1. A company's total earnings (or profit). Net income is calculated by taking revenues and adjusting for the cost of doing business, depreciation, interest, taxes and other expenses. This number is found on a company's income statement and is an important measure of how profitable the company is over a period of time. The measure is also used to calculate earnings per share. Often referred to as "the bottom line" since net income is listed at the bottom of the income statement. In the U.K., net income is known as "profit attributable to shareholders".2. An individual’s income after deductions, credits and taxes are factored into gross income. Deductions and credits are subtracted from gross income to arrive at taxable income, which is used to calculate income tax. Net income is income tax subtracted from taxable income. |||1. Net income is calculated by starting with a company's total revenue. From this, the cost of sales, along with any other expenses that the company incurred during the period, is removed to reach earnings before tax. Tax is deducted from this amount to reach the net income number. Net income, like other accounting measures, is susceptible to manipulation through such things as aggressive revenue recognition or by hiding expenses. When basing an investment decision on net income numbers, it is important to review the quality of the numbers that were used to arrive at this value. 2. For example, suppose that your gross income is $50,000 and you have $20,000 in deductions and credits. This leaves you with a taxable income of $30,000. Then, suppose that another $5,000 of income tax is subtracted; the remaining $25,000 will be your net income.
A type of currency forward contract that refers to the Bank of Canada's average noon rate for foreign exchange as a benchmark. The contract's negotiated exchange rate is compared to the noon rate and the two parties settle the difference in cash. NARCs usually refer to the USD/CAD exchange rate. |||The noon rate is the spot exchange rate posted by the central bank every business day at noon. This contract is designed to help mitigate foreign exchange risk. Because NARCs are marked-to-market daily, the parties involved will hedge their currency exposure throughout the life of the contract, even if they choose to close their positions early.
A real estate property that has been foreclosed successfully. A non-REO (real estate owned) foreclosure has a purchaser that is willing to pay the amount owed to the bank for the property, or less if the bank is willing. A non-REO foreclosure is different from an REO foreclosure, where a buyer could not be found and the lender takes possession, because the property never becomes real-estate owned (i.e., lender owned). |||Most real estate agents will say that there is a lot more risk in purchasing a non-REO foreclosure. This is due to the fact that there might be liens and other expenses still attached to the home, and even worse, the new owner may have disgruntled tenants to evict.
An abbreviation for "no meaningful figure". You'll often see this when comparing financial data among companies where a certain ratio or figure isn't applicable. |||For example, if company has negative earnings, it cannot have a P/E ratio. (Earnings are in the denominator, and you can't divide by zero). Sometimes designated as NM, "not meaningful".
A shell branch located in an international financial center. Offshore banking units (OBUs) make loans in the Eurocurrency market when they accept deposits from foreign banks and other OBUs. OBUs' activities are not restricted by local monetary authorities or governments, but they are prohibited from accepting domestic deposits. |||OBUs have proliferated across the globe since the 1970s. They are found throughout Europe, as well as in the Middle East, Asia and the Caribbean. U.S. OBUs are concentrated in the Bahamas, the Cayman Islands, Hong Kong, Panama and Singapore.
The bureau of the U.S. Treasury Department that is responsible for issuing and enforcing regulations governing the nation's savings and loan industry. |||This bureau is responsible for ensuring the safety and soundness of deposits in thrift banks. It does this by auditing and inspecting the banks to see if government regulations and policies are being adhered to.
A U.S. federal agency that serves to charter, regulate and supervise the national banks and the federal branches and agencies of foreign banks. The Office of the Comptroller of the Currency (OCC) is headed by the Comptroller of the Currency, who is appointed by the president and approved by the Senate. |||Founded through the National Currency Act of 1863, the OCC monitors the banks to ensure that they are operating safely, and meeting all requirements. In particular, the OCC monitors capital, asset quality, management, earnings, liquidity, sensitivity to market risk, information technology, compliance and community reinvestment.
A department of the U.S. Treasury that enforces economic and trade sanctions against countries and groups of individuals involved in terrorism, narcotics and other disreputable activities. |||The OFAC was officially created in 1950, when China entered the Korean War. President Truman declared the event a national emergency, and froze all Chinese and Korean assets subject to U.S. jurisdiction. The OFAC's predecessor was the Office of Foreign Funds Control (OFFC), which was established in response to the Nazi invasion of Norway in 1940. The OFAC program runs many sanctions based on United Nations mandates. Basically, through these sanctions and trade policies, the OFAC tries to make the economic lives of these countries or groups of individuals very difficult. This is done as a way to pressure a country to conform to certain laws or regulations, or to discontinue disreptuble activity.
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