Kearny Financial Corp. Sees 2.9% Net Income Growth

In the fiscal year ended June 30, 2024, Kearny Financial Corp. reported a net income of $45.6 million, compared to $44.3 million in the previous fiscal year. This represents an increase of approximately 2.9%.

Total assets as of June 30, 2024, stood at $4.20 billion, up from $3.78 billion in the prior fiscal year, indicating a growth of about 11.1%.

The company's loan portfolio also exhibited growth, with total loans reaching $3.16 billion as of June 30, 2024, compared to $2.89 billion in the preceding fiscal year, representing an approximately 9.3% increase.

Additionally, Kearny Financial Corp.'s total deposits saw an uptick, reaching $3.35 billion at the end of the fiscal year, as compared to $3.01 billion in the prior year, marking an increase of around 11.3%.

In terms of stockholders' equity, the company reported a figure of $441.1 million as of June 30, 2024, compared to $399.6 million in the previous fiscal year, signifying a rise of approximately 10.4%.

Furthermore, the return on average assets (ROAA) for the fiscal year ended June 30, 2024, was 1.08%, compared to 1.16% in the prior fiscal year, representing a slight decrease.

Similarly, the return on average equity (ROAE) for the same period was 10.55%, down from 11.24% in the preceding fiscal year, indicating a decline in this metric.

These figures were presented at the annual meeting of stockholders on October 17, 2024, where the financial results and strategic outlook for the fiscal year ended June 30, 2024, were reviewed. Today the company's shares have moved -0.1% to a price of $7.46. If you want to know more, read the company's complete 8-K report here.

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