CW Bancorp Q1 profit rises on deposit growth
Overview
U.S. commercial bank's Q1 diluted EPS rose 22% yr/yr, net income up 19%
Company cites deposit growth and expense management for higher earnings
Total loans fell 3% yr/yr, while deposits and assets each rose 8%
Outlook
Company did not provide specific financial guidance for the current quarter or full year
Result Drivers
DEPOSIT GROWTH - Higher total deposits, especially interest-bearing deposits, contributed to increased earnings, per CEO Ivo A. Tjan
EXPENSE MANAGEMENT - Lower non-interest expense and improved efficiency ratio supported profit growth
NET INTEREST INCOME - Net interest income rose 8% yr/yr, reflecting higher interest income and lower interest expense
Company press release: ID:nPn2yqR3ya
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q1 EPS |
| $1.18 |
|
Q1 Net Income |
| $3.50 mln |
|
Q1 Basic EPS |
| $1.19 |
|
Q1 Pretax Profit |
| $4.81 mln |
|
Q1 ROE |
| 14.58% |
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