BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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First Horizon Corporation Delivers Strong First Quarter 2024 Results
MEMPHIS, TN, April 17, 2024 – First Horizon Corporation (NYSE: FHN) today reported its financial results for the first quarter of 2024, showcasing continued growth and financial health. The company achieved a net income available to common shareholders of $184 million, or $0.33 per share, an increase from $175 million, or $0.31 per share in the fourth quarter of 2023. Adjusting for notable items, the adjusted net income was $195 million, or $0.35 per share, up from $178 million, or $0.32 per share in the previous quarter.
Financial Performance Highlights
First Horizon’s financial results reflect a solid performance across various metrics:
- Net Income: Grew to $184 million compared to $175 million in Q4 2023.
- Earnings Per Share (EPS): Increased from $0.31 in Q4 2023 to $0.33 in Q1 2024.
- Adjusted EPS: Rose from $0.32 to $0.35, marking a 9% increase over the previous quarter.
- Return on Tangible Common Equity (ROTCE): Reported at 11.0%, with an adjusted ROTCE of 11.6%.
- Tangible Book Value per Share: Increased slightly by $0.03 from the previous quarter to $12.16.
The company’s Chairman, President, and CEO, Bryan Jordan, commented on the results, stating, "We reported a strong quarter with 10% growth in adjusted net income available to common shareholders from the fourth quarter. We achieved positive operating leverage as revenue increased and expenses declined, driven by margin expansion in the core banking franchise as well as significant improvement in our counter-cyclical businesses."
Operational Insights
First Horizon’s revenue growth was primarily driven by margin expansion within its core banking operations, alongside improvements in counter-cyclical business sectors. The bank also highlighted its stable credit quality and robust capital and liquidity positions, which are pivotal in fostering new client relationships and deepening existing ones.
Notable Financial Items
- The quarter witnessed pre-tax notable items totaling $15 million, including a $10 million FDIC special assessment and $5 million in restructuring costs. After-tax, these notable items amounted to a reduction of $12 million, or $0.02 per share.
Revenue and Expenses
- Total Revenue: Increased to $819 million up from $800 million in Q4 2023.
- Net Interest Income: Grew modestly to $625 million.
- Noninterest Income: Rose to $194 million, supported by higher fixed income production.
- Noninterest Expense: Declined to $515 million, reflecting efficient cost management and strategic expense control.
Balance Sheet and Capital Management
- First Horizon maintained a strong capital position with a Common Equity Tier 1 (CET1) ratio of 11.3%.
- Total loans and leases stood at $61.8 billion by the end of the quarter, with deposits holding steady around $65.7 billion.
- The bank continues to optimize its balance sheet, focusing on high-quality asset growth and prudent risk management.
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