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Axos Financial Inc (AX) Reports Q1 Fiscal 2024 Earnings

  • Axos Financial Inc (NYSE:AX) reported a net income of $82.6 million, a 41.5% increase from the same quarter last year.

  • Diluted earnings per share (EPS) was $1.38, marking a 42.3% increase compared to the $0.97 EPS of Q1 2023.

  • Net interest income saw a 17% increase, reaching $211.2 million.

  • The company's total assets increased by 2.3% to $20.8 billion.


On October 26, 2023, Axos Financial Inc (NYSE:AX) announced its unaudited financial results for the first fiscal quarter ending September 30, 2023. The company reported a net income of $82.6 million, marking a 41.5% increase from the $58.4 million reported for the same quarter in the previous year. Diluted earnings per share (EPS) also saw significant growth, increasing by 42.3% to $1.38 from $0.97 in Q1 2023.

Financial Highlights


According to the earnings report, Axos Financial Inc (NYSE:AX) saw a 17% increase in net interest income, reaching $211.2 million. Non-interest income also saw a significant increase of 26.8%, reaching $34.5 million. The company's adjusted earnings, which exclude non-cash amortization expenses, non-recurring costs related to mergers and acquisitions, and other non-recurring costs, increased 18.1% to $84.6 million. Adjusted EPS also saw growth, increasing 19.5% to $1.41.

Company Performance and Growth


Greg Garrabrants, President and Chief Executive Officer of Axos, commented on the company's performance, stating,

We generated strong net interest income growth year-over-year and linked quarter as a result of balanced loan growth and rising net interest margins."

He also noted that the company's net interest margin increased 17 basis points linked quarter and 10 basis points year-over-year, and that their nearly 17% return on equity and strong capital position allowed them to make another accretive, strategic acquisition of the LaVictoire Finance marine finance business and opportunistically purchase their common stock at an attractive valuation.

Balance Sheet Summary


The company's total assets increased by 2.3% to $20.8 billion, primarily due to an increase of $0.5 billion in loans held for investment. Total liabilities also saw a 2.3% increase, reaching $18.8 billion, primarily due to an increase of $0.4 billion in deposits. Stockholders equity increased by approximately $59.0 million, or 3.1%, to $2.0 billion. The increase was primarily the result of net income of $82.6 million, partially offset by purchases of common stock of $24.5 million under the share repurchase program.

Looking Forward


While the company has not provided specific forward-looking statements, the strong performance in the first fiscal quarter of 2024 suggests that Axos Financial Inc (NYSE:AX) is well-positioned for future growth. The company's ability to increase net income, EPS, and net interest income, along with its strong capital position, indicates a positive outlook for the remainder of the fiscal year.

Explore the complete 8-K earnings release (here) from Axos Financial Inc for further details.

This article first appeared on GuruFocus.

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