Univest Corporation Of Pennsylvania ( (UVSP) ) has released its Q4 earnings. Here is a breakdown of the information Univest Corporation Of Pennsylvania presented to its investors.
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Univest Financial Corporation is a financial services provider headquartered in Souderton, Pennsylvania, offering banking, insurance, and investment solutions primarily in the Mid-Atlantic region.
In its latest earnings report, Univest Financial Corporation announced a significant 18.2% increase in earnings per share for the fourth quarter of 2024 compared to the same period in 2023. The company reported net income of $18.9 million, highlighting a robust financial performance.
Key financial metrics from the report include a 3.9% increase in gross loans and leases from the previous year, driven mainly by growth in commercial and residential mortgage loans. The company also saw a 6.0% increase in total deposits, reflecting strong consumer and commercial deposit growth. Additionally, Univest’s net interest income rose by 5.1%, supported by higher asset balances and increased yields.
Noninterest income showed a healthy growth of 14.6%, with notable gains in investment advisory fees and mortgage banking activities. On the expense side, salaries and benefits saw a 7.5% increase due to higher incentive compensation, while deposit insurance premiums decreased by 18.4%.
Looking ahead, Univest Financial Corporation remains focused on maintaining its financial strength and competitive position in the financial services sector, navigating market dynamics with strategic initiatives and continued growth in its key business areas.
