Oakworth Capital Q2 net income rises on higher net interest income and wealth fees - OAKC News | RalliesOakworth Capital Q2 net income rises on higher net interest income and wealth fees
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OAKC• Key details
| Metric | Actual |
|---|
| Q2 EPS | $1.13 |
| Q2 Net Income | $5.87 mln |
| Q2 Net Interest Income | $18.44 mln |
| Q2 Basic EPS | $1.15 |
| Q2 Pretax Profit | $7.77 mln |
| Q2 Provision for Loan Losses | $2.007 mln |
Result drivers
- Revenue growth - The company said profitability gains were driven by higher revenue in banking and wealth management.
- Wealth fees - Trust and wealth fee income rose 22% yr/yr, supporting non-interest income growth.
- Loan and deposit growth - Loans grew 15% and deposits 12% yr/yr, reflecting strength in the core business.
Quarterly results
- U.S. commercial bank's Q2 net income grew 14% yr/yr, with diluted EPS up 10%.
- Revenue for the first half rose 15% from the prior year, driven by lending and wealth fees.
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