BENEFICIAL'S FOURTH-QUARTER AND FULL-YEAR RECEIVABLES GROWTH SETS NEW RECORDS AND EXCEEDS EXPECTATIONS; Fourth-Quarter Receivables Growth Exceeds $900 Million, Bringing Full-Year Growth To $2.0 Billion; Loan Delinquency at Record Low Levels.WILMINGTON, Del.--(BUSINESS WIRE)--Jan. 9, 1995--Beneficial Corporation (NYSE NYSE See: New York Stock Exchange : BNL BNL Brookhaven National Laboratory (Upton, NY) BNL Bibliothèque Nationale de Luxembourg (French) BNL Banca Nazionale del Lavoro BNL Berkeley National Laboratory BNL Bare Naked Ladies ) today reported that consolidated receivables growth for the fourth quarter and for all of 1994 rose to record levels, and significantly exceeded the Company's expectations. Preliminary figures indicate that total receivables, before foreign exchange translation adjustments, grew by over $900 million during the fourth quarter, and by $2.0 billion for the full year. The full-year growth is before the impact of the sale of $757 million of real estate loans by way of a securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. in the capital markets during the first quarter of the year. These increments in both periods exceed, by far, the previous records for receivables growth of $630 million and $1.5 billion, respectively, achieved in 1993. The $2.0 billion increment for the year represents an 18% increase, and brings total owned receivables at December 31 to $13.0 billion. Finn M. W. Caspersen, chairman and chief executive officer, said, "We are extremely encouraged by the broad-based strength of our customers' loan demand. Fourth quarter growth was well above our expectations. All major units of Beneficial's basic business contributed to the portfolio expansion, with our United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. loan office network, BNB BNB Bed 'n Breakfast BNB Banco do Nordeste do Brasil (Brazil) BNB Banque Nationale de Belgique BNB Bulgarian National Bank BNB British National Bibliography BNB Bad News Bears (movie) USA, the United Kingdom, and Canada each showing substantial loan growth." Caspersen concluded, "Significantly, credit quality also continues very strong, with loan delinquency at year-end at a new record low level." Beneficial Corporation is a $14 billion, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Stock Exchange-listed financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. holding company. Subsidiaries of the Company provide financial services through their various consumer-finance, banking and insurance operations located throughout the United States, Canada, the United Kingdom and Germany. The Beneficial finance system includes more than 1,000 offices offering products and services that meet a broad range of consumer credit needs, including credit-related insurance. CONTACT: Robert Wade 908/781-3258 |
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