Customers Bancorp First Quarter 2024 Earnings: Misses Expectations

Simply Wall St · 05/13 10:15

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).
NYSE:CUBI Earnings and Revenue Growth May 13th 2024

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 4.5% 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 share price is broadly unchanged from a week ago.

Risk Analysis

You should learn about the 1 warning sign we've spotted with Customers Bancorp.