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Ibrahim Punwala

Research Analyst at Bank of America Corp. /de/

Ebrahim Poonawala is a Head Managing Director, American Banks Research at Bank of America. He specializes in coverage of US mid-cap and Canadian banks, issuing numerous stock ratings with a strong focus on buy recommendations. Poonawala has over a decade of experience on the sell-side and has worked in risk management and real estate investment before his current role. He holds a Bachelor's in Accounting from Bombay University and an MBA from Virginia Tech. His performance metrics include a success rate of around 68% with an average return of 12.9% per rating, according to TipRanks.

Ibrahim Punwala's questions to FIRST HORIZON (FHN) leadership

Question · Q3 2025

Ibrahim Punwala asked CFO Hope Dmuchowski about the necessary steps and baked-in factors to achieve First Horizon's 15% ROCI target for next year. He also inquired about the bank's capital strategy, specifically how the 11% CET1 ratio and 10.75% near-term target relate to M&A opportunities (tuck-in vs. larger deals) and buybacks.

Answer

CFO Hope Dmuchowski outlined three components for achieving the 15% ROCI target: capital normalization (targeting 10.75% near-term, 10-10.5% long-term), credit normalization, and over $100 million in PP&R growth. Chairman, President, and CEO Bryan Jordan confirmed that M&A would largely be tuck-in deals, with organic growth and buybacks being key tools for capital deployment and flexibility.

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