Axos Financial's ( NYSE: AX ) earnings for fiscal Q1 FY2023 came in above Wall Street estimates and climbed from a year ago on Thursday as net interest margin expansion and loan growth benefited net interest income.
Despite increased deposit funding costs, higher loan yields enabled the firm to boost its NIM during the quarter, said President and CEO Greg Garrabrants.
Adjusted EPS of $1.38 , exceeding the $1.23 consensus, jumped from $1.04 in the year-ago quarter.
Net interest income of $199.91M accelerated from $145.57M a year before. NIM in turn was 4.49% for the quarter ended Dec. 31, 2022, compared with 4.10% for the quarter ended Dec. 31, 2021.
Noninterest income came in at $28.33M, down from $30.79M a year earlier. Non-interest expense of $107.5M increased from $86.0M in the year-ago period.
Provision for credit losses was $3.5M vs. $4.0M for the three months ended Dec. 31, 2021, mostly due to growth in the loan portfolio and changes in loan mix.
Loans (net of credit loss allowance) of $15.47B vs. $12.61B a year before; and deposits totaled $15.69B compared with $12.27B a year ago.
Conference call at 5:00 p.m. ET.
Earlier, Axos Financial Non-GAAP EPS of $1.38 beats by $0.15, revenue of $228.24M beats by $10.97M .
For further details see:
Axos Financial fiscal Q2 profit tops consensus thanks to NIM expansion, loan growth