Overview
Customers Bancorp Q3 net income rises to $73.7 mln, reflecting strong financial performance
Company's net interest margin increases to 3.46%, driven by higher interest income
Customers Bancorp raises $163 mln in common equity, boosting capital strength
Result Drivers
NET INTEREST MARGIN - Increase driven by higher interest income from loans and leases and higher average non-interest bearing deposit balances
CAPITAL STRENGTH - $163 mln common equity raise bolsters capital position
LOAN GROWTH - Specialized lending and consumer installment loans see significant increases
Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Core EPS
$2.20
Q3 Net Income
$73.72 mln
Q3 CET1 Capital Ratio
13%
Q3 Core ROCE
15.52%
Q3 ROCE
15.57%
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy"
Wall Street's median 12-month price target for Customers Bancorp Inc is $78.50, about 17.2% above its October 21 closing price of $64.97
The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 9 three months ago
Press Release: ID:nBw8MQ6YCa
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)