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Sep 30, 2023
Axos Financial Q1 2024 Earnings Report
Reported strong financial results with increased net income and earnings per share.
Key Takeaways
Axos Financial, Inc. reported a strong first quarter for fiscal year 2024, with net income increasing by 41.5% to $82.6 million and diluted earnings per share rising by 42.3% to $1.38, driven by net interest income growth and rising net interest margins.
Net income increased by 41.5% year-over-year to $82.6 million.
Diluted earnings per share increased by 42.3% year-over-year to $1.38.
Net interest margin increased by 17 basis points linked quarter and 10 basis points year-over-year to 4.36%.
Total deposits increased to $17.5 billion, up $0.4 billion from the previous quarter.
Axos Financial
Axos Financial
Axos Financial Revenue by Segment
Revenue by Segment
Banking Business Revenue
CapyFin.comSecurities Business Revenue
CapyFin.com Forward Guidance
This 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’ deposit balances and capital ratios, 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, expectations of the environment in which Axos operates and projections of future performance.
Positive Outlook
- Axos’ ability to successfully integrate acquisitions and realize the anticipated benefits of the transactions
- 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 and projections of future performance
- Axos’ deposit balances and capital ratios
Challenges Ahead
- Changes in the interest rate environment
- Monetary policy
- Inflation
- Government regulation
- General economic conditions