Press Releases
Ford Credit Press Releases
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FORD CREDIT EARNS $295 MILLION NET INCOME IN THE FIRST QUARTER OF 2012*
DEARBORN, Mich., April 27, 2012 – Ford Motor Credit Company reported net income of $295 million in the first quarter of 2012, compared with $451 million a year earlier. On a pre-tax basis, Ford Credit earned $452 million in the first quarter, compared with $713 million in the previous year. The decrease in pre-tax earnings is primarily explained by fewer lease terminations, which resulted in fewer vehicles sold at a gain, lower financing margin, and lower credit loss reserve reductions.
FORD CREDIT EARNS $1.8 BILLION NET INCOME IN 2011*
DEARBORN, Mich., January 27, 2012 – Ford Motor Credit Company reported net income of $1.8 billion in 2011, compared with $2 billion a year earlier. On a pre-tax basis, Ford Credit earned $2.4 billion in 2011, compared with $3.1 billion in the previous year. The decrease in pre-tax earnings is more than explained by fewer leases being terminated and the related vehicles sold at a gain, and lower credit loss reserve reductions.
SILVERSTONE APPOINTED CHIEF OPERATING OFFICER OF FORD MOTOR CREDIT COMPANY*
DEARBORN, Mich., Nov. 16, 2011 - Ford Motor Company and Ford Motor Credit Company today announced that Bernard Silverstone has been appointed chief operating officer, Ford Motor Credit Company, and has been elected a Ford corporate officer, effective Jan. 1, 2012. Currently, Silverstone is president of Marketing and Sales for Ford Credit.
FORD CREDIT EARNS $350 MILLION NET INCOME IN THIRD QUARTER OF 2011*
DEARBORN, Mich., October 26, 2011 - Ford Motor Credit Company reported net income of $350 million in the third quarter of 2011, a decrease of $147 million from a year earlier. On a pre-tax basis, Ford Credit earned $581 million in the third quarter and $1.9 billion in the first nine months of 2011, compared with $766 million and $2.5 billion in the third quarter and first nine months of 2010, respectively.
AS CUSTOMERS REBUILD FROM HURRICANE IRENE,FORD CREDIT OFFERS FINANCIAL RELIEF*
DEARBORN, Mich., Sept. 7, 2011 - Ford Motor Credit Company is offering customers affected by Hurricane Irene in the United States the option to delay some car and truck payments. Ford Credit's Disaster Relief Program allows qualified customers to delay one or two monthly payments, resuming their regular payment schedules when their situations improve.
FORD CREDIT EARNS $383 MILLION IN THE SECOND QUARTER OF 2011*
DEARBORN, Mich., July 26, 2011 - Ford Motor Credit Company reported net income of $383 million in the second quarter of 2011, a decrease of $173 million from a year earlier. On a pre-tax basis, Ford Credit earned $604 million in the second quarter, compared with $888 million in the previous year. On a pre-tax basis, Ford Credit earned $1.3 billion in the first half of 2011, compared with $1.7 billion in the first half of 2010.
FORD CREDIT LAUNCHES RETAIL NOTES PROGRAM*
DEARBORN, Mich., May 13, 2011 - Ford Motor Credit Company today announced the launch of Ford Credit Notes, a program targeted to retail investors that is designed to offer senior unsecured Ford Credit notes through broker-dealers and registered investment advisers. The notes will be available on a recurring basis, potentially as soon as May 16, 2011.
AS CUSTOMERS REBUILD FROM RECENT STORMS, FORD CREDIT OFFERS FINANCIAL RELIEF*
DEARBORN, Mich., May 2, 2011 - Ford Motor Credit Company is offering customers affected by the recent storms and flooding in parts of the United States the option to delay some car and truck payments. Ford Credit's Disaster Relief Program allows qualified customers to delay one or two monthly payments, resuming their regular payment schedules when their situations improve.
FORD CREDIT EARNS $451 MILLION IN THE FIRST QUARTER OF 2011*
DEARBORN, Mich., April 26, 2011 - Ford Motor Credit Company reported net income of $451 million in the first quarter of 2011, a decrease of $77 million from a year earlier. On a pre-tax basis, Ford Credit earned $713 million in the first quarter, compared with $828 million in the previous year. The decrease in pre-tax earnings is more than explained by lower market valuation adjustments to derivatives and lower receivables volume.
FORD CREDIT EARNS $2 BILLION IN 2010*
DEARBORN, Mich., January 28, 2011 - Ford Motor Credit Company reported net income of $2 billion in 2010, an improvement of $0.7 billion from earnings of $1.3 billion a year earlier. On a pre-tax basis, Ford Credit earned $3.1 billion in 2010, compared with $2 billion in the previous year. The full year increase in pre-tax earnings is primarily explained by a lower provision for credit losses and lower depreciation expense for leased vehicles related to higher auction values, offset partially by lower volume and the non-recurrence of net gains related to unhedged currency exposure primarily from cross-border intercompany lending.
FORD CREDIT EARNS $497 MILLION IN THE THIRD QUARTER OF 2010*
DEARBORN, Mich., October 26, 2010 - Ford Motor Credit Company reported net income of $497 million in the third quarter of 2010, an increase of $70 million from earnings of $427 million a year earlier. On a pre-tax basis, Ford Credit earned $766 million in the third quarter and $2.5 billion in the first nine months of 2010, compared with $677 million and $1.3 billion, respectively, in the previous year. The increase in pre-tax earnings primarily reflected a lower provision for credit losses and lower depreciation expense for leased vehicles, offset partially by lower volume and the non-recurrence of net gains related to unhedged currency exposure primarily from cross-border intercompany lending.
FORD CREDIT EARNS $556 MILLION IN THE SECOND QUARTER OF 2010*
DEARBORN, Mich., July 23, 2010 - Ford Motor Credit Company reported net income of $556 million in the second quarter of 2010, an increase of $143 million from earnings of $413 million a year earlier. On a pre-tax basis, Ford Credit earned $888 million in the second quarter, compared with $646 million in the previous year. On a pre-tax basis, Ford Credit earned $1.7 billion in the first half of 2010, compared with $610 million in the first half of 2009.
FORD CREDIT EARNS $528 MILLION IN THE FIRST QUARTER OF 2010*
DEARBORN, Mich., April 27, 2010 - Ford Motor Credit Company reported net income of $528 million in the first quarter of 2010, an improvement of $541 million from a net loss of $13 million a year earlier. On a pre-tax basis, Ford Credit earned $828 million in the first quarter, compared with a loss of $36 million in the previous year.
FORD CREDIT EARNS $1.3 BILLION IN 2009*
DEARBORN, Mich., January 28, 2010 - Ford Motor Credit Company reported net income of $1.3 billion in 2009, an improvement of $2.8 billion from a net loss of $1.5 billion a year earlier. On a pre-tax basis, Ford Credit earned $2 billion in 2009, compared with a loss of $2.6 billion in the previous year. Excluding the $2.1 billion impairment charge for North America operating leases in the second quarter of 2008, Ford Credit incurred a pre-tax loss of $473 million in 2008. The improvement in full year pre-tax earnings primarily reflected the non-recurrence of the impairment charge, lower depreciation expense for leased vehicles due to higher auction values, and a lower provision for credit losses, offset partially by lower volume. Ford Credit also significantly reduced its operating costs in 2009 compared with the previous year.
FORD CREDIT EARNS $427 MILLION IN THE THIRD QUARTER OF 2009*
DEARBORN, Mich., November 2, 2009 - Ford Motor Credit Company reported net income of $427 million in the third quarter of 2009, an increase of $332 million from earnings of $95 million a year earlier. On a pre-tax basis, Ford Credit earned $677 million in the third quarter, compared with $161 million in the previous year. On a pre-tax basis, Ford Credit earned $1.3 billion in the first nine months of 2009.
FORD MOTOR CREDIT COMPANY MARKS 50-YEARS MILESTONE*
DEARBORN, Mich., Aug. 20, 2009 - Ford Motor Credit Company today celebrates its 50th anniversary. It was incorporated as Ford Motor Company's financing subsidiary on Aug. 20, 1959, dedicated to supporting Ford, its dealers and its customers.
FORD CREDIT EARNS $413 MILLION IN THE SECOND QUARTER OF 2009*
DEARBORN, Mich., July 23, 2009 - Ford Motor Credit Company reported net income of $413 million in the second quarter of 2009, an improvement of $1.8 billion from a net loss of $1.4 billion a year earlier. On a pre-tax basis, Ford Credit earned $646 million in the second quarter, compared with a loss of $2.4 billion in the previous year.
FORD MOTOR CREDIT REPORTS FIRST QUARTER 2009 PRELIMINARY RESULTS*
DEARBORN, Mich., April 24, 2009 - Ford Motor Credit Company reported a net loss of $13 million in the first quarter of 2009, a decrease of $37 million from net income of $24 million a year earlier. On a pre-tax basis, Ford Motor Credit reported a loss of $36 million in the first quarter, compared with earnings of $32 million in the previous year.
FORD MOTOR CREDIT REPORTS 2008 PRELIMINARY RESULTS*
DEARBORN, Mich., January 29, 2009 - Ford Motor Credit Company reported a net loss of $1.5 billion in 2008, a decrease of $2.3 billion from net income of $775 million a year earlier. On a pre-tax basis, Ford Motor Credit reported a loss of $2.6 billion in 2008, including the second quarter 2008 impairment charge of $2.1 billion for North America operating leases, compared with earnings of $1.2 billion in the previous year. The decrease in full year pre-tax earnings is more than explained by the impairment charge, a higher provision for credit losses, and higher depreciation expense for leased vehicles.
FORD MOTOR CREDIT EARNS $95 MILLION IN THE THIRD QUARTER OF 2008*
DEARBORN, Mich., Nov. 07, 2008 - Ford Motor Credit Company reported net income of $95 million in the third quarter of 2008, down $239 million from earnings of $334 million a year earlier. On a pre-tax basis, Ford Motor Credit earned $161 million, compared with $546 million in the previous year.
AS CUSTOMERS REBUILD FROM HURRICANE IKE, FORD MOTOR CREDIT OFFER FINANCIAL RELIEF (QUALIFIED CUSTOMERS MAY DELAY PAYMENTS)
DEARBORN, Mich., Sept. 15, 2008 - Ford Motor Credit Company is offering customers affected by Hurricane Ike the option to delay some car payments. Ford Motor Credit's Disaster Relief Program allows qualified customers to delay one or two monthly payments, resuming their regular payment schedules when their situations improve.
FORD MOTOR CREDIT OFFERS FINANCIAL RELIEF TO CUSTOMERS HIT BY FAY AND GUSTAV
DEARBORN , Mich. , Sept. 4, 2008 – Ford Motor Credit Company is offering customers affected by Hurricane Gustav and Tropical Storm Fay the option to delay some car payments. Ford Motor Credit’s Disaster Relief Program allows qualified customers to delay one or two monthly payments, resuming their regular payment schedules when their situations improve.
FORD MOTOR CREDIT REPORTS SECOND QUARTER 2008 PRELIMINARY RESULTS*
DEARBORN, Mich., July 24, 2008 - Ford Motor Credit Company reported a net loss of $1,427 million in the second quarter of 2008, down $1,489 million from net income of $62 million a year earlier. On a pre-tax basis, Ford Motor Credit reported a loss of $2,380 million, compared with earnings of $112 million in the previous year. Excluding a $2.1 billion impairment charge for operating leases, Ford Motor Credit incurred a pre-tax loss of $294 million in the second quarter of 2008.
FORD MOTOR CREDIT OFFERS FINANCIAL RELIEF TO MIDWEST FLOOD VICTIMS*
DEARBORN, Mich., June 23, 2008 - Ford Motor Credit Company is offering customers affected by the devastating floods in the Midwest the option to delay some car payments. Ford Motor Credit's Disaster Relief Program allows qualified customers to delay one or two monthly payments, resuming their regular payment schedules when their situations improve.
FORD MOTOR CREDIT EARNS $24 MILLION IN THE FIRST QUARTER OF 2008*
DEARBORN, Mich., April 24, 2008 - Ford Motor Credit Company reported net income of $24 million in the first quarter of 2008, down $169 million from earnings of $193 million a year earlier. On a pre-tax basis, Ford Motor Credit earned $36 million in the first quarter, compared with $293 million in the previous year.
FORD MOTOR CREDIT EARNS $775 MILLION IN 2007*
DEARBORN, Mich., January 24, 2008 - Ford Motor Credit Company reported net income of $775 million in 2007, down $508 million from earnings of $1,283 million a year earlier. On a pre-tax basis, Ford Motor Credit earned $1,215 million in 2007, down $738 million from 2006. The decrease in full year earnings primarily reflected the non-recurrence of credit loss reserve reductions, higher borrowing costs, higher depreciation expense for leased vehicles and higher costs due to our North American business transformation initiative. These were offset partially by lower net losses related to market valuation adjustments from derivatives and lower expenses primarily reflecting improved operating costs.
FORD MOTOR CREDIT EARNS $334 MILLION IN THE THIRD QUARTER
DEARBORN, Mich., November 08, 2007 - Ford Motor Credit Company reported net income of $334 million in the third quarter of 2007, down $118 million from earnings of $452 million a year earlier. On a pre-tax basis from continuing operations, Ford Motor Credit earned $546 million in the third quarter compared with $730 million in the previous year. The decrease in earnings primarily reflected the non-recurrence of credit loss reserve reductions, higher depreciation expense for leased vehicles and higher borrowing costs.
FORD MOTOR CREDIT OFFERS FINANCIAL RELIEF TO CALIFORNIA FIRE VICTIMS
DEARBORN, Mich., October 25, 2007 - Ford Motor Credit Company is offering customers affected by the California wild fires the opportunity to delay some car payments. Ford Motor Credit's Disaster Relief Program allows qualified customers to delay one or two monthly payments, resuming their regular payment schedules when their situations improve.
FORD MOTOR CREDIT EARNS $62 MILLION IN THE SECOND QUARTER*
DEARBORN, Mich., July 26, 2007 - Ford Motor Credit Company reported net income of $62 million in the second quarter of 2007, down $242 million from earnings of $304 million a year earlier. On a pre-tax basis from continuing operations, Ford Motor Credit earned $112 million in the second quarter compared with $435 million in the previous year. The decrease in earnings primarily reflected higher borrowing costs, lower credit loss reserve reductions, higher depreciation expense for leased vehicles and higher net losses related to market valuation adjustments from derivatives. Lower expenses, primarily reflecting improved operating costs, were a partial offset.
FORD MOTOR CREDIT EARNS $193 MILLION IN THE FIRST QUARTER
DEARBORN, Mich., April 26, 2007 - Ford Motor Credit Company reported net income of $193 million in the first quarter of 2007, down $55 million from earnings of $248 million a year earlier. On a pre-tax basis from continuing operations, Ford Motor Credit earned $294 million in the first quarter, compared with $382 million in the previous year. The decrease in earnings was more than explained by higher borrowing costs and higher depreciation expense for leased vehicles. The non-recurrence of losses related to market valuation adjustments from non-designated derivatives was a partial offset.
FORD MOTOR CREDIT EARNS $1.3 BILLION IN 2006*
DEARBORN, Mich., January 25, 2007 - Ford Motor Credit Company reported net income of $1,283 million in 2006, down $621 million from earnings of $1,904 million a year earlier. On a pre-tax basis from continuing operations, Ford Motor Credit earned $1,953 million in 2006, down $970 million from 2005. The decrease in full year earnings primarily reflected higher borrowing costs, higher depreciation expense and the impact of lower average receivable levels. These were offset partially by market valuations primarily related to non-designated derivatives and reduced operating costs.
FORD MOTOR CREDIT COMPANY RESTATES 2001-2005 FINANCIAL RESULTS FOR ACCOUNTING UNDER SFAS 133; FILES FORMS 10-Q, 10-Q/A'S AND 10-K/A WITH SEC
DEARBORN, Mich., November 14, 2006 - Ford Motor Credit Company today filed with the U.S. Securities and Exchange Commission its 2006 third quarter 10-Q Report. The company also filed an amended 2005 10-K Report to restate previously reported financial results from 2001 through 2005 and amended 10-Q Reports for the periods ended March 31, 2006, and June 30, 2006, to correct accounting for certain derivative transactions under Paragraph 68 of the Statement of Financial Accounting Standards (SFAS) 133, Accounting for Derivative Instruments and Hedging Activities. As part of the restatement, the company also reversed certain immaterial accounting adjustments and recorded them in the proper period.
FORD MOTOR CREDIT COMPANY ANNOUNCES PRELIMINARY THIRD QUARTER EARNINGS*; WILL RESTATE FINANCIAL RESULTS
DEARBORN, Mich., October 23, 2006 - Ford Motor Credit Company today reported preliminary financial results with third quarter profits. At the same time, Ford Motor Credit announced it plans to restate previous financial results from 2001 through the second quarter of 2006 to correct the accounting for certain derivative transactions under the Statement of Financial Accounting Standards (SFAS) 133, Accounting for Derivative Instruments and Hedging Activities.
FORD MOTOR CREDIT COMPANY TO RESTRUCTURE ITS NORTH AMERICAN OPERATIONS, REDUCE GLOBAL COSTS
DEARBORN, Mich., September 28, 2006 - Ford Motor Credit Company today announced it is consolidating and centralizing most of its originations and servicing operations in the United States to reduce costs and improve process efficiencies. At the same time, the company said it is reducing its operating costs through efforts that include salaried personnel reductions of about 2,000 positions in the United States and Canada.
FORD MOTOR CREDIT EARNS $441 MILLION IN THE SECOND QUARTER
DEARBORN, Mich., July 20, 2006 - Ford Motor Credit Company reported net income of $441 million in the second quarter of 2006, down $299 million from earnings of $740 million a year earlier. On a pre-tax basis from continuing operations, Ford Motor Credit earned $656 million in the second quarter, compared with $1.2 billion in the previous year. The decrease in earnings primarily reflected higher borrowing costs, the impact of lower average receivable levels, lower credit loss reserve reductions and higher depreciation expense.
FORD MOTOR CREDIT EARNS $479 MILLION IN THE FIRST QUARTER
DEARBORN, Mich., April 21, 2006 - Ford Motor Credit Company reported net income of $479 million in the first quarter of 2006, down $231 million from earnings of $710 million a year earlier. On a pre-tax basis from continuing operations, Ford Motor Credit earned $751 million in the first quarter, compared with $1.1 billion in the previous year. The decrease in earnings primarily reflected higher borrowing costs, the impact of lower receivable levels and higher depreciation expense, offset partially by improved credit loss performance.
FORD MOTOR CREDIT EARNS $2.5 BILLION IN 2005
DEARBORN, Mich., January 23, 2006 - Ford Motor Credit Company reported net income of $2.5 billion in 2005, down $370 million from earnings of $2.9 billion a year earlier. On a pre-tax basis from continuing operations, Ford Motor Credit earned $3.9 billion in 2005, down $570 million from 2004.
FORD MOTOR CREDIT EARNS $577 MILLION IN THE THIRD QUARTER
DEARBORN, Mich., October 20, 2005 - Ford Motor Credit Company reported net income of $577 million in the third quarter of 2005, down $157 million from a year earlier. On a pre-tax basis from continuing operations, Ford Motor Credit earned $901 million in the third quarter, compared with $1.1 billion in the previous year. The decrease in earnings primarily reflected higher borrowing costs and the impact of lower receivable levels, offset partially by improved credit loss performance.
FORD CREDIT OFFERS PAYMENT DEFERRALS TO HURRICANE KATRINA VICTIMS
DEARBORN, Mich., September 01, 2005 - Ford Credit is offering customers affected by Hurricane Katrina the opportunity to defer up to three vehicle payments.
FORD MOTOR CREDIT $740 MILLION IN THE SECOND QUARTER
DEARBORN, Mich., July 19, 2005 - Ford Motor Credit Company reported net income of $740 million in the second quarter of 2005, down $157 million from earnings of $897 million a year earlier. On a pre-tax basis from continuing operations, Ford Motor Credit earned $1.2 billion in the second quarter, compared with $1.4 billion in the previous year. The decrease in earnings primarily reflected higher borrowing costs and the impact of lower receivable levels, offset partially by improved credit loss performance.
FORD MOTOR CREDIT RECEIVES FINAL APPROVAL TO ENTER CHINA AUTO FINANCE MARKET
SHANGHAI, China, May 26, 2005 - Ford Motor Credit Company received final approval to commence business operations in China and expects to begin providing auto financing in the country at the beginning of the third quarter.
FORD MOTOR CREDIT EARNS $710 MILLION IN THE FIRST QUARTER
DEARBORN, Mich., April 20, 2005 - Ford Motor Credit Company reported net income of $710 million in the first quarter of 2005, up $22 million from earnings of $688 million a year earlier. On a pre-tax basis from continuing operations, Ford Motor Credit earned $1,061 million in the first quarter, compared with $1,047 million in the previous year. The increase in earnings primarily reflected improved credit loss performance, offset partially by the impact of lower receivable levels and higher borrowing costs.
FORD MOTOR CREDIT EARNS RECORDS $2.9 BILLION IN 2004
DEARBORN, Mich., January 20, 2005 - Ford Motor Credit Company reported record net income of $2.9 billion in 2004, up $1.1 billion from earnings of $1.8 billion a year earlier. On a pre-tax basis from continuing operations, Ford Motor Credit earned $4.4 billion in 2004, compared with $3.0 billion in the previous year. The increase in earnings primarily reflected improved credit loss performance and leasing results.
FORD MOTOR CREDIT EARNS $734 MILLION IN THE THIRD QUARTER
DEARBORN, Mich., October 19, 2004 - Ford Motor Credit Company reported net income of $734 million in the third quarter of 2004, up $230 million from $504 million a year earlier. On a pre-tax basis from continuing operations, Ford Motor Credit earned $1.2 billion in the third quarter, compared with $808 million in the previous year. The increase in earnings primarily reflected improved credit loss performance and improved leasing results.
FORD CREDIT WINS INITIAL APPROVAL TO ENTER CHINA AUTO FINANCE MARKET
DEARBORN, Mich., August 02, 2004 - Ford Motor Credit Company today announced that the banking authority in China, the China Banking Regulatory Commission, has approved the company's initial application to provide auto financing in China.
FORD CREDIT EARNS $897 MILLION IN SECOND QUARTER
DEARBORN, Mich., July 20, 2004 - Ford Motor Credit Company reported record net income of $897 million in the second quarter of 2004, up $496 million from $401 million a year earlier. On a pre-tax basis from continuing operations, Ford Credit earned $1.4 billion in the second quarter, compared with $661 million in the previous year. The increase in earnings primarily reflected continued improved credit loss performance, higher used vehicle prices and the favorable impact of the low interest rate environment.
FORD CREDIT NAMES DAVE COSPER VICE CHAIRMAN
DEARBORN, Mich., June 22, 2004 - Ford Motor Credit Company today named Dave Cosper, chief financial officer, to the additional position of vice chairman, effective immediately.
FORD MOTOR CREDIT TO TRANSFORM NORTH AMERICAN SALES OPERATIONS TO BETTER SERVE DEALERS AND CONSUMERS
DEARBORN, Mich., May 17, 2004 - Ford Motor Credit Company is transforming its sales operations in the U.S. and Canada during the next two years to create an integrated sales platform with 78 new multi-brand sales branches. The new branches will house sales activities for all Ford Credit brands, including Ford Credit, Volvo Car Finance, PRIMUS, Jaguar Credit, Land Rover Capital Group, Mazda Credit and Commercial Lending Services. Although the operations will be integrated, individual brand identities will be retained.
FORD MOTOR COMPANY ANNOUNCES EXECUTIVE APPOINTMENTS
DEARBORN, Mich., April 22, 2004 - Ford Motor Company [NYSE: F] today announced a series of executive appointments designed to build upon the company's strong progress. "These adjustments to our leadership team will help us build upon the positive momentum that we have established over the past two-and-a-half years, reflected in our strong first-quarter results," said Bill Ford, chairman and chief executive officer.
FORD CREDIT EARNS RECORD $688 MILLION IN FIRST QUARTER
DEARBORN, Mich., April 21, 2004 - Ford Motor Credit Company reported net income of $688 million in the first quarter of 2004, up $246 million from earnings of $442 million a year earlier.
FORD CREDIT CONSUMER FINANCE CONTRACTS TO INCLUDE NEW DISCLOSURE LANGUAGE
DEARBORN, Mich., February 12, 2004 - Ford Motor Credit Company today announced it will change its contracts to make it clearer that consumers can negotiate finance rates and that dealers may retain part of the finance charge.
FORD CREDIT EARNS RECORD $1.8 BILLION IN 2003
DEARBORN, Mich., January 22, 2004 - Ford Motor Credit Company reported record net income of $1.8 billion in 2003, up $583 million from earnings of $1.2 billion a year earlier. On a pre-tax basis from continuing operations, Ford Credit earned $3.0 billion in 2003 compared with $2.0 billion in 2002. The increase in earnings primarily reflected a lower provision for credit losses, the favorable market valuation of derivative instruments and associated exposures, offset partially by the impact of lower average net receivables.
