First Citizens BancShares tops Q2 profit estimates

First Citizens BancShares

23/07/2026 11:41

    

    Overview
  
U.S. banking group's Q2 adjusted EPS and adjusted net income beat analyst expectations
Company repurchased $600 mln in shares during the quarter
Net interest income and margin increased, driven by loan and deposit growth

    

    Outlook
  
Company expects BMO branch acquisition to close in Q3 2026, adding $5.3 bln in deposits

    

    Result Drivers
  
NET INTEREST INCOME - Higher net interest income driven by increased yields and average balances on loans and investment securities, and lower interest expense on borrowings due to debt repayment
CREDIT QUALITY - Improved credit quality and reserve releases led to a benefit for credit losses, supporting net income growth
NONINTEREST INCOME - Increase in noninterest income mainly due to higher derivative fair values and gains on sale of tax credit investments

    
Company press release: ID:nPn7MzytXa

    

    Key Details
  

            Metric
          

            Beat/Miss
          

            Actual
          

            Consensus Estimate
          
Q2 Adjusted EPS
Beat
$57.09
$40.54 (9 Analysts)
Q2 EPS
 
$55.52
 
Q2 Adjusted Net Income
Beat
$691 mln
$492.26 mln (9 Analysts)
Q2 Net Income
 
$672 mln
 
Q2 Net Interest Income
 
$1.66 bln
 
Q2 Net Interest Margin
 
3.10%
 

    

    Analyst Coverage
  
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 3 "strong buy" or "buy", 10 "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 First Citizens BancShares Inc (Delaware) is $2,300.00, about 10.7% above its July 22 closing price of $2,077.57
The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 10 three months ago

    

    Reuters Recommended Reads
  
July 23 - Huntington Bancshares Q2 net income rises 39% sequentially on loan growth
July 21 - Webster Financial Q2 revenue beats estimates on loan, deposit growth
July 21 - KeyCorp quarterly profit rises on interest income strength

    
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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.)