Add as a preferred source on GoogleWestern Alliance Q3 Net Revenue Tops $1 Billion as EPS Reaches $2.45
Net income rose to $277.2 million, while deposits reached $81.8 billion at quarter-end.
Western Alliance Bancorporation posted $1,014.2 million in third-quarter net revenue and diluted earnings of $2.45 per share, providing an earnings update for a U.S. bank that serves institutional digital asset businesses.
Net revenue grew 8.1% from $938.2 million a year earlier. Net income rose to $277.2 million from $260.5 million over the same period.
The provision for credit losses totaled $80 million, matching the year-earlier quarter. Deposits stood at $81.8 billion on Sept. 30, up $4.5 billion from a year earlier.
Western Alliance Bank announced WA VenueX, its institutional financial platform, on July 24. Its WA VenueX Network provides 24/7 U.S. dollar settlement for approved institutional digital asset businesses.
Western Alliance Chairman, President and CEO Kenneth A. Vecchione highlighted “lower deposit costs, improved asset quality and stronger reserve coverage.”
The company is scheduled to discuss the results at noon ET (16:00 UTC) on Oct. 20.
John Kim
John Kim reports on the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.