Q: Your thoughts please on the quarter?
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5i Research Answer:
The dividend was raised 4%. EPS of $1.59 missed estimates of $1.63. EPS fell 3c from last year. Assets were $1.34T, up 5.6% and ahead of estimates. Return on equity was 17.7% vs 19.4%. Growth was strong in Asia, but corporate costs doubled and higher interest expenses bit into profit margins. Asia rose 8%. While a 'miss', the stock has held up OK, and remains cheap. With another dividend bump we think investors will take this in stride.