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The Bancorp posts higher Q2 earnings, boosts fintech growth

Second-quarter diluted EPS rose 14.2% year over year to $1.45, and fintech gross dollar volume grew 22.5% to $53.45 billion.

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The Bancorp, operating as a banking as a service sponsor for fintech apps, reported higher second-quarter results, signaling improving momentum after a credibility shakeup tied to an accounting restatement in the prior period, MarketBeat Ratings said. The bank also said it is working to confirm that past issues are behind it.

Bancorp posted diluted earnings per share of $1.45, up 14.2% from $1.27 a year earlier, and above the $1.36 analysts modeled. Consolidated net income came in at $60.7 million, while return on equity rose to 34.7% from 28.4% in the year-ago quarter, and the efficiency ratio stayed around 41%.

Growth was driven by its fintech platform, with gross dollar volume across partner programs increasing 22.5% year over year to $53.45 billion. Fintech fee income rose to $40.9 million from $35.6 million, while fintech loans increased to $901.5 million from $680.5 million a year earlier.

MarketBeat Ratings also noted the stock has risen sharply in recent months, up more than 18% over the past three months, though it was down about 4% since the start of the year.

(Source outlet attributed in body: MarketBeat Ratings.)

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