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Axos Financial reports double-digit growth in quarterly net income
For the quarter ended June 30, Axos Financial said net income rose 12.9% to $124.9 million and adjusted EPS increased 30% to $2.53.
Axos Financial posted double-digit growth in its most recent quarter, sending shares higher after results released July 30, according to MarketBeat Ratings. The San Diego-based digital banking holding company reported quarterly net income of $124.9 million, up 12.9% year over year.
Diluted earnings per share rose 12.5% to $2.16, while adjusted EPS increased 30% to $2.53 after excluding one-time items. The company also said overall revenue reached $379.77 million, topping Wall Street consensus, and that net interest income grew 13.5% to $317.9 million, supported by a stable net interest margin of 4.54%.
Axos Financial reported non-interest income surged nearly 50% to $61.9 million, crediting contributions tied to its Verdant Commercial Capital leasing acquisition. The deal added $1.1 billion in loans and ongoing leases to the balance sheet.
For the full fiscal year, Axos Financial said net income rose 13.3% to $490.4 million and diluted EPS increased 14.1% to $8.48. The company reported deposits grew 18% year over year to $24.6 billion, total assets reached $30 billion, and book value per share rose 17.6% to $55.81.