Provident Financial Services Full Year 2024 Earnings: EPS Misses Expectations

Provident Financial Services (NYSE:PFS) Full Year 2024 Results

Key Financial Results

• Revenue: US$607.2m (up 35% from FY 2023).
• Net income: US$115.5m (down 10.0% from FY 2023).
• Profit margin: 19% (down from 28% in FY 2023).
• EPS: US$1.05 (down from US$1.72 in FY 2023).

PFS Banking Performance Indicators

• Net interest margin (NIM): 3.26% (up from 3.16% in FY 2023).
• Non-performing loans: 0.39% (down from 0.46% in FY 2023).

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

Provident Financial Services EPS Misses Expectations

Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 8.9%.

In the last 12 months, the only revenue segment was Traditional Banking and Other Financial Services contributing US$607.2m. The largest operating expense was General & Administrative costs, amounting to US$298.9m (61% of total expenses). Explore how PFS's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 7.2% growth forecast for the Banks industry in the US.

Performance of the American Banks industry.

The company's shares are down 1.1% from a week ago.

Risk Analysis

Before we wrap up, we've discovered 4 warning signs for Provident Financial Services (1 is concerning!) that you should be aware of.

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