Reported Q: Q2 2024 Rev YoY: +1.6% EPS YoY: -26.0% Move: +0.22%
MT Bank Corporation
MTB-PJ
$26.89 0.22%
Exchange NYSE Sector Financial Services Industry Banks Regional
Q2 2024
Published: Aug 5, 2024

Company Status Snapshot

Fast view of the latest quarter outcome for MTB-PJ

Reported

Report Date

Aug 5, 2024

Quarter Q2 2024

Revenue

3.37B

YoY: +1.6%

EPS

3.73

YoY: -26.0%

Market Move

+0.22%

Previous quarter: Q1 2024

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Earnings Highlights

  • Revenue of $3.37B up 1.6% year-over-year
  • EPS of $3.73 decreased by 26% from previous year
  • Gross margin of 63.8%
  • Net income of 655.00M
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MTB-PJ
Company MTB-PJ

Executive Summary

MT Bank Corporation delivered a durable Q2 2024 with revenue of $3.373 billion, modest year-over-year growth of 1.63% and solid quarter-over-quarter growth of 2.21%. Net income of $655 million produced diluted EPS of $3.73, underscoring a resilient, albeit uneven, profitability trajectory in a low-rate, high-liquidity environment. The quarter benefited from robust operating cash flow and a materially cash-rich balance sheet, even as elevated interest expense and costs compressed margins relative to peak periods.

Liquidity and capital resilience were standout features. The company reported substantial liquidity with cash and cash equivalents of $26.57 billion and total cash and short-term investments of $36.40 billion, contributing to a net debt position of -$10.49 billion and total stockholders’ equity of $28.42 billion. Free cash flow reached about $1.289 billion for the quarter, supported by operating cash flow of $1.354 billion, underscoring the capacity to fund dividends, debt repayment, and selective growth opportunities while maintaining a strong balance sheet.

Notwithstanding the positive cash generation and balance sheet strength, profitability metrics point to a productivity challenge relative to peak periods. Gross profit margin stood at 63.8%, with net income margin at 19.4% and return on equity approximately 2.3%, reflecting a capital-heavy, rate-sensitive earnings model. The market still assigns a very modest multiple to the stock (P/B around 0.15, P/E near 1.65), highlighting a valuation gap that could close if management demonstrates durable margin expansion, improved efficiency, or accretive growth in higher-return segments such as Wealth Management and Institutional Services.

Key Performance Indicators

Revenue
Increasing
3.37B
QoQ: 2.21% | YoY: 1.63%
Gross Profit
Decreasing
2.15B
63.80% margin
QoQ: 5.75% | YoY: -12.23%
Operating Income
Decreasing
855.00M
QoQ: 28.77% | YoY: -26.23%
Net Income
Decreasing
655.00M
QoQ: 23.35% | YoY: -24.45%
EPS
Decreasing
3.75
QoQ: 23.36% | YoY: -26.04%

Revenue Trend

Margin Analysis

Historical Earnings Comparison

PeriodRevenue ($M)EPS ($)YoY GrowthReport
Q1 2025 3,171.00 3.32 -3.9% View
Q4 2024 3,341.00 3.86 +1.3% View
Q3 2024 3,391.00 4.02 +5.9% View
Q2 2024 3,373.00 3.73 +1.6% View
Q1 2024 3,300.00 3.02 +14.0% View