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Mar 31, 2024
TFS Financial Q2 2024 Earnings Report
Reported a net income consistent with the prior quarter, driven by an increase in net interest income offset by a rise in non-interest expenses.
Key Takeaways
TFS Financial Corporation announced its Q2 2024 earnings, reporting a net income of $20.7 million, consistent with the previous quarter. The company's Tier 1 capital ratio stands at nearly 11%, with a focus on single-family, owner-occupied mortgages. Deposits have grown by $500 million in the first six months of the fiscal year, and the company is managing costs effectively in a challenging rate environment.
Net income remained consistent at $20.7 million compared to the previous quarter.
Net interest income increased by $2.3 million, or 3%, reaching $71.4 million.
Total non-interest expenses increased by $1.9 million, or 4%, to $52.2 million.
Total assets decreased slightly by $36.6 million to $17.02 billion.
Forward Guidance
This report contains forward-looking statements that are subject to significant risks, assumptions, and uncertainties, including competition, economic conditions, interest rate environment, and regulatory changes. Actual future results may be materially different from the results indicated by any forward-looking statements.
Positive Outlook
- Statements of goals, intentions and expectations
- Statements regarding business plans and prospects and growth and operating strategies
- Estimates of risks and future costs and benefits
- Ability to manage market risk, credit risk, liquidity risk, reputational risk, regulatory risk and compliance risk
- Ability to access cost-effective funding
Challenges Ahead
- Significantly increased competition among depository and other financial institutions, including with respect to our ability to charge overdraft fees
- Inflation and changes in the interest rate environment that reduce our interest margins or reduce the fair value of financial instruments, or our ability to originate loans
Historical Earnings Impact
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Avg. Return Before/After Earnings
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