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Sep 30, 2024
Medallion Q3 2024 Earnings Report
Reported strong earnings driven by net interest income growth and strategic partnerships.
Key Takeaways
Medallion Financial Corp. reported a net income of $8.6 million, or $0.37 per share, for the third quarter of 2024. Net interest income grew by 8% to $52.7 million, driven by loan originations of $275.6 million. The company's strategic partnership program at Medallion Bank achieved its highest volume quarter ever, with $40 million in new loans.
Net income was $8.6 million, or $0.37 per share.
Net interest income increased by 8% to $52.7 million.
Loan originations totaled $275.6 million.
Loans outstanding grew by 13% to $2.5 billion.
Medallion
Medallion
Forward Guidance
Medallion Financial is cautiously optimistic about the continued performance of its loan portfolio and anticipates continued growth in origination volumes.
Positive Outlook
- Board of directors has authorized an increase of our quarterly dividend to $0.11 per share
- Solid performance of our loan portfolio will continue
- Increase our yield to offset the rise in our average cost of borrowings
- Fintech strategic partnership program had its highest volume quarter ever with $40 million of new loans
- Continue delivering meaningful growth in origination volumes in our newest business line