Axos Financial reported October 29 that net income for its first fiscal quarter rose 15.4% from a year earlier to $129.6 million.
Diluted earnings reached $2.25 per share, compared with $1.94. Adjusted earnings, which exclude specified items, were $134.8 million, or $2.34 per share.
Net interest income increased 13.8% to $331.3 million. Non-interest income rose 97.3% to $63.8 million, according to the company’s unaudited results for the quarter ended September 30.
Deposits increased to $25.4 billion from $24.6 billion at June 30. Ending net loans rose $316.6 million during the quarter to $25.9 billion.
Net interest margin improved to 4.64%, up from 4.54% in the preceding quarter.
Credit costs also increased. The provision for credit losses was $24.5 million, compared with $17.3 million a year earlier. Axos attributed the provision primarily to individually assessed loans, partly offset by improvements elsewhere in its allowance model.
Nonperforming assets represented 0.51% of total assets, down from 0.64% a year earlier. These figures describe reported performance rather than a guarantee of future credit conditions.
Sources: Axos — October 29 Results via Business Wire: https://www.marketscreener.com/news/axos-financial-inc-reports-first-quarter-fiscal-year-2027-results-ce785fdadd80f121