Overview

* Fulton Financial ( FULT ) Q2 net income rises to $96.6 mln, driven by higher net interest income

* The holding company which provides various financial services reports operating net income for Q2 of $100.6 mln, a new company record

* Pretax profit for Q2 beats analyst expectations, per LSEG data

Result Drivers

* NET INTEREST INCOME - Increase driven by higher interest income on investment securities and net loans, partially offset by reduced interest income on other assets

* NON-INTEREST INCOME - Growth attributed to higher mortgage banking and fee incomes, despite a decrease in equity method investment income

* EXPENSE INCREASE - Rise in non-interest expenses due to higher salaries and professional fees

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 Net $96.64

Income mln

Q2 Net $254.92

Interest mln

Income

Q2 Beat $122.65 $106.20

Pretax mln mln (6

Profit Analysts

)

Q2 CET1 11.3%

Capital

Ratio

Q2 $8.61

Credit mln

Loss

Provisio

n

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the banks peer group is "buy"

* Wall Street's median 12-month price target for Fulton Financial Corp ( FULT ) is $20.00, about 2.1% above its July 14 closing price of $19.57

* The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 9 three months ago

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)