Triumph Financial falls after Q1 profit miss

Triumph Financial

18/04/2024 19:22

** Shares of financial technology company Triumph Financial
 TFIN.O  fall as much as 9.8%, last down 9.2% at $67.32
    ** Late on Wednesday, TFIN posted Q1 profit of 14 cents/shr
vs analysts' average estimate of 34 cents/shr - LSEG data
    ** Q1 net interest income falls 7.9% to $86 mln compared to
last year, hurt by the ongoing freight recession and lower
mortgage loan yields
    ** Credit loss expense more than doubled to $5.9 mln in the
quarter, driven by a customer bankruptcy in its equipment
finance portfolio
    ** TFIN says freight continues to be softer than most people
predicted and that it is watching many providers go out of
business in slow motion
    ** As of last close, TFIN shares down 7.5% YTD

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