Bok Financial Corp Sees Steep Decline in EPS Amid Weak First Quarter Sales

Revenue and Net Income Also Plummet as Company Faces Financial Challenges

Published / Modified May 02 2024
Goran Soko / CSIMarket.com

In the first quarter of 2024, Bok Financial Corp, a commercial bank, experienced a decline in both its top and bottom lines.
The company's revenue fell by 13.018% year on year, reaching $447.27 million, while its earnings per share (EPS) plummeted by 46.91%, dropping to $1.29.
This represents a significant decrease compared to the previous year, where EPS stood at $2.43 during the same period.
In addition, Bok Financial Corp's net income decreased by 48.49%, from $162.496 million to $83.694 million.

Financial Results:
1.
Revenue: Bok Financial Corp's Q1 revenue decreased to $447.27 million from $514.21 million in the previous year, reflecting a decline of 13.018%.
EPS: The company's earnings per share dropped to $1.29 from $2.43, marking a significant decline of 46.91%.
Profitability: Bok Financial Corp's operating margin decreased to 23.9%, while its net margin shrank to 18.71% in the most recent fiscal period.
This indicates a decline in the company's profitability compared to the first quarter of 2023.

Net Income: The company's net income fell by 48.49%, from $162.496 million to $83.694 million, illustrating a decrease in overall profitability.

Operating Earnings: Bok Financial Corp's operating earnings decreased by 48.71% to $106.889 million, resulting in a decrease in its operating margin from 40.53% in Q1 2023 to 23.9% in Q1 2024.

Context:
While Bok Financial Corp experienced adverse financial results in Q1 2024, the company's stock performed well in the market.
The stock recorded a solid gain of 8.92% in the past week and reached its 52-week high.
However, during the month of April, BOKF stock declined by 2.19%.
Conclusion:
Bok Financial Corp reported soft financial results in the first quarter of 2024, with decreases in both revenue and earnings per share.
The company's net income also experienced a significant decline.
Despite these results, the company's stock performed well in the market, gaining significantly in the past week and reaching its 52-week high.
It remains to be seen how Bok Financial Corp will rebound from these financial challenges in the coming quarters.

Bok Financial's Price to sales ratio PS

Bok Financial's Dividend Pay out