Provident Financial reports Q1 EPS 25c, consensus 28c

Net interest margin unchanged at 2.88% for the current and sequential quarters. “As previously disclosed, we’ve adapted our short-term strategies in response to current market conditions, influenced by factors such as a more stringent monetary policy, tighter liquidity circumstances, concerns about future credit quality, and a generally uncertain economic climate,” stated Craig Blunden, Chairman and CEO of the company. “Our measures include a deliberate slowdown in the growth of our loan portfolio, allowing investments to naturally decrease, maintaining strong capital reserves, managing operating expenses prudently, safeguarding our deposit franchise, and enhancing our contingency funding plans. Having experienced many economic cycles, we remain acutely aware of significant risks and take appropriate steps to mitigate them. This approach ensures that we consistently meet our customers’ needs regardless of the economic environment,” Blunden concluded.