Cass Information Systems fall on lower-than-expected profit, revenue

Cass Information Systems

18/04/2023 17:15

** Shares of U.S.-based payment management solutions
provider Cass Information Systems  CASS.O  down 5.8% at $39.65 
    ** Co reports net income of $0.51/shr, below analysts'
estimate of $0.70/shr - Refinitiv IBES
    ** Adds average deposits in quarter fell 1.9% to $22.4 mln
compared to the year ago qtr
    ** CASS says it saw "deposit attrition as larger depository
clients moved their funds to higher interest rate alternatives
outside of Cass Commercial Bank"
    ** Co reports qtrly rev of $49.3 mln, below estimate of
about $51 mln
    ** As of last close, CASS shares down 13.45% YTD

 (Reporting by Saikeerthi in Bengaluru)
 ((Saikeerthi@thomsonreuters.com;))