Categories Earnings, Finance, IPO

Commerce Bancshares beats earnings consensus by a cent in Q4

Commerce Bancshares, Inc. (NASDAQ: CBSH) reported fourth-quarter results that surpassed street estimates, thanks to a favorable credit environment. Net income rose to 96 cents per share during the quarter from 82 cents per share a year ago, surpassing analysts’ projection of 95 cents per shares.

Revenue increased 11.6% to $345.3 million as both net interest income and non-interest income witnessed steady year-over-year growth. Analysts had projected revenue of $335.9 million.

Net-interest income during the quarter jumped 11.6% during the quarter. Meanwhile, buoyed by higher bank card, brokerage, swap, and tax credit fees, non-interest income increased 11.7%.

CBSH shares closed 2.26% higher on Wednesday. The stock has gained 7.8% during the trailing 52 weeks.

CEO John Kemper said, “Demand for business and business real estate loans improved this quarter and as a result, we experienced growth in new loans and increased line utilization, while seasonal paydowns on some lines of credit partially offset this growth.”

Goldman Sachs jump 3% after beating street projections in Q4

Net loan charge-offs at the end of the year totaled $12.1 million, compared to $11.0 million in the same quarter last year.

Net loans slightly improved to $13.9 billion, even as total deposits modestly declined to $20.3 billion.

On Wednesday, rival firm US Bancorp (USB) reported a 10% growth in earnings for the fourth quarter of 2018 helped by higher revenue and a decline in non-interest expense. The results exceeded analysts’ expectations.

 

Get access to timely and accurate verbatim transcripts that are published within hours of the event

Most Popular

AVGO Earnings: All you need to know about Broadcom Q1 2021 earnings results

Broadcom Limited (NASDAQ: AVGO) reported first quarter 2021 earnings results today. Total revenue increased 14% year-over-year to $6.65 billion. GAAP net income was $1.3 billion, or $3.05 per share, compared

Infographic: Costco (COST) Q2 2021 sales up 15%; earnings miss

Retail giant Costco Wholesale Corporation (NASDAQ: COST) reported higher earnings and revenues for the second quarter of 2021. Earnings missed analysts’ expectations, while sales beat. Net profit was $951 million

Will shifting to as-a-service model help Hewlett Packard in emerging stronger from COVID?

With the corporate world rapidly shifting to cloud-native computing after the virus outbreak changed work culture and the way businesses operate, technology providers are aggressively innovating their offerings. Hewlett Packard

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top