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Axos Financial, Inc. (NYSE:AX) reported better-than-expected second-quarter results on Tuesday.
Axos Financial posted adjusted earnings of $1.60 per share, beating market estimates of $1.38 per share. The company’s quarterly sales came in at $352.74 million versus expectations of $247.50 million, according to data from Benzinga Pro.
Net interest margin increased to 4.55% for the quarter ended Dec. 31, 2023, versus 4.49% for the year-ago quarter.
Net loans for investment came in at $18.3 billion at Dec. 31, 2023, versus $16.5 billion at June 30, 2023.
"Our record second quarter earnings were driven by strong organic loan and deposit growth, further net interest margin expansion, disciplined expense management and a gain associated with an opportunistic loan purchase from the FDIC," stated Greg Garrabrants, President and Chief Executive Officer of Axos. "Excluding the one-time gain and the provision for credit losses associated with the FDIC Loan Purchase, diluted EPS was up 15.7% year-over-year. Our strong returns, margins and excess capital provide us with flexibility to allocate capital to opportunities where we see the best risk-adjusted returns."
Axos Financial shares gained 1% to $57.35 in pre-market trading.
These analysts made changes to their price targets on Axos Financial after the company reported quarterly results.
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