First Horizon Posts Mixed Q2 Earnings, Reports Over 32K New-To-Bank Clients Bringing $3.5B In Deposit Balances
Portfolio Pulse from Vandana Singh
First Horizon Corporation (FHN) reported Q2 FY23 revenues of $1.031 billion, up 39% Y/Y, beating the consensus of $921.53 million. However, adjusted revenue decreased by 6% due to an 8% decline in net interest income. The company also reported over 32,000 new-to-bank clients bringing $3.5 billion in deposit balances. FHN and TD Bank Group (TD) mutually terminated their previously announced $13.4 billion merger agreement in May.
July 19, 2023 | 12:01 pm
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NEUTRAL IMPACT
First Horizon's Q2 revenue beat estimates but adjusted revenue declined. The termination of the merger agreement with TD Bank may also impact the stock.
While First Horizon beat revenue estimates, the decline in adjusted revenue and the termination of the merger with TD Bank could create uncertainty among investors, potentially impacting the stock price.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100
NEUTRAL IMPACT
The termination of the merger agreement with First Horizon may impact TD Bank's stock.
The termination of the merger agreement with First Horizon could create uncertainty among investors, potentially impacting TD Bank's stock price.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 50