Why Axos Financial Stock Is Up Today
Online banking pioneer Axos Financial (NYSE: AX) did better than expected in its most recent quarter and says credit quality remains strong. Investors were pleased with the result, sending shares up as much as 14% on Friday.
Axos, which was founded in 1999 as Bank of Internet and was one of the first online banks, earned $1.38 per share in its fiscal second quarter, well ahead of the $1.22 per share analysts had expected. Net income totaled $81.6 million, up 34% from the same three months of 2021, thanks to strong improvements in interest income.
The bank is doing a good job managing through a rising interest rate environment. Net interest margin, the difference between the rate that Axos is paying out to depositors and charging borrowers, was 4.49% for the quarter, up from 4.1% a year ago.
Source Fool.com
