Eastern Bankshares Full Year 2024 Earnings: Revenues Disappoint

Eastern Bankshares (NASDAQ:EBC) Full Year 2024 Results

Key Financial Results

• Revenue: US$664.1m (up 127% from FY 2023).
• Net income: US$119.6m (up from US$62.7m loss in FY 2023).
• Profit margin: 18% (up from net loss in FY 2023). The move to profitability was driven by higher revenue.
• EPS: US$0.66 (up from US$0.39 loss in FY 2023).

EBC Banking Performance Indicators

• Net interest margin (NIM): 2.85% (up from 2.73% in FY 2023).
• Non-performing loans: 0.75% (up from 0.38% in FY 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Eastern Bankshares Revenues Disappoint

Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) was mostly in line with analyst estimates.

In the last 12 months, the only revenue segment was Banking Business contributing US$664.1m. The largest operating expense was General & Administrative costs, amounting to US$444.3m (82% of total expenses). Explore how EBC's revenue and expenses shape its earnings.

The company's shares are up 2.4% from a week ago.

Risk Analysis

Don't forget that there may still be risks. For instance, we've identified 1 warning sign for Eastern Bankshares that you should be aware of.

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