TrustCo Bank Corp NY Full Year 2023 Earnings: EPS Misses Expectations
TrustCo Bank Corp NY (NASDAQ:TRST) Full Year 2023 Results
Key Financial Results
Revenue: US$188.9m (down 5.4% from FY 2022).
Net income: US$58.6m (down 22% from FY 2022).
Profit margin: 31% (down from 38% in FY 2022). The decrease in margin was primarily driven by lower revenue.
EPS: US$3.08 (down from US$3.93 in FY 2022).
TRST Banking Performance Indicators
Net interest margin (NIM): 2.91% (down from 2.99% in FY 2022).
Cost-to-income ratio: 56.7% (up from 50.2% in FY 2022).
Non-performing loans: 0.35% (down from 0.37% in FY 2022).
All figures shown in the chart above are for the trailing 12 month (TTM) period
TrustCo Bank Corp NY EPS Misses Expectations
Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.3%.
In the last 12 months, the only revenue segment was Community Banking contributing US$188.9m. The largest operating expense was General & Administrative costs, amounting to US$92.6m (71% of total expenses). Explore how TRST's revenue and expenses shape its earnings.
Looking ahead, revenue is forecast to grow 1.8% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Banks industry in the US.
Performance of the American Banks industry.
The company's shares are down 1.3% from a week ago.
Balance Sheet Analysis
While it's very important to consider the profit and loss statement, you can also learn a lot about a company by looking at its balance sheet. We have a graphic representation of TrustCo Bank Corp NY's balance sheet and an in-depth analysis of the company's financial position.
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