Provident Financial Services Full Year 2023 Earnings: EPS Misses Expectations
Provident Financial Services (NYSE:PFS) Full Year 2023 Results
Key Financial Results
Revenue: US$451.4m (down 9.2% from FY 2022).
Net income: US$128.4m (down 27% from FY 2022).
Profit margin: 28% (down from 35% in FY 2022).
EPS: US$1.72 (down from US$2.35 in FY 2022).
PFS Banking Performance Indicators
Net interest margin (NIM): 3.16% (down from 3.37% in FY 2022).
Non-performing loans: 0.46% (down from 0.57% in FY 2022).
All figures shown in the chart above are for the trailing 12 month (TTM) period
Provident Financial Services EPS Misses Expectations
Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.7%.
Looking ahead, revenue is forecast to grow 29% 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 down 1.9% from a week ago.
Valuation
It's possible that Provident Financial Services could be undervalued with our 6-factor valuation analysis indicating a potential opportunity. To explore our complete evaluation click here and get an understanding of what analysts are thinking about the company's future.
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