Overview

* Kearny Financial ( KRNY ) Q1 net income rises to $9.5 mln, up from $6.8 mln in prior qtr

* Net interest income increased 5.2% to $37.7 mln, driven by margin expansion

Outlook

* Kearny Financial ( KRNY ) anticipates benefits from expected reductions in the federal funds rate

* Company focuses on enhancing efficiency through automation and branch consolidations

Result Drivers

* MARGIN EXPANSION - Net interest margin expanded by 10 basis points, contributing to a 36% increase in EPS

* AUTOMATION PARTNERSHIP - Partnership with The Lab Consulting aims to enhance operational efficiency through automation

* BRANCH CONSOLIDATION - Company consolidating branches to reallocate capital towards higher-return opportunities

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q1 EPS $0.15

Q1 Net $9.50

Income mln

Q1 Net $37.70

Interest mln

Income

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 1 "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 Kearny Financial Corp ( KRNY ) is $7.25, about 7.4% above its October 21 closing price of $6.71

Press Release:

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(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.)