Full year 2021 results:
- EPS: US$3.60 (up from US$1.88 in FY 2020).
- Revenue: US$93.7b (up 26% from FY 2020).
- Net income: US$30.6b (up 86% from FY 2020).
- Profit margin: 33% (up from 22% in FY 2020). The increase in margin was driven by higher revenue.
- Net interest margin (NIM): 1.66% (down from 1.90% in FY 2020).
- Cost-to-income ratio: 67.0% (up from 64.6% in FY 2020).
- Non-performing loans: 0.50% (down from 0.57% in FY 2020).
Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.8%.Over the next year, revenue is forecast to stay flat compared to a 5.9% growth forecast for the banks industry in the US.
Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth.