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Sep 30, 2022
Axos Financial Q1 2023 Earnings Report
Reported strong first quarter fiscal 2023 results with double-digit annualized loan, deposit and book value per share growth.
Key Takeaways
Axos Financial, Inc. reported net income of $58.4 million, a decrease of 3% year-over-year, and diluted earnings per share of $0.97, a decrease of 2% year-over-year. Adjusted earnings increased 15% to $71.6 million, and adjusted EPS increased 15% to $1.18.
Net interest income increased 23.1% year-over-year, driven by strong loan growth and net interest margin expansion.
Net loans for investment totaled $15.2 billion, an increase of $1.1 billion, or 31.8% annualized, from June 30, 2022.
Total deposits totaled $15.2 billion, an increase of $1.3 billion, or 35.3% annualized, from June 30, 2022.
Pretax income for the securities business segment was $8.9 million, an improvement from a $0.4 million loss for the prior quarter.
Axos Financial
Axos Financial
Axos Financial Revenue by Segment
Revenue by Segment
Banking Business Revenue
CapyFin.comSecurities Business Revenue
CapyFin.com Forward Guidance
The press release contains forward-looking statements that involve risks and uncertainties, including without limitation statements relating to Axos’ financial prospects and other projections of its performance and asset quality, Axos’ ability to continue to grow profitably and increase its business, Axos’ ability to continue to diversify its lending and deposit franchises, the anticipated timing and financial performance of other offerings, initiatives, and acquisitions and expectations of the environment in which Axos operates.
Positive Outlook
- Statements relating to Axos’ financial prospects.
- Projections of its performance and asset quality.
- Axos’ ability to continue to grow profitably and increase its business.
- Axos’ ability to continue to diversify its lending and deposit franchises.
- Expectations of the environment in which Axos operates.
Challenges Ahead
- Uncertainties surrounding the severity, duration, and effects of the COVID-19 pandemic.
- Axos’ ability to successfully integrate acquisitions and realize the anticipated benefits of the transactions.
- Changes in the interest rate environment.
- Inflation and government regulation.
- General economic conditions and conditions in the real estate markets in which we operate.