Provident Financial Q2 profit rises, lifted by record net interest income
Overview
Provident Financial Q2 net income rises to $72 mln, reflecting improved asset quality
Company reports record revenue of $214.2 mln, driven by increased net interest income
Loan portfolio grows, with C&I loans up 16.26% annualized from prior quarter
Result Drivers
REVENUE GROWTH - Record revenue of $214.2 mln driven by record net interest income and non-interest income
LOAN PORTFOLIO EXPANSION - C&I loan portfolio increased by 16.26% annualized, contributing to overall loan growth
CREDIT LOSS BENEFIT - $2.7 mln benefit to provision for credit losses, compared to a $325,000 provision for the trailing quarter.
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 EPS |
| $0.55 |
|
Q2 Net Income |
| $71.98 mln |
|
Q2 Net Interest Income |
| $187.09 mln |
|
Q2 Credit Loss Provision |
| -$2.89 mln |
|
Press Release: ID:nGNXbHLFbd
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