Transcript not available for QQ1 2024; no management quotes captured.
— Management
03Detailed Report
MTB-PJ
Company MTB-PJ
Period
Q1 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 26, 2026
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Executive Summary
MT Bank Corporation reported QQ1 2024 revenue of $3.30 billion, up 14.0% year over year, with net income of $531 million and earnings per diluted share of $3.02. The topline strength translated into an EBITDA of $794 million and operating income of $664 million, yielding an annualized net margin of approximately 16.1%. Despite the top-line growth, the company posted softer year-over-year profitability largely due to a higher interest expense load of $1.065 billion and a sizable operating expense base (GA&A and other costs totaling $1.374 billion). Free cash flow stood at $573 million and operating cash flow was $608 million for the quarter, underscoring solid cash generation even as the bank manages a large and complex asset mix.
Key Performance Indicators
Revenue
Increasing
3.30B
QoQ: 0.06% | YoY: 14.03%
Gross Profit
Decreasing
2.04B
61.67% margin
QoQ: -0.99% | YoY: -10.15%
Operating Income
Decreasing
664.00M
QoQ: 6.13% | YoY: -28.29%
Net Income
Decreasing
531.00M
QoQ: 10.07% | YoY: -24.36%
EPS
Decreasing
3.04
QoQ: 10.55% | YoY: -24.57%
Revenue Trend
Margin Analysis
Financial Highlights
Overview of key metrics (QQ1 2024 vs prior periods, where available):
- Revenue: $3.30B; YoY +14.03%; QoQ +0.06%
- Gross Profit: $2.035B; YoY -10.15%; QoQ -0.99% (Gross margin approx. 61.7%)
- Operating Income: $664M; YoY -28.29%; QoQ +6.13%; Operating income margin ~20.12%
- Net Income: $531M; YoY -24.36%; QoQ +10.07%; Net margin ~16.09%
- EPS (Diluted): $3.02; YoY -24.57%; QoQ +10.55%
- Cash Flow from Operations: $608M; Free Cash Flow: $573M
- Balance Sheet highlights: Total assets $215.1B; Total liabilities $188.0B; Total equity $27.17B; Net debt: negative $17.6B (net cash)
- Liquidity: Cash & cash equivalents $33.84B; Total current assets $41.99B; Current ratio ~0.60x; Quick ratio ~0.60x; Cash ratio ~0.60x
- Leverage and profitability indicators: Debt to capitalization ~0.374x; ROE ~1.95%; ROA ~0.25%; Price-to-book ~0.154x; P/E ~1.97x; Dividend payout 48%
- Cash returns per share figures imply meaningful per-share cash generation (Operating cash flow per share ~$4.93; Free cash flow per share ~ $4.72).
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
3.30B
14.03%
0.06%
Gross Profit
2.04B
-10.15%
-0.99%
Operating Income
664.00M
-28.29%
6.13%
Net Income
531.00M
-24.36%
10.07%
EPS
3.04
-24.57%
10.55%
Key Financial Ratios
Gross Profit Margin
Weak
1.00%
Gross profit margin is below industry norms, profitability concerns
Operating Profit Margin
Weak
0.00%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Good
16.00%
Net profit margin is healthy and competitive within industry standards
Return on Assets
Weak
0.25%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
1.95%
Return on equity suggests inefficient capital allocation
Current Ratio
Concern
0.60
Current ratio below safe levels, potential liquidity risk
Debt to Equity
Moderate
0.60
Debt-to-equity indicates balanced capital structure with manageable debt
P/E Ratio
Value
1.97x
P/E ratio suggests potential undervaluation or stable earnings
Price to Book
Undervalued
0.15x
Trading below book value, potential value opportunity or distressed
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