銀行信貸(pdf 16)

Table of Contents
Introduction.....3
Dividend Yield.3
Capital Generation and Uses (American Express Case Study) ..........4
Excess Capital 7
Dividend Payout ..........9
Dividend Increases .....11
Conclusion ...14
Table of Figures
Figure 1: Dividend Yield as of November 14, 2003..........4
Figure 2: American Express Net Income Returned to Shareholders 1995–2001 ..........5
Figure 3: Future EPS Growth Rates vs. Current ROEs ...........6
Figure 4: ROEs, Payouts, Asset Growth, Share Repurchases, and Excess Capital .........7
Figure 5: Tangible Equity to Tangible Assets – 4Q02– 3Q03..........8
Figure 6: Dividend Payouts 4Q02–3Q03 Annualized ......10
Figure 7: 2003 Quarterly Dividends Payable and Payable Growth Rates .....11
Figure 8: Dividend Growth Rate and Number of Annual Increases – Last 5 Years ......12
Figure 9: Mortgage and Specialty Finance Valuation Table ...........15
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