Truxton Q3 net interest income up 15%, wealth revenue up 17%
Overview
US wealth management and banking firm's preliminary Q3 net income rose yr/yr
Net interest income and wealth revenue both increased from a year earlier
Quarterly results benefited from renewable energy tax credit purchase, reducing tax expense
Outlook
Company did not provide specific financial guidance or outlook for future periods in the press release
Result Drivers
WEALTH MANAGEMENT FEES – Wealth-management revenue rose 17% yr/yr to $6.6 mln, accounting for most of the $1.1 mln increase in noninterest income
NET INTEREST INCOME – Q3 net interest income rose 15% yr/yr as loan interest income increased to $12.7 mln and deposit interest expense fell to $7.9 mln
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Net Income | $7.86 mln | ||
Q3 Net Interest Margin | 3.13% |
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(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.)