Why Shares of Signature Bank Are Rising Today
Shares of Signature Bank (NASDAQ: SBNY) traded more than 10% higher as of 2 p.m. EDT after the bank reported earnings results from the first quarter of the year.
The $85 billion asset bank based in New York reported a record profit of $190.5 million, or $3.24 diluted earnings per share, in the first quarter of the year, up from $99.6 million in the first quarter of 2020. Total revenue of more than $439 million in the first quarter also grew significantly year over year.
Both profits and revenue topped analysts' expectations for the first quarter of 2021. Notably, Signature grew net interest income considerably year over year, which not many banks are doing right now because the lower-rate environment dulls interest income from loans, and loan growth has been hard to come by.
Source Fool.com
