Customers Bancorp Second Quarter 2024 Earnings: Beats Expectations
Customers Bancorp (NYSE:CUBI) Second Quarter 2024 Results
Key Financial Results
Revenue: US$180.6m (up 14% from 2Q 2023).
Net income: US$54.3m (up 23% from 2Q 2023).
Profit margin: 30% (up from 28% in 2Q 2023). The increase in margin was driven by higher revenue.
EPS: US$1.72 (up from US$1.41 in 2Q 2023).
All figures shown in the chart above are for the trailing 12 month (TTM) period
Customers Bancorp Revenues and Earnings Beat Expectations
Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates by 17%.
Looking ahead, revenue is forecast to grow 4.3% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Banks industry in the US.
Performance of the American Banks industry.
The company's shares are down 20% from a week ago.
Balance Sheet Analysis
While earnings are important, another area to consider is the balance sheet. We have a graphic representation of Customers Bancorp's balance sheet and an in-depth analysis of the company's financial position.
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