Customers Bancorp jumps after Q4 profit beat

Customers Bancorp

24/01/2025 19:06

** Shares of regional lender Customers Bancorp  CUBI.N  jump
as much as 16.6%; last up 14.1% at $57.44
    ** CUBI late Thursday posted Q4 core earnings of $1.36/shr,
beating Wall Street expectations of $1.21/shr, according to data
compiled by LSEG
    ** Q4 net interest income totaled $167.8 mln, higher than
estimates of $160.3 mln, thanks to lower deposit costs      
    ** Bank also repositioned a portion of its securities
portfolio, dumping $480 mln of lower-yielding bonds
    ** About $180 mln of the proceeds invested into
higher-yielding securities, with the rest earmarked to fund loan
growth      
    ** Robust loan growth late in the quarter should provide a
strong foundation for net interest income in 2025 - CUBI
President Sam Sidhu
    ** CUBI stock slumped 15.5% in 2024


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