Bank OZK Reports Strong Financial Results for Q3 2024
Little Rock, Ark., Oct. 17, 2024 — Bank OZK (NASDAQ:OZK) today announced its financial results for the third quarter of 2024, marking another strong period of growth and profitability.
Key Financial Metrics
| Metric | Q3 2024 | Q3 2023 | Year-over-Year Change |
|---|---|---|---|
| Net Income (in millions) | $177.1 | $169.7 | 4.4% |
| Diluted Earnings per Share (EPS) | $1.55 | $1.49 | 4.0% |
Interpretation: Bank OZK achieved its eighth consecutive quarter of record net income and earnings per share. The 4.4% year-over-year increase in net income demonstrates robust growth, and the improvement in EPS underscores the bank's effective cost management and operational efficiency.
Operational Highlights
- Net income available to common stockholders for the first nine months of 2024 was $522.1 million, up 3.7% from the same period in 2023.
- Pre-tax pre-provision net revenue (PPNR) reached a record $282.6 million in Q3 2024, a 7.0% increase year-over-year.
- The bank's allowance for credit losses (ACL) rose by 28.8% year-over-year to $594.5 million.
Comments from Company Officers
George Gleason, Chairman and CEO of Bank OZK, expressed satisfaction with the bank's consistent achievement of record-breaking financial results. He highlighted the bank's ability to increase dividends, grow capital, and enhance credit allowances as key components of its financial strategy.
Stock Price Movement
Following the earnings release, Bank OZK's stock price experienced a 2.24% increase, indicating a positive market reception to the report.
Overall, Bank OZK's strong financial performance for the third quarter of 2024 reflects its sustained growth and operational strength, despite a challenging economic environment.
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