Commerce Bancshares rises after Q1 profit beat

Commerce Bancshares

16/04/2024 18:17

** Shares of regional lender Commerce Bancshares  CBSH.O 
rise as much as 3.7%, last up 2% at $52.25
    ** CBSH posts Q1 profit of 86 cents/shr vs analysts' average
estimate of 81 cents/shr - LSEG data
    ** Net interest margin (NIM) expands by 7 basis points to
3.33% in the quarter compared with previous year, while net
interest income falls 1% to $249 mln
    ** Q1 non-interest income jumps 8% to $148.8 mln, driven by
higher trust fees, deposit account fees, and tax credit sales
income
    ** Trust fees rise 12.7% to $51.1 mln in the quarter, driven
by higher private client fees
    ** Q1 provision for credit losses (PCL) fall 58.3% to $4.8
mln 
    ** Jefferies analysts say the results driven by surprise NIM
expansion were solid overall and that smaller-than-expected PCLs
were positive
    ** Including session's gains, CBSH shares down 1.8% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))