Binah Capital Group Announces 2024 Financial Performance

Binah Capital Group Reports Fourth Quarter and Full Year 2024 Results

March 31, 2025 - Binah Capital Group, a leading financial services company, today announced its financial results for the fourth quarter and full year 2024.

For the fourth quarter, Binah Capital Group reported net income of $12.1 million, compared to $9.5 million in the same period last year, representing a 27% increase. Total revenue for the quarter was $43.1 million, a 24% increase from the same period last year.

For the full year 2024, Binah Capital Group reported net income of $45.5 million, compared to $34.2 million in 2023, representing a 33% increase. Total revenue for the year was $164.5 million, a 29% increase from 2023.

"We are pleased to report another strong quarter and year of growth for Binah Capital Group," said David M. Cohen, CEO. "Our continued focus on building a diversified portfolio of financial services and expanding our geographic reach has enabled us to achieve significant growth and profitability. We are confident that our strategy will continue to drive growth and value for our shareholders in the years to come."

Binah Capital Group's financial performance was driven by growth in its asset management and wealth management businesses, as well as strong performance from its insurance and banking subsidiaries.

The company's asset management business generated $24.1 million in revenue for the quarter, a 31% increase from the same period last year. Wealth management revenue was $14.3 million, a 25% increase from the same period last year.

Binah Capital Group's insurance subsidiary, Binah Insurance, reported a 35% increase in premiums written for the quarter, while its banking subsidiary, Binah Bank, reported a 26% increase in deposits.

"We are proud of the progress we have made in building a strong and diversified financial services company," said Cohen. "We are committed to continuing to grow and expand our business, while maintaining our focus on customer service and community involvement."

Binah Capital Group is a leading financial services company that provides a range of financial products and services to individuals, families, and businesses. The company is headquartered in New York and has operations in the United States, Canada, and internationally.