Webster Financial Full Year 2023 Earnings: Misses Expectations
Webster Financial (NYSE:WBS) Full Year 2023 Results
Key Financial Results
Revenue: US$2.50b (up 14% from FY 2022).
Net income: US$843.3m (up 35% from FY 2022).
Profit margin: 34% (up from 28% in FY 2022). The increase in margin was driven by higher revenue.
EPS: US$4.91 (up from US$3.72 in FY 2022).
WBS Banking Performance Indicators
Net interest margin (NIM): 3.52% (up from 3.49% in FY 2022).
Cost-to-income ratio: 42.2% (down from 43.4% in FY 2022).
Non-performing loans: 0.41% (no change from 0.41% in FY 2022).
All figures shown in the chart above are for the trailing 12 month (TTM) period
Webster Financial Revenues and Earnings Miss Expectations
Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) also missed analyst estimates by 5.5%.
Looking ahead, revenue is forecast to grow 7.5% p.a. on average during the next 3 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 1.1% from a week ago.
Risk Analysis
Be aware that Webster Financial is showing 1 warning sign in our investment analysis that you should know about...
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