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Sep 30, 2022
WaFd Q4 2022 Earnings Report
WaFd reported record earnings per share increase of 42% for 2022.
Key Takeaways
Washington Federal reported record annual earnings of $236.33 million for the fiscal year ended September 30, 2022, a $52.715 million increase from the previous year. The fourth quarter net interest margin reached 3.64%, the highest since 2005, and the efficiency ratio decreased to 50%, the best in the last five years.
Net interest margin reached 3.64%, a 26% increase year-over-year.
Loans outstanding grew from $13.8 billion to $16.1 billion, a 17% year-over-year increase.
Efficiency ratio decreased from 57% to 50%, the best in the last five years.
Tangible book value per share grew 9.5% year-over-year.
Forward Guidance
WaFd Bank is well positioned to withstand the economic volatility and continue to be a source of strength and stability for its clients.
Positive Outlook
- Strategic plan execution to benefit from rising interest rates.
- Conservative credit posture maintained.
- Significant expansion of net interest margin.
- Continued investments in teams and technology to drive growth.
- Strong credit quality with net recoveries posted for the ninth consecutive year.
Challenges Ahead
- No guarantees as to what the future holds.
- Economic volatility on the horizon.
- Potential financial stress on borrowers due to higher interest rates.
- Uncertain economic environment.
- Fluctuations in interest rate risk and market interest rates.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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