Amalgamated Financial Full Year 2023 Earnings: Revenues Beat Expectations, EPS In Line
Amalgamated Financial (NASDAQ:AMAL) Full Year 2023 Results
Key Financial Results
Revenue: US$274.6m (up 11% from FY 2022).
Net income: US$88.0m (up 8.0% from FY 2022).
Profit margin: 32% (in line with FY 2022).
EPS: US$2.88 (up from US$2.64 in FY 2022).
AMAL Banking Performance Indicators
Net interest margin (NIM): 3.41% (up from 3.22% in FY 2022).
Non-performing loans: 0.77% (up from 0.70% in FY 2022).
All figures shown in the chart above are for the trailing 12 month (TTM) period
Amalgamated Financial Revenues Beat Expectations
Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) was mostly in line with analyst estimates.
In the last 12 months, the only revenue segment was Banking contributing US$274.6m. The largest operating expense was General & Administrative costs, amounting to US$129.6m (69% of total expenses). Explore how AMAL's revenue and expenses shape its earnings.
Looking ahead, revenue is forecast to grow 7.6% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Banks industry in the US.
Performance of the American Banks industry.
The company's shares are up 3.4% from a week ago.
Risk Analysis
It is worth noting though that we have found 1 warning sign for Amalgamated Financial that you need to take into consideration.
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