This article first appeared on GuruFocus.
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Net interest margin: An increase of 11 basis points to 3.2% compared to the previous quarter.
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Client commissions: An increase of $10 million excluding the net credit score adjustment.
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Adjusted expenses: Reduced by $1 million.
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Efficiency factor: Improved to 59.6%.
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Average loan: An increase of 2.1% year over year compared to the previous quarter.
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Average customer deposits: An increase of 3.1% year over year compared to the previous quarter.
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Provision for credit losses: Recorded $49 million.
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Net write-offs: $56 million or 37 basis points of loans year over year.
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Diluted earnings per share: $1.48 compared to $1.63 in the prior period and $1.37 in the year-ago period.
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Net income before provisions: $352 million, reflecting an 11% improvement over the prior quarter and an 18% improvement over the prior year.
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Net interest income: Increased by $52 million or 8% compared to the third quarter of 2024.
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Adjusted non-interest income from customers: $174 million, up 6% from the second quarter and up 8% from the year-ago quarter.
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Adjusted expenses: $520 million, down $1 million from the prior quarter and up 4% year over year.
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Average loan: A decrease of 2.1% year-on-year compared to the previous quarter and 3.6% year-on-year.
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Average non-interest bearing deposits: Up approximately $192 million or 0.8% from the previous quarter.
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Cost of general deposits: Declined 1 basis point sequentially to 1.67%.
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Total borrowings: During the quarter, the decrease was $1.8 billion.
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Net write-offs: $56 million, or 37 basis points year over year, driven by write-downs of $50 million.
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Non-performing assets: 0.54% of loans and other real estate owned.
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Provision for credit losses: The interest rate on loans remained stable at 1.2%.
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Tier 1 total capital ratio: 11.3%.
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Tangible book value per share: Compared to the previous year, the increase was 17%.
Release date: October 20, 2025
For a full transcript of the earnings call, see full earnings call transcript.
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Net interest margin increased 11 basis points to 3.2%, reflecting continued performance in core earnings.
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Client fees, excluding net credit adjustments, increased $10 million, indicating strong client engagement.
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Average customer loans and deposits increased by 2.1% and 3.1% year-on-year respectively, demonstrating growth in core banking activities.
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The efficiency ratio increased to 59.6%, demonstrating better cost management and operational efficiency.
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Capital market fees, excluding net CVA, increased 25% year-on-year, driven by higher syndicated loan income and customer swap fee income.
