Shares of Western Alliance (WAL) rallied 1.7% in the extended trading session on Thursday after the company reported that its Q2 earnings and revenues surpassed analyst’s expectations. Quarterly earnings of $2.17 came above the Street’s expectations of $1.95 and increased significantly from $0.93 reported in the same quarter last year. Also, the company reported revenue of $506.5 million, up 58.4% year-over-year. It surpassed consensus estimates of $492.1 million. Net interest income climbed 24.2% to $370.5 million on 68 basis points contraction in net interest margin. In Q2, Western Alliance recorded reversal of credit loss provisions totaling $14.5 million compared to a provision of $92 million in the prior year’s quarter.
https://www.tipranks.com/news/western-alliance-reports-upbeat-q2-results-street-says-buy
Western Alliance Bancorp... (NYSE:WAL)
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