First Citizens BancShares (NASDAQ:FCNC.A) Second Quarter 2024 Results

Key Financial Results

• Revenue: US$2.37b (down 2.0% from 2Q 2023).

• Net income: US$691.0m (up 3.6% from 2Q 2023).

• Profit margin: 29% (up from 28% in 2Q 2023). The increase in margin was driven by lower expenses.

• EPS: US$47.54 (up from US$45.91 in 2Q 2023).

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

First Citizens BancShares Revenues and Earnings Beat Expectations

Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) also surpassed analyst estimates by 12%.

Looking ahead, revenue is forecast to stay flat during the next 3 years compared to a 6.3% growth forecast for the Banks industry in the US.

Performance of the American Banks industry.

The company's share price is broadly unchanged from a week ago.

Risk Analysis

Don't forget that there may still be risks. For instance, we've identified 2 warning signs for First Citizens BancShares (1 doesn't sit too well with us) you should be aware of.

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