UMB Financial Q3 profit rises on record loans
UMBF•UMB Financial’s third-quarter adjusted EPS rose 31.9% year over year, while revenue increased 13.9%. Net income was $278.09 million, and the company cited record gross loan production and growth in commercial and industrial balances.
1. Quarterly results
UMB Financial reported third-quarter net income of $278.09 million and EPS of $3.56. Net interest income was $540 million, and net interest margin was 3.32%. Lower nonperforming loans and net charge-offs improved asset quality.
2. Growth and outlook
Higher average loans, balance-sheet growth, stable net interest margin and higher short-term interest rates supported net interest income. Trust and securities processing contributed to higher noninterest income. UMB Financial said persistent inflation and higher rates may create headwinds in coming quarters, while it sees continued strong customer demand and business investment across its markets.
