Providian Financial Corporation Announces 30% Earnings Per Share Growth in First Quarter 2001

Apr 19, 2001, 01:00 ET from Providian Financial Corporation

    SAN FRANCISCO, April 19 /PRNewswire/ -- Providian Financial Corporation
 (NYSE:   PVN) today announced 30% earnings per share growth for the first
 quarter 2001.  Earnings totaled $230.5 million, or $0.78 per diluted share,
 compared to earnings of $174.3 million, or $0.60 per diluted share, in the
 first quarter of 2000.
     "Providian continues to build a very strong consumer franchise, as
 evidenced by a continued high level of customer satisfaction and customer
 retention during the quarter," said Shailesh Mehta, chairman and chief
 executive officer.  "We are very pleased with our first quarter results and
 positive business momentum in what is proving to be an uncertain economic
 environment."
     During the first quarter, total customer accounts grew to 17.1 million, a
 31% increase over the end of the first quarter of 2000, driven by new account
 originations and strong customer retention.  During what is typically a
 seasonally slow quarter for receivables growth, total managed loans increased
 sequentially by $1.3 billion to $28.4 billion.
     "Our best in class risk-adjusted return and return on equity are a
 testament to an unwavering economic discipline that has produced more than
 15 years of solid earnings growth for our shareholders," said David Petrini,
 vice chairman.  "This same discipline also necessitates greater conservatism
 in times of economic volatility, which makes it more difficult to project with
 certainty.  Accordingly, we feel it is prudent to widen our 2001 range of
 earnings per share guidance to between $3.25 and $3.45 per diluted share for
 the year, a 19% to 26% increase over 2000 earnings per share before one-time
 adjustments."
     Total managed revenue, comprised of managed net interest income and
 non-interest income, climbed to $1.68 billion in the first quarter, a
 29% increase over the first quarter of 2000.  The managed net interest margin
 on loans was a strong 12.77% in the first quarter of 2001.  Non-interest
 revenue in the first quarter was $794.7 million, a 23% increase over the first
 quarter of 2000.
     Consistent with the portfolio asset mix and seasoning, the managed net
 credit loss rate in the first quarter was 9.34% versus 8.48% in the fourth
 quarter of 2000.  The 30+ day managed delinquency rate was 7.64% at quarter
 end, compared to 7.52% at year-end 2000.  The Company expects moderating
 delinquency trends to lead to an improved credit loss rate in the second half
 of the year after it peaks in the second quarter of 2001.  The Company added
 $78 million to the loan loss reserve during the first quarter, bringing the
 total loan loss reserve to $1.52 billion, or 10.51% of reported loans, at
 quarter end.
     The Company's non-interest expense was $583.4 million, leading to an
 improvement in the efficiency ratio, which is a measure of operating expenses
 as a percentage of total revenue, to 35% for the quarter.  This improvement
 was driven by benefits and efficiencies from both the integration of our
 operating platforms last year and increasing economies of scale.
     Providian's adaptive business model continued to produce strong returns
 for the quarter.  The Company's return on managed assets was 2.93% for the
 first quarter, and return on equity was 43.52%.  The quarter ended with a
 strong balance sheet, with capital and loan loss reserves totaling
 $3.8 billion, which represented 19.3% of reported assets and 11.6% of managed
 assets at quarter end.
     San Francisco-based Providian Financial (www.providian.com) is a leading
 provider of lending and deposit products to customers throughout the U.S. and
 the UK and offers credit cards in Argentina.  Providian Financial has been
 named one of America's Most Admired Companies in a survey by Fortune magazine,
 one of the nation's top financial institutions by U.S. Banker magazine, and
 one of the most technologically innovative companies in the U.S. by
 InformationWeek magazine.  The Company has more than $33 billion in assets
 under management and over 17 million customer accounts.
     Statements contained herein as to the Company's expectations and goals are
 forward-looking statements under the Private Securities Litigation Reform Act
 of 1995.  Such forward-looking statements are subject to certain risks and
 uncertainties that could cause actual results to differ materially from those
 projected.  Among the significant risks and uncertainties are:  competitive
 pressures arising from aggressive competition from other consumer lenders;
 factors that affect the delinquency rate on the Company's consumer loans and
 the rate at which the Company's consumer loans are charged off; changes in the
 cost and availability of funding due to changes in the deposit, credit or
 securitization markets, or the way in which the Company is perceived in such
 markets; the effects of government policy and regulation, including
 restrictions and/or limitations arising from banking laws, regulations and
 examinations; legal proceedings; and the ability to attract and retain key
 personnel.  More information on risk factors affecting the Company is
 available in the Company's filings with the Securities and Exchange
 Commission, including its annual report on Form 10-K, quarterly reports on
 Form 10-Q, and current reports on Form 8-K.
     Note:  Investor information is available on Providian Financial's Web site
 at www.providian.com.
 
                     PROVIDIAN FINANCIAL CORPORATION (PVN)
                        FINANCIAL & STATISTICAL SUMMARY
 
                                     2001     2000    2000     2000     2000
     (in millions, except per         Q1       Q4      Q3       Q2       Q1
      share and employee data)             Adjusted(A)      Adjusted(A)
     Earnings (Managed Basis):
      Net Interest Income           $889.3   $835.1  $761.3   $687.8   $660.3
      Non-Interest Income            794.7    825.5   620.2    680.2    648.5
         Total Revenue             1,684.0  1,660.6 1,381.5  1,368.0  1,308.8
      Provision for Loan Losses      722.7    663.5   497.3    545.7    519.3
      Non-Interest Expense           583.4    603.8   549.7    509.7    499.0
         Income Before Taxes         377.9    393.3   334.5    312.6    290.5
      Tax Expense                    149.2    157.3   133.8    125.0    116.2
      Income before effect of
       accounting change            $228.7   $236.0  $200.7   $187.6   $174.3
      Cumulative effect of
       accounting change               1.8       --      --       --       --
 
         Net Income                 $230.5   $236.0  $200.7   $187.6   $174.3
 
     Managed Financial Data:
      Quarter End:
       Credit Cards                $28,393  $27,109 $24,130  $21,846  $20,054
       Home Loans                       12       14     419      456    2,055
         Total Loans               $28,405  $27,123 $24,549  $22,302  $22,109
 
       Securitized Loans           $13,905  $13,353 $10,284   $9,745   $9,428
       Total Assets                $33,219  $30,863 $28,717  $26,817  $27,022
       Total Capital (Includes
        Capital Securities)         $2,318   $2,143  $1,972   $1,742   $1,670
       Total Equity                 $2,207   $2,032  $1,812   $1,582   $1,510
      Quarter Average:
       Credit Cards                $27,673  $25,166 $22,959  $20,832  $19,558
       Home Loans                       14       22     436    1,772    2,022
         Total Loans               $27,687  $25,188 $23,395  $22,604  $21,580
 
       Securitized Loans           $13,425  $11,662  $9,992   $9,950   $9,384
       Earning Assets              $30,653  $28,868 $26,800  $26,136  $25,006
       Total Assets                $31,507  $29,556 $27,480  $27,532  $25,725
       Total Equity                 $2,118   $1,923  $1,690   $1,588   $1,426
 
     Key Statistics:
      Managed:
       Net Interest Margin
        (Earning Assets)            11.60%   11.57%  11.36%   10.53%   10.56%
       Net Interest Margin
        (Loans)                     12.77%   13.13%  12.90%   12.05%   12.19%
       Risk-Adjusted Margin
        (Loans) (B)                 14.91%   17.76%  15.89%   16.67%   17.03%
       Return on Assets              2.93%    3.19%   2.92%    2.72%    2.71%
       Return on Equity             43.52%   49.08%  47.49%   47.23%   48.90%
       Net Credit Losses            $646.3   $533.9  $445.1   $419.5   $387.3
       Net Credit Loss Rate          9.34%    8.48%   7.61%    7.42%    7.18%
       Delinquency Rate (30+ Days)   7.64%    7.52%   6.71%    6.48%    5.72%
       Equity to Managed Assets      6.64%    6.58%   6.31%    5.90%    5.59%
      On Balance Sheet:
       Allowance as a Percent
        of Loans                    10.51%   10.50%  10.12%   10.06%    9.15%
       Net Credit Loss Rate          9.62%    9.42%   8.36%    7.82%    7.52%
       Delinquency Rate (30+ Days)   8.88%    8.97%   8.07%    8.16%    7.04%
 
     Common Share Statistics:
       EPS - Basic                   $0.81    $0.83   $0.71    $0.66    $0.62
       EPS - Assuming Dilution (C)   $0.78    $0.80   $0.68    $0.64    $0.60
 
       Book Value Per Share
        (Period End)                 $7.74    $7.11   $6.34    $5.54    $5.30
       Total Market Capitalization
        (Period End)               $13,990  $16,440 $18,150  $12,845  $12,340
       Shares Outstanding
        (Period End)                 285.2    285.9   285.8    285.4    284.9
       Weighted Average Shares
        O/S - Basic                  284.8    284.7   284.4    283.7    283.3
       Weighted Average Shares
        O/S - Diluted                298.0    297.7   295.4    291.6    290.5
 
       Accounts                       17.1     16.3    15.0     13.9     13.1
       Employees (FTE)              12,434   12,449  11,625   11,718   11,816
 
     (A) Represents 2000 financial and statistical earnings information
 adjusted to exclude the one-time settlement charges and the gain on the sale
 of home equity loans.  Asset, liability, and equity balances have not been
 adjusted.
     (B) Risk-adjusted margin is total loan revenue less credit losses as a
 percentage of average managed loans.
     (C) EPS - Assuming Dilution reflects a $2.0 million net of tax add-back to
 net income representing interest expense on a 3.25% Convertible Note in
 accordance with FAS 128.
 
     PROVIDIAN FINANCIAL CORPORATION AND SUBSIDIARIES
     Condensed Consolidated Statements of Income
     (dollars in thousands, except per share data) (unaudited)
 
                                                   Three Months Ended
                                                        March 31
                                                 2001              2000
     Interest Income:
          Loans                                $673,990          $576,726
          Federal funds sold and
           securities
            purchased under resale
             agreements                           8,281            31,735
          Other                                  38,297            19,438
     Total interest income                      720,568           627,899
 
     Interest Expense:
          Deposits                              205,467           185,887
          Borrowings                             19,582            18,771
     Total interest expense                     225,049           204,658
               Net interest income              495,519           423,241
 
     Provision for credit losses                419,499           361,213
 
               Net interest income after
                provision
                   for credit losses             76,020            62,028
 
     Non-interest income                        885,257           727,540
 
     Non-Interest Expense:
          Salaries and employee benefits        182,796           174,980
          Solicitation and advertising          153,628           112,122
          Occupancy, furniture, and
           equipment                             55,003            37,386
          Data processing and
           communication                         54,828            40,618
          Other                                 137,164           133,965
                                                583,419           499,071
 
               Income before income taxes       377,858           290,497
 
     Income tax expense                         149,240           116,179
     Cumulative effect of accounting
      change, net of tax                          1,846                --
 
               Net Income                      $230,464          $174,318
 
     Earnings per common share - basic            $0.81             $0.62
     Earnings per common share - assuming
      dilution                                    $0.78             $0.60
 
     Cash dividends paid per common share       $0.0300           $0.0250
 
     Weighted average common shares
        outstanding - basic (000)               284,794           283,280
     Weighted average common shares
       outstanding - assuming dilution
         (000)                                  298,042           290,500
 
 
     PROVIDIAN FINANCIAL CORPORATION AND SUBSIDIARIES
     Condensed Consolidated Statements of Financial Condition
     (dollars in thousands) (unaudited)
 
                                                        March 31   December 31
                                                          2001         2000
     Assets
       Cash and cash equivalents                        $895,643    $446,705
       Federal funds sold and securities
        purchased under resale agreements                218,500     307,206
       Investment securities:
         Available-for-sale                            3,103,758   1,885,474
         Held-to-maturity                                     --     686,214
       Loans receivable, less allowance for credit
        losses of $1,523,267 at March 31, 2001 and
        $1,445,638 at December 31, 2000               12,977,048  12,324,519
       Premises and equipment, net                       194,676     193,327
       Interest receivable                               145,655     158,633
       Due from securitizations                        1,184,848     971,939
       Deferred taxes                                    674,412     679,782
       Other assets                                      517,023     401,514
         Total assets                                $19,911,563 $18,055,313
 
     Liabilities
       Deposits                                      $13,967,674 $13,113,416
       Short-term borrowings                             499,856      18,744
       Long-term borrowings                            1,411,558   1,024,163
       Deferred fee revenue                              599,379     661,646
       Accrued expenses and other liabilities          1,114,978   1,094,104
         Total liabilities                            17,593,445  15,912,073
 
       Capital securities                                111,057     111,057
 
       Shareholders' equity                            2,207,061   2,032,183
         Total liabilities and
          shareholders' equity                       $19,911,563 $18,055,313
 
 

SOURCE Providian Financial Corporation
    SAN FRANCISCO, April 19 /PRNewswire/ -- Providian Financial Corporation
 (NYSE:   PVN) today announced 30% earnings per share growth for the first
 quarter 2001.  Earnings totaled $230.5 million, or $0.78 per diluted share,
 compared to earnings of $174.3 million, or $0.60 per diluted share, in the
 first quarter of 2000.
     "Providian continues to build a very strong consumer franchise, as
 evidenced by a continued high level of customer satisfaction and customer
 retention during the quarter," said Shailesh Mehta, chairman and chief
 executive officer.  "We are very pleased with our first quarter results and
 positive business momentum in what is proving to be an uncertain economic
 environment."
     During the first quarter, total customer accounts grew to 17.1 million, a
 31% increase over the end of the first quarter of 2000, driven by new account
 originations and strong customer retention.  During what is typically a
 seasonally slow quarter for receivables growth, total managed loans increased
 sequentially by $1.3 billion to $28.4 billion.
     "Our best in class risk-adjusted return and return on equity are a
 testament to an unwavering economic discipline that has produced more than
 15 years of solid earnings growth for our shareholders," said David Petrini,
 vice chairman.  "This same discipline also necessitates greater conservatism
 in times of economic volatility, which makes it more difficult to project with
 certainty.  Accordingly, we feel it is prudent to widen our 2001 range of
 earnings per share guidance to between $3.25 and $3.45 per diluted share for
 the year, a 19% to 26% increase over 2000 earnings per share before one-time
 adjustments."
     Total managed revenue, comprised of managed net interest income and
 non-interest income, climbed to $1.68 billion in the first quarter, a
 29% increase over the first quarter of 2000.  The managed net interest margin
 on loans was a strong 12.77% in the first quarter of 2001.  Non-interest
 revenue in the first quarter was $794.7 million, a 23% increase over the first
 quarter of 2000.
     Consistent with the portfolio asset mix and seasoning, the managed net
 credit loss rate in the first quarter was 9.34% versus 8.48% in the fourth
 quarter of 2000.  The 30+ day managed delinquency rate was 7.64% at quarter
 end, compared to 7.52% at year-end 2000.  The Company expects moderating
 delinquency trends to lead to an improved credit loss rate in the second half
 of the year after it peaks in the second quarter of 2001.  The Company added
 $78 million to the loan loss reserve during the first quarter, bringing the
 total loan loss reserve to $1.52 billion, or 10.51% of reported loans, at
 quarter end.
     The Company's non-interest expense was $583.4 million, leading to an
 improvement in the efficiency ratio, which is a measure of operating expenses
 as a percentage of total revenue, to 35% for the quarter.  This improvement
 was driven by benefits and efficiencies from both the integration of our
 operating platforms last year and increasing economies of scale.
     Providian's adaptive business model continued to produce strong returns
 for the quarter.  The Company's return on managed assets was 2.93% for the
 first quarter, and return on equity was 43.52%.  The quarter ended with a
 strong balance sheet, with capital and loan loss reserves totaling
 $3.8 billion, which represented 19.3% of reported assets and 11.6% of managed
 assets at quarter end.
     San Francisco-based Providian Financial (www.providian.com) is a leading
 provider of lending and deposit products to customers throughout the U.S. and
 the UK and offers credit cards in Argentina.  Providian Financial has been
 named one of America's Most Admired Companies in a survey by Fortune magazine,
 one of the nation's top financial institutions by U.S. Banker magazine, and
 one of the most technologically innovative companies in the U.S. by
 InformationWeek magazine.  The Company has more than $33 billion in assets
 under management and over 17 million customer accounts.
     Statements contained herein as to the Company's expectations and goals are
 forward-looking statements under the Private Securities Litigation Reform Act
 of 1995.  Such forward-looking statements are subject to certain risks and
 uncertainties that could cause actual results to differ materially from those
 projected.  Among the significant risks and uncertainties are:  competitive
 pressures arising from aggressive competition from other consumer lenders;
 factors that affect the delinquency rate on the Company's consumer loans and
 the rate at which the Company's consumer loans are charged off; changes in the
 cost and availability of funding due to changes in the deposit, credit or
 securitization markets, or the way in which the Company is perceived in such
 markets; the effects of government policy and regulation, including
 restrictions and/or limitations arising from banking laws, regulations and
 examinations; legal proceedings; and the ability to attract and retain key
 personnel.  More information on risk factors affecting the Company is
 available in the Company's filings with the Securities and Exchange
 Commission, including its annual report on Form 10-K, quarterly reports on
 Form 10-Q, and current reports on Form 8-K.
     Note:  Investor information is available on Providian Financial's Web site
 at www.providian.com.
 
                     PROVIDIAN FINANCIAL CORPORATION (PVN)
                        FINANCIAL & STATISTICAL SUMMARY
 
                                     2001     2000    2000     2000     2000
     (in millions, except per         Q1       Q4      Q3       Q2       Q1
      share and employee data)             Adjusted(A)      Adjusted(A)
     Earnings (Managed Basis):
      Net Interest Income           $889.3   $835.1  $761.3   $687.8   $660.3
      Non-Interest Income            794.7    825.5   620.2    680.2    648.5
         Total Revenue             1,684.0  1,660.6 1,381.5  1,368.0  1,308.8
      Provision for Loan Losses      722.7    663.5   497.3    545.7    519.3
      Non-Interest Expense           583.4    603.8   549.7    509.7    499.0
         Income Before Taxes         377.9    393.3   334.5    312.6    290.5
      Tax Expense                    149.2    157.3   133.8    125.0    116.2
      Income before effect of
       accounting change            $228.7   $236.0  $200.7   $187.6   $174.3
      Cumulative effect of
       accounting change               1.8       --      --       --       --
 
         Net Income                 $230.5   $236.0  $200.7   $187.6   $174.3
 
     Managed Financial Data:
      Quarter End:
       Credit Cards                $28,393  $27,109 $24,130  $21,846  $20,054
       Home Loans                       12       14     419      456    2,055
         Total Loans               $28,405  $27,123 $24,549  $22,302  $22,109
 
       Securitized Loans           $13,905  $13,353 $10,284   $9,745   $9,428
       Total Assets                $33,219  $30,863 $28,717  $26,817  $27,022
       Total Capital (Includes
        Capital Securities)         $2,318   $2,143  $1,972   $1,742   $1,670
       Total Equity                 $2,207   $2,032  $1,812   $1,582   $1,510
      Quarter Average:
       Credit Cards                $27,673  $25,166 $22,959  $20,832  $19,558
       Home Loans                       14       22     436    1,772    2,022
         Total Loans               $27,687  $25,188 $23,395  $22,604  $21,580
 
       Securitized Loans           $13,425  $11,662  $9,992   $9,950   $9,384
       Earning Assets              $30,653  $28,868 $26,800  $26,136  $25,006
       Total Assets                $31,507  $29,556 $27,480  $27,532  $25,725
       Total Equity                 $2,118   $1,923  $1,690   $1,588   $1,426
 
     Key Statistics:
      Managed:
       Net Interest Margin
        (Earning Assets)            11.60%   11.57%  11.36%   10.53%   10.56%
       Net Interest Margin
        (Loans)                     12.77%   13.13%  12.90%   12.05%   12.19%
       Risk-Adjusted Margin
        (Loans) (B)                 14.91%   17.76%  15.89%   16.67%   17.03%
       Return on Assets              2.93%    3.19%   2.92%    2.72%    2.71%
       Return on Equity             43.52%   49.08%  47.49%   47.23%   48.90%
       Net Credit Losses            $646.3   $533.9  $445.1   $419.5   $387.3
       Net Credit Loss Rate          9.34%    8.48%   7.61%    7.42%    7.18%
       Delinquency Rate (30+ Days)   7.64%    7.52%   6.71%    6.48%    5.72%
       Equity to Managed Assets      6.64%    6.58%   6.31%    5.90%    5.59%
      On Balance Sheet:
       Allowance as a Percent
        of Loans                    10.51%   10.50%  10.12%   10.06%    9.15%
       Net Credit Loss Rate          9.62%    9.42%   8.36%    7.82%    7.52%
       Delinquency Rate (30+ Days)   8.88%    8.97%   8.07%    8.16%    7.04%
 
     Common Share Statistics:
       EPS - Basic                   $0.81    $0.83   $0.71    $0.66    $0.62
       EPS - Assuming Dilution (C)   $0.78    $0.80   $0.68    $0.64    $0.60
 
       Book Value Per Share
        (Period End)                 $7.74    $7.11   $6.34    $5.54    $5.30
       Total Market Capitalization
        (Period End)               $13,990  $16,440 $18,150  $12,845  $12,340
       Shares Outstanding
        (Period End)                 285.2    285.9   285.8    285.4    284.9
       Weighted Average Shares
        O/S - Basic                  284.8    284.7   284.4    283.7    283.3
       Weighted Average Shares
        O/S - Diluted                298.0    297.7   295.4    291.6    290.5
 
       Accounts                       17.1     16.3    15.0     13.9     13.1
       Employees (FTE)              12,434   12,449  11,625   11,718   11,816
 
     (A) Represents 2000 financial and statistical earnings information
 adjusted to exclude the one-time settlement charges and the gain on the sale
 of home equity loans.  Asset, liability, and equity balances have not been
 adjusted.
     (B) Risk-adjusted margin is total loan revenue less credit losses as a
 percentage of average managed loans.
     (C) EPS - Assuming Dilution reflects a $2.0 million net of tax add-back to
 net income representing interest expense on a 3.25% Convertible Note in
 accordance with FAS 128.
 
     PROVIDIAN FINANCIAL CORPORATION AND SUBSIDIARIES
     Condensed Consolidated Statements of Income
     (dollars in thousands, except per share data) (unaudited)
 
                                                   Three Months Ended
                                                        March 31
                                                 2001              2000
     Interest Income:
          Loans                                $673,990          $576,726
          Federal funds sold and
           securities
            purchased under resale
             agreements                           8,281            31,735
          Other                                  38,297            19,438
     Total interest income                      720,568           627,899
 
     Interest Expense:
          Deposits                              205,467           185,887
          Borrowings                             19,582            18,771
     Total interest expense                     225,049           204,658
               Net interest income              495,519           423,241
 
     Provision for credit losses                419,499           361,213
 
               Net interest income after
                provision
                   for credit losses             76,020            62,028
 
     Non-interest income                        885,257           727,540
 
     Non-Interest Expense:
          Salaries and employee benefits        182,796           174,980
          Solicitation and advertising          153,628           112,122
          Occupancy, furniture, and
           equipment                             55,003            37,386
          Data processing and
           communication                         54,828            40,618
          Other                                 137,164           133,965
                                                583,419           499,071
 
               Income before income taxes       377,858           290,497
 
     Income tax expense                         149,240           116,179
     Cumulative effect of accounting
      change, net of tax                          1,846                --
 
               Net Income                      $230,464          $174,318
 
     Earnings per common share - basic            $0.81             $0.62
     Earnings per common share - assuming
      dilution                                    $0.78             $0.60
 
     Cash dividends paid per common share       $0.0300           $0.0250
 
     Weighted average common shares
        outstanding - basic (000)               284,794           283,280
     Weighted average common shares
       outstanding - assuming dilution
         (000)                                  298,042           290,500
 
 
     PROVIDIAN FINANCIAL CORPORATION AND SUBSIDIARIES
     Condensed Consolidated Statements of Financial Condition
     (dollars in thousands) (unaudited)
 
                                                        March 31   December 31
                                                          2001         2000
     Assets
       Cash and cash equivalents                        $895,643    $446,705
       Federal funds sold and securities
        purchased under resale agreements                218,500     307,206
       Investment securities:
         Available-for-sale                            3,103,758   1,885,474
         Held-to-maturity                                     --     686,214
       Loans receivable, less allowance for credit
        losses of $1,523,267 at March 31, 2001 and
        $1,445,638 at December 31, 2000               12,977,048  12,324,519
       Premises and equipment, net                       194,676     193,327
       Interest receivable                               145,655     158,633
       Due from securitizations                        1,184,848     971,939
       Deferred taxes                                    674,412     679,782
       Other assets                                      517,023     401,514
         Total assets                                $19,911,563 $18,055,313
 
     Liabilities
       Deposits                                      $13,967,674 $13,113,416
       Short-term borrowings                             499,856      18,744
       Long-term borrowings                            1,411,558   1,024,163
       Deferred fee revenue                              599,379     661,646
       Accrued expenses and other liabilities          1,114,978   1,094,104
         Total liabilities                            17,593,445  15,912,073
 
       Capital securities                                111,057     111,057
 
       Shareholders' equity                            2,207,061   2,032,183
         Total liabilities and
          shareholders' equity                       $19,911,563 $18,055,313
 
 SOURCE  Providian Financial Corporation

RELATED LINKS

http://www.providian.com