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Riverview Bancorp Inc Faces Decline in Revenue and Net Loss in Q1 20242.

Company Maintains Commitment to Shareholders Despite Financial Challenges


Published / Modified Jun 15 2024
Goran Soko / CSIMarket.com





Riverview Bancorp Inc, a Savings and Loans (S&Ls) Savings Banks company, recently released its financial results for the period spanning January to March 31, 2024.
The report highlighted a significant decline in revenue and net loss per share compared to the previous year.
Despite these challenges, Riverview Bancorp maintained its quarterly cash dividend, demonstrating its commitment to providing value to shareholders.
However, the company's stock has experienced a decline, reflecting the overall market volatility.

Financial Results:
1.
Revenue: During the January to March 31, 2024 fiscal span, Riverview Bancorp's revenue experienced a substantial decrease of -35.547%, amounting to $9.05 million.
This decline is in sharp contrast to the revenue improvement recorded by the overall S&Ls Savings Banks sector during the same period.
2.
Net Loss per Share: The company recorded a net loss per share of $-0.14, compared to a positive $0.14 in the corresponding time-frame in the previous year.
3.
Income per Share: The income per share also fell, decreasing from $0.07 per share to $-0.14 per share.
4.
Net Deficit: Riverview Bancorp logged a net deficit of $-2.968 million during the January to March 31, 2024 fiscal span, instead of the net earnings of $2.983 million recorded in the corresponding financial reporting period the previous year.

Full-Year Financial Results:
For the fiscal year 2024, Riverview Bancorp reported revenue of $48.33 million and a bottom-line profit of $3.80 million.
The company also experienced a significant drop in earnings per share (EPS) of -78.31%, decreasing from $0.83 per share in the previous fiscal year to $0.18 per share.
Furthermore, the revenue for the full year dropped by -23.35%, reaching $63.05 million compared to the previous year.

Dividend Declaration:
Amid the market volatility, Riverview Bancorp Inc announced that it would maintain its dividend payout.
The company's Board of Directors declared a quarterly cash dividend of $0.06 per share, unchanged from the previous quarter.
Shareholders of record on April 11, 2024, will receive the dividend on April 22, 2024.
This consistent dividend policy aims to provide value to shareholders and instill confidence amidst market fluctuations.

Stock Performance:
Riverview Bancorp Inc's stock has experienced a decline, decreasing by -21.69% compared to the previous year.
The year-to-date performance stands at -40.78%, indicating a challenging period for investors.
Additionally, the stock currently trades only 12.5% above its 52-week low, underscoring the company's struggle in the market.

Conclusion:
Riverview Bancorp Inc's recent financial results for the January to March 31, 2024 fiscal span showcased a decline in revenue and a net loss per share, which is not consistent with the overall performance of the S&Ls Savings Banks sector during the same period.
Despite these challenges, the company remains committed to providing value to its shareholders by maintaining its dividend payout.
However, the decline in its stock reflects the current market volatility and uncertainty.



Riverview Bancorp Inc's ROI

Riverview Bancorp Inc's ROE



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