Metropolitan Bank jumps after Q1 profit beat, strong deposit flows

Metropolitan Bank Holding

19/04/2024 15:58

** Shares of community lender Metropolitan Bank  MCB.N  rise
as much as 19.9%; last up 17.1% at $38.76
    ** Late on Thursday, MCB posted Q1 profit of $1.46/shr,
beating analysts' average estimate of $1.34/shr - LSEG
    ** Q1 total deposits jumped 21.5% to $6.24 bln, driven by
growth in its retail, municipal, property management, and other
deposit verticals
    ** Q1 provision for credit losses of $528,000 was lower than
expectations of $3.9 mln due to flat net charge-offs, or debts
that are unlikely to be recovered
    ** Piper Sandler analysts say the deposit flows were
surprisingly strong and that it was important to recognize that
MCB did not have to really pay up to attract these deposits
    ** MCB has a uniquely profitable business model and is one
of only a handful of differentiated growth stories in the
banking industry, Piper Sandler analysts added
    ** As of last close, MCB shares down 40.2% YTD

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