The mood among top venture capitalists at Consensus Hong Kong was not retreat, but recalibration, as the crypto market experienced a prolonged downturn. Hasseeb Qureshi, managing partner at Dragonfly, described today’s venture market as a “barbell:” On one side, proven verticals compounding at scale; on the other, a narrow set of high-risk, next-generation bets. “There’s stuff that’s working, and it’s just like, scale it up, go even bigger,” Qureshi said, pointing to “stablecoins, payments and tokenizat ...

Summary of Huntington Bancshares Conference Call Company Overview - **Company**: Huntington Bancshares (NasdaqGS: HBAN) - **Date**: February 10, 2026 - **Key Speakers**: Steve Steinour (Chairman and CEO), Zach Wasserman (CFO) Key Messages 1. **Strong Business Model**: Huntington has developed a unique and scalable super-regional bank model that delivers robust revenue and earnings growth across 21 regional markets, supported by locally led teams and a national commercial bank [1][2] 2. **Organic Growth**: Focused execution has resulted in powerful organic growth across all business facets, with a reported 11% revenue growth and 16% EPS growth in 2025 [3][4] 3. **Integration Expertise**: The company has proven expertise in integrating new partners, which creates economic value and supports customer service [2][5] 4. **Value Creation Flywheel**: The combination of these elements creates a compelling flywheel for value creation, which is expected to accelerate as the company expands its footprint and capabilities [2][6] Financial Performance - **2025 Results**: - Revenue growth of 11% - EPS growth of 16% - Return on capital at 16% - Tangible book value per share growth of 19% [3][4] - **2026 Projections**: - Expected revenue of approximately $12.6 billion - Anticipated EPS between $1.90 and $1.93 in 2027 [12][16] Strategic Partnerships - **Cadence Partnership**: The recent partnership with Cadence is expected to enhance the consumer and regional bank franchise, expanding operations into 21 states, particularly Texas [2][6] - **Texas Market**: The combined presence in Texas is a strategic advantage, with projected population growth and economic development in the Texaplex region [7][8] - **Cost Synergies**: Expected cost synergies from the Cadence and Veritex partnerships are projected to reach $435 million annually, with $340 million benefiting operating expenses in 2026 [20][21] Revenue and Expense Management - **Revenue Growth Drivers**: - Net interest income growth projected at 10%-13% - Fee revenue growth expected at 13%-16% [21][22] - **Expense Management**: The company aims to reduce baseline operating costs by at least 1% annually, with cumulative savings of $1.4 billion since 2019 [17][18] Investment Strategy - **Reinvestment Focus**: The company plans to reinvest savings from cost efficiencies into high-value revenue-generating initiatives, with a target to double the investment plowback ratio from 4.5% in 2019 to over 8% [17][19] - **Share Repurchase Plans**: Approximately $200 million in share repurchases is expected, with a cumulative reduction in share count of 2%-3% by 2027 [72] Market Position and Future Outlook - **Competitive Advantage**: The local delivery model and national specialty businesses are expected to drive growth, with a focus on maintaining high returns on tangible common equity (18%-19%) and positive operating leverage [25][85] - **Long-term Growth**: The company is optimistic about its growth trajectory, supported by strong operational results and strategic partnerships [25][86] Conclusion - Huntington Bancshares is positioned for strong growth through its scalable business model, successful integration of partnerships, and disciplined financial management. The company is focused on leveraging its competitive advantages to deliver sustained value to shareholders in the coming years [25][86]

Group 1 - Joint Stock Company Kaspi.kz (NASDAQ:KSPI) is currently viewed as one of the most profitable new stocks to buy, despite recent downgrades from analysts [1][5] - Susquehanna downgraded Kaspi.kz from Positive to Neutral and reduced its price target from $130 to $87, indicating a shift in market sentiment [1][5] - JPMorgan maintained a Hold rating on Kaspi.kz while lowering its price target from $96 to $88, reflecting concerns over slower fintech sector growth due to macroeconomic factors [2] Group 2 - In Q3 2025, Kaspi.kz reported a 10% increase in overall revenue and a 12% rise in net income, driven by strong performance in its Fintech and Payments segments [3] - Fintech revenue grew by 24%, while Payments experienced an 18% increase in Total Payment Volume, showcasing the company's robust operational performance [3] - The E-grocery business saw a significant 53% surge in GMV, and the advertising sector grew 56% year-over-year, indicating diverse growth avenues for the company [3]

Core Insights - StoneX Group reported a very strong start to fiscal 2026, achieving record net operating revenues, net income, and earnings per share for the quarter ended December 31, 2025 [4][7] Financial Performance - Operating revenues totaled just over $1.4 billion, reflecting a 52% increase year-over-year and a 20% increase sequentially [1] - Net operating revenues increased 47% year-over-year and 24% sequentially [1] - The company posted record net income of $139 million and diluted EPS of $2.50, with net income rising 63% year-over-year and EPS increasing 48% [3][7] - Return on equity was reported at 22.5%, with a book value per share of $48.17 [2][7] Business Segments and Growth Drivers - Growth was primarily driven by listed derivatives, which saw revenues rise by $157.3 million year-over-year, including $130.7 million from the R.J. O'Brien acquisition [6][8] - Precious metals segment generated $75 million in income, with revenues increasing by $83.9 million [6][10] - Operating revenues from OTC derivatives climbed 72% year-over-year, while physical contracts saw a 69% increase [8] Integration and Synergies - The integration of R.J. O'Brien and Benchmark contributed pre-tax net income of $28.5 million and $4.6 million, respectively [5][14] - Management affirmed expected synergies of $50 million, with milestones anticipated later in fiscal 2026 [5][17] - The U.K. consolidation released $20 million in capital, with further consolidations planned [16] Client Activity and Market Position - Average client equity increased by 100%, with R.J. O'Brien contributing $5.8 billion in average client equity during the quarter [9] - StoneX's precious metals operation is described as an "ecosystem," providing various services including OTC liquidity and logistics for physical metal [11][12] Stock Actions - The board approved a 3-for-2 stock split, with shares expected to be distributed on March 20, 2026 [22]

Financial Data and Key Metrics Changes - The company reported record net income of $139 million and diluted earnings per share (EPS) of $2.50, representing a 63% growth in net income and a 48% growth in EPS year-over-year [11][38] - Operating revenues exceeded $1.4 billion, up 52% compared to the prior year and up 20% from the previous quarter [12] - Total fixed compensation and other expenses increased by $75.6 million or 31% year-over-year, with $44.4 million attributed to the acquisition of R.J. O'Brien and Benchmark [12][13] - The trailing 12-month results showed net income at a record $359.8 million, up 30%, with diluted EPS of $6.70 and a return on equity (ROE) of 16.9% [15] Business Line Data and Key Metrics Changes - The commercial segment's net operating revenues increased by 65%, driven by growth in listed and OTC derivatives [21] - The institutional segment reported record net operating revenues and segment income, with growth of 86% and 78% respectively, primarily due to a $54.9 million increase in securities revenues [22] - The self-directed retail segment saw a decline in net operating revenues by 34% and segment income down 67%, attributed to a 41% decline in rate per million captured in FX CFD contracts [23] Market Data and Key Metrics Changes - Operating revenues derived from physical contracts increased by 69% year-over-year, primarily driven by an $83.9 million increase in precious metals operating revenues [18] - Average client equity and average money market FDIC sweep client balances increased by 100% and 5% respectively [18] - Payments revenues were down 4% year-over-year but up 7% compared to the previous quarter, primarily due to an increase in average daily volume [18] Company Strategy and Development Direction - The company aims to leverage its diversified product offerings and global footprint to capture growth opportunities across various markets [5][10] - The integration of R.J. O'Brien is on track, with expectations of achieving synergies and enhancing cross-sell opportunities [27][28] - The company is focusing on expanding its global hedging business and enhancing its digital capabilities to improve client engagement and operational efficiency [30][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in capitalizing on current market volatility due to the company's diverse offerings and strong balance sheet [38] - The company benefits from increased market volatility but is cautious about extreme volatility that could negatively impact clients [54][55] - Management remains optimistic about the potential for revenue growth from regional banks and the integration of new products and services [66][70] Other Important Information - The company announced a 3-for-2 stock split of its common stock, effective March 23, 2026 [25][26] - The integration of R.J. O'Brien is expected to release $20 million in capital following the consolidation of the U.K. entity [28] Q&A Session Summary Question: How much of the strength in the physical trading business came from cross-selling RJO clients? - Management indicated that the strength was primarily driven by heightened interest in precious metals rather than from traditional R.J. O'Brien clients [42] Question: Are cost synergies from the RJO acquisition on track? - Management confirmed that they are still affirming the $50 million figure for cost synergies, with expectations for continued progress throughout the fiscal year [46] Question: What is the outlook for the institutional segment and rate per million? - Management noted that the institutional segment is still in early stages of expansion, with a more normalized rate per million expected moving forward [49] Question: How is the health of the customer post-quarter? - Management stated that while they benefit from increased volatility, extreme volatility can stress clients, and they focus on maintaining client liquidity [54] Question: What are the near-term cross-sale opportunities from the R.J. O'Brien deal? - Management highlighted the importance of integration and education for R.J. O'Brien clients to introduce new capabilities and products [58]

StoneX Group (NasdaqGS:SNEX) Q1 2026 Earnings call February 05, 2026 09:00 AM ET Speaker2Hello, and thank you for standing by. Welcome to StoneX Group Inc. first quarter, fiscal year 2026 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask the question during the session, you will need to press star 1 1 on your telephone. You will then hear an automated message advising your hand is raised. ...

Core Insights - Jack Henry & Associates, Inc. (JKHY) shares increased by 4.7% following the release of better-than-expected second-quarter fiscal 2026 results, with non-GAAP earnings of $1.72 per share, surpassing the Zacks Consensus Estimate by 20.28% and reflecting a year-over-year increase of 28.4% [1][10] - The company's revenues reached $619.3 million, exceeding the Zacks Consensus Estimate by 1.64% and showing a year-over-year growth of 7.9% [1][10] Revenue Breakdown - Adjusted for deconversion revenues of $8.2 million, non-GAAP revenues were $611.2 million, marking a 6.7% increase year over year [2] - Revenues from Services and Support, accounting for 55.8% of total revenues, were $345.8 million, up 7.1% year over year, driven by growth in data processing and hosting revenues [3] - Processing revenues, which made up 44.2% of total revenues, were $273.5 million, reflecting a 9.1% year-over-year increase, supported by growth in card, transaction, digital, and payment processing revenues [3] - Core segment revenues, representing 30% of total revenues, were $186.1 million, up 8.4% year over year [4] - Payments revenues, comprising 37.5% of total revenues, reached $232 million, an 8% increase year over year [4] - Complementary revenues, accounting for 29.3% of total revenues, were $181.7 million, up 9.6% year over year [4] - Corporate and Other revenues, which made up 3.2% of total revenues, were $19.6 million, down 9.8% year over year [4] Profitability Metrics - Adjusted EBITDA for the second quarter was $206.2 million, a 17.7% increase year over year, with an adjusted EBITDA margin expanding by 280 basis points to 33.3% [5] - Adjusted operating income rose by 29.4% year over year to $159.1 million, with the adjusted operating margin increasing by 430 basis points to 25.7% [5] Cash Flow and Guidance - As of September 30, 2025, cash and cash equivalents were $28 million, down from $36.2 million a year earlier [6] - In the first half of fiscal 2026, the company generated an operating cash flow of $273 million and free cash flow of $172 million [6] - For fiscal 2026, JKHY updated its GAAP revenue guidance to $2.508-$2.525 billion, an increase from the previous range of $2.49-$2.51 billion, with non-GAAP revenues estimated between $2.474-$2.491 billion [7] - The GAAP operating margin is expected to be between 24.3% and 24.5%, up from the previous guidance of 23.9%-24.1% [8] - Management anticipates GAAP earnings in the range of $6.61-$6.72 per share, an increase from the previous guidance of $6.38-$6.49 for fiscal 2026 [8]

Core Viewpoint - KeyCorp (KEY) has demonstrated strong financial performance and shareholder returns, outpacing major indices and peers in the regional banking sector [2][3][9]. Financial Performance - KeyCorp's stock delivered a 19.4% return over the past 52 weeks, surpassing the S&P 500 Index's 14.3% increase during the same period [2]. - Year-to-date, KeyCorp shares are up nearly 4.3%, compared to the S&P 500's 1.4% gain [2]. - In Q4 2025, KeyCorp reported a revenue increase of 131.8% year-over-year to $2.01 billion, exceeding expectations of $1.97 billion [6]. - Earnings per share (EPS) for Q4 came in at $0.41, beating analyst estimates of $0.39 [6]. Growth Projections - Management has guided for approximately 7% revenue growth in fiscal year 2026 [7]. - Analysts project diluted EPS of $1.79 for fiscal year 2026, indicating a growth of 19.3% [8]. - KeyCorp has consistently exceeded EPS estimates in the past four quarters, enhancing management's credibility [8]. Market Sentiment - Wall Street analysts maintain a positive outlook on KeyCorp, with a consensus rating of "Moderate Buy" among 23 analysts [9]. - The consensus includes 11 "Strong Buy" ratings, two "Moderate Buy" recommendations, nine "Hold" calls, and one "Strong Sell" [9].

Core Insights - Lloyds Banking Group reported a strong financial performance for 2025, with net income of GBP 18.3 billion, a 7% increase from 2024, and statutory profit after tax of GBP 4.8 billion, resulting in a return on tangible equity (RoTE) of 12.9% [3][7][18] - The company announced a 15% increase in its ordinary dividend and a share buyback of up to GBP 1.75 billion, bringing total shareholder distributions for the year to up to GBP 3.9 billion, approximately 6% of its market capitalization [1][4][7] - Lloyds upgraded its 2026 targets, expecting to achieve a RoTE greater than 16% and net interest income (NII) of around GBP 14.9 billion, supported by balance sheet growth and margin expansion [6][18] Financial Performance - The group reported a tangible net asset value per share of 57 pence, an increase of 4.6 pence in 2025 [2] - Operating costs for 2025 were GBP 9.76 billion, reflecting a 3% year-on-year increase, with a cost-income ratio of 58.6% [5][15] - NII for 2025 was GBP 13.6 billion, up 6%, with a net interest margin of 3.06%, an increase of 11 basis points [10][18] Strategic Initiatives - Lloyds generated GBP 1.4 billion of additional revenues from strategic initiatives and upgraded its 2026 target for other operating income (OOI) to around GBP 2 billion [13] - The company integrated the acquisition of Schroders Personal Wealth, expected to contribute around GBP 175 million of incremental income in 2026 [14] - The digital and AI program is expected to deliver over GBP 100 million of P&L benefit in 2026, with 50 generative AI use cases scaled into production in 2025 [17] Balance Sheet and Growth - Lending balances grew to GBP 481 billion, a 5% increase, while total deposits rose to GBP 496.5 billion, up 3% [6][9] - The structural hedge notional stood at GBP 244 billion at year-end, with hedge income expected to rise from GBP 5.5 billion in 2025 to around GBP 7 billion in 2026 [11][12] - The company expects an asset quality ratio around 25 basis points in 2026, with a 2025 impairment charge of GBP 795 million [18] Capital Management - Capital generation in 2025 was 147 basis points, with a year-end CET1 ratio of 13.2% [19] - Lloyds reiterated its target of around 13% CET1 by the end of 2026 and plans to consider excess capital distributions every half year [19]

Core Viewpoint - Huntington Bancshares Incorporated (HBAN) is experiencing underperformance in its stock relative to the broader market, despite showing some positive operational metrics in its recent earnings report [2][4]. Company Overview - Huntington Bancshares is an Ohio-based regional bank holding company that operates primarily through The Huntington National Bank, offering a variety of financial services including consumer, commercial, and mortgage banking, as well as wealth management and insurance [1]. Stock Performance - Over the past 52 weeks, HBAN stock has declined marginally, while the S&P 500 Index has increased by 15%. In the last six months, HBAN shares have risen by 2.5%, compared to a 9.2% return for the S&P 500 [2]. - HBAN has also underperformed the Financial Select Sector SPDR Fund (XLF), which returned 3.3% over the past year, although it outperformed the ETF's slight decline over the last six months [3]. Recent Earnings Report - On January 22, shares of Huntington Bancshares fell nearly 6% following the release of Q4 FY2025 earnings. The company reported an adjusted EPS of $0.37, which was slightly lower than the previous quarter but higher than the same period last year, indicating improving profitability [4]. - Net interest income increased by $197 million, or 14% year-over-year, reflecting strong balance-sheet growth. Noninterest income also rose by 4% annually to $582 million, despite some sequential softness [4]. Lending Activity - Lending activity remained strong, with average loans and leases increasing by 14% to $146.6 billion, demonstrating sustained demand across key segments [5]. - The quarter marked the successful completion of the Veritex integration, and management has reaffirmed its expansion strategy through a pending partnership with Cadence Bank, positioning Huntington for accelerated growth despite short-term market volatility [5]. Future Earnings Expectations - For the current fiscal year ending in December 2026, analysts project HBAN's EPS to grow by 11.4% year-over-year to $1.66. The company has a promising earnings surprise history, having beaten or matched bottom-line estimates in three of the past four quarters, although it missed in the previous quarter [6].