Yahoo Finance Customers Bancorp First Quarter 2024 Earnings: Misses Expectations
Customers Bancorp (NYSE:CUBI) First Quarter 2024 Results
Key Financial Results
Revenue: US$164.5m (up 11% from 1Q 2023).
Net income: US$45.9m (down 8.6% from 1Q 2023).
Profit margin: 28% (down from 34% in 1Q 2023). The decrease in margin was driven by higher expenses.
EPS: US$1.46 (down from US$1.58 in 1Q 2023).
All figures shown in the chart above are for the trailing 12 month (TTM) period
Customers Bancorp Revenues and Earnings Miss Expectations
Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) also missed analyst estimates by 14%.
Looking ahead, revenue is forecast to grow 3.1% p.a. on average during the next 2 years, compared to a 6.0% growth forecast for the Banks industry in the US.
Performance of the American Banks industry.
The company's shares are down 2.9% from a week ago.
Risk Analysis
Before we wrap up, we've discovered 1 warning sign for Customers Bancorp that you should be aware of.
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