UMB Bank boosts 2024 profits by 26%

Kansas City-based UMB Financial Corp. (Nasdaq: UMBF) ended 2024 with a 26% increase in yearly profits.

The company, which operates two UMB Bank branches in Springfield, reported $441.2 million in 2024 net income, up from roughly $350 million in 2024, according to a news release. Fourth-quarter earnings during the final three months of the year climbed 69.2% to around $120 million from $71 million a year earlier.

“Our fourth-quarter financial results punctuated a successful year for UMB Financial, driven by strong operating fundamentals that are the core of our investment thesis for shareholders,” said Mariner Kemper, UMB chair and CEO, in the release. “Our 2024 results reflect strong growth on both sides of the balance sheet, continued momentum and new client acquisitions in many of our fee income businesses, excellent credit quality metrics and disciplined expense management."

As of Dec. 30, UMB assets were $50.4 billion and deposits were $43.1 billion.

UMBF shares were trading at $120.45 as of 11:50 a.m., compared with a 52-week range of $76 to $129.94 per share.