tiprankstipranks
Customers Bancorp Reports Strong 2024 Financial Growth
Company Announcements

Customers Bancorp Reports Strong 2024 Financial Growth

Customers Bancorp ( (CUBI) ) has released its Q4 earnings. Here is a breakdown of the information Customers Bancorp presented to its investors.

Invest with Confidence:

Customers Bancorp, Inc. is a prominent banking institution headquartered in West Reading, Pennsylvania, known for offering a comprehensive range of financial services in the commercial and consumer banking sectors, with a distinctive approach to customer service. In its latest earnings report for the fourth quarter and full year of 2024, Customers Bancorp revealed significant financial results, highlighting strategic moves aimed at enhancing liquidity and deposit transformation. The company achieved a net income of $23.3 million in the fourth quarter, while core earnings reached $44.2 million, reflecting a strategic repositioning of its securities portfolio to improve liquidity and asset sensitivity. Notably, total loans and deposits saw considerable growth during the period, with non-interest-bearing demand deposits witnessing a significant rise of 20.1%. The net interest margin also saw an improvement, attributed to reduced deposit costs. Despite a slight increase in non-performing assets, the allowance for credit losses remained robust, indicating strong asset quality. Looking ahead, Customers Bancorp remains focused on further strengthening its deposit franchise, enhancing profitability, and maintaining strong capital ratios. The company anticipates a favorable banking environment in 2025, positioning itself for continued growth and success.

Related Articles
Looking for investment ideas? Subscribe to our Smart Investor newsletter for weekly expert stock picks!
Get real-time notifications on news & analysis, curated for your stock watchlist. Download the TipRanks app today! Get the App