Bank One Reports Second Quarter Net Income Of $0.75 Per Share, Up 10.3% From $0.68
(Excluding The $40 Million After-Tax Benefit From A Restructuring Charge Reversal In The Prior Year)
Additional Financial Supplement for Non-Core Portfolios
* QUARTERLY DIVIDEND INCREASES 19% TO $0.25 PER SHARE
* NEW $3 BILLION STOCK BUYBACK PROGRAM APPROVED
CHICAGO, July 16, 2003 - Bank One Corporation (NYSE: ONE) today announced 2003 second quarter net income of $856 million, or $0.75 per diluted share, compared to $803 million, or $0.68 per diluted share, excluding the $40 million after-tax benefit from a restructuring charge reversal in the second quarter of 2002. Including this benefit, the prior year's net income was $843 million, or $0.71 per diluted share.
"We are pleased with our results this quarter. We generated real growth in Retail, record capital markets revenue, and improving credit quality in Commercial Banking," said James Dimon, Chairman and Chief Executive Officer. "Card Services' results continued to be favorable and margins appear to have stabilized. We are optimistic about Card Services' future results, although we expect pricing to remain competitive and credit to deteriorate modestly. Middle market credit has also improved, but our challenge here is to re-ignite growth in this business.
"Confidence in our future performance has enabled us to take a long term view and increase our dividend to shareholders and approve a new $3 billion stock buyback program. These two decisions give us the flexibility to deploy excess capital in a way which most effectively benefits shareholders," Dimon said.
For highlights in the second quarter go to the press release at this site:
shareholder.com |
