$MSFT's effective tax rate for 1Q16 fell to 16% from 23% in 1Q15, primarily due to changes in geographic mix of business and lower non-deductible operating losses. The tax rate was lower than the U.S. federal statutory rate on earnings taxed at lower rates in foreign regional operations centers in Ireland, Singapore, and Puerto Rico.
$DFS' card and personal loans finished 2016 with a strong 4Q16
accelerating total loan growth to almost 7% over the prior year. Card balances
were driven by increased sales, which were up 3%, a higher revolve rate on
merchandise sales and higher promotional balances. Personal loans grew 18% over
the prior year. Student loans grew 2%.
$TXN said that Analog was up 10% YoverY, while HVAL was flat. The company added that the reason for this was that looking at YoverY by end market, personal electronics was down slightly due to mobile phones. However, backing out mobile phones, personal electronics was up slightly.
$DFS' total net charge-off rate, excluding acquired loans, was
2.24% in 2016, up 12BP from 2015. Personal loans had originations of $4Bil, an
increase of 31% over the prior year. Growth in originations was largely fueled
by product enhancements and strong execution.
$COF believes that it will deliver solid EPS growth in 2017 due to the strong growth over the last two years, assuming no substantial change in the broader credit and economic cycles. The company expects revenue to grow and drive growth in pre-provision earnings.