Axos Financial (NYSE: AX) reported record net income for the second quarter of its fiscal 2021. America's original internet bank saw its income grow to $13.5 million in the quarter thanks to continuing tailwinds from historically low interest rates. Here the five of the biggest takeaways from Axos' recent financial release.
Axos' net interest income after its provision for credit losses grew $22.1 million for the quarter ending Dec. 31, up 21% from the same period in 2019. This growth was in large part to a $10.4 million increase in income from loans and leases, driven by strong loan originations in the real estate sector, including single-family, multifamily, and commercial real estate.
This growth of loans and leases coupled with a $17.5 million reduction in total interest expense are largely what drove net interest income growth. The reduction in interest expense was primarily due to lower interest payments on deposits thanks to low interest rates.
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5 Takeaways From Axos Financial's Record Second Quarter