billion. Its net interest margin widened 44 basis points to 3.83% in 2023 from 3.39% in 2022, and the company also cited one additional quarter of operations acquired from People's United, or 1 quarters, as a contributing factor.

1. 01

   The company said taxable-equivalent net interest income for 2023 was $7.17 billion, up 22% from 2022 $5.86 billion. Its net interest margin widened 44 basis points to 3.83% in 2023 from 3.39% in 2022, and the company also cited one additional quarter of operations acquired from People's United, or 1 quarters, as a contributing factor.

2. 02

   The company said the provision for credit losses for 2023 was $645 million, higher than $517 million in 2022. The company cited declines in commercial real estate values and higher interest rates as contributing to deterioration in the performance of loans to commercial borrowers, as well as commercial and industrial loan growth, and said the 2022 provision included $242 million related to non-PCD loans obtained in the People's United acquisition.

3. 03

   The company said Wilmington Trust, N.A. sold its CIT business to a private equity firm on April 29, 2023, resulting in a pre-tax gain of $225 million. It said it recognized an FDIC special assessment expense of $197 million ($146 million after tax, or $0.88 per diluted common share) in Q4.

4. 04

   The company said it repurchased 3,838,157 common shares in 2023 at an average cost of $154.76 per share, for a total cost of $600 million including the share repurchase excise tax. It said it repurchased 10,453,282 shares at an average cost of $172.19 per share, for a total of $1.8 billion, in 2022, and that it made no repurchases in 2021.

Key figures

Fiscal year ended December 31, 2023

Net income

$2.7B

EPS

$15.79

Operating cash flow

$3.9B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.