Overview
Webster Financial Q2 revenue of $715.8 mln beats analyst expectations, per LSEG data
Net income applicable to common stockholders rose to $251.7 mln from $175.5 mln
Provision for credit losses decreased to $46.5 mln from $77.5 mln last qtr
Outlook
Company maintains strong operating position, investing for future growth
Webster sees improved asset quality metrics, positive for future performanc
Result Drivers
REVENUE GROWTH - Webster's revenue increased to $715.8 million, surpassing analyst expectations, driven by higher net interest income and improved asset quality metrics
CREDIT LOSS REDUCTION - Provision for credit losses decreased to $46.5 million, reflecting improved credit management
ASSET QUALITY IMPROVEMENT - Webster's asset quality metrics improved, with decreased non-performing loans and leases, contributing to stronger financial results
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue | Beat | $715.80 mln | $641.10 mln (11 Analysts) |
Q2 EPS | $1.52 | ||
Q2 Net Interest Income | $621.20 mln | ||
Q2 CET1 Capital Ratio | 11.3% | ||
Q2 Credit Loss Provision | $46.50 mln |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 15 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy"
Wall Street's median 12-month price target for Webster Financial Corp is $65.00, about 10.1% above its July 16 closing price of $58.44
Press Release: ID:nBw2y7zhKa
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)