2024-04-29 22:19:28 ET
Summary
- Customers Bancorp reported solid Q1 results, beating expectations for EPS and revenue.
- Total deposits increased and interest expenses decreased, showing improvement in the composition of deposits.
- Loan growth was stagnant, but management expects growth between 10% and 15% in 2024.
It was a solid Q1 2024 for Customers Bancorp ( CUBI ), but the market reacted negatively and punished the stock with -5.47%. Yet, estimates were beaten upward:
- Q1 Non-GAAP EPS of $1.68 beats by $0.05.
- Revenue of $181.6M (+8.1% Y/Y) beats by $16.79M.
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Customers Bancorp: Lots Of Cash, But Sluggish Loan Growth