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SVB: 1Q Earnings Snapshot

SANTA CLARA, Calif. (AP) _ SVB Financial Group (SIVB) on Thursday reported first-quarter profit of $288.7 million.

The bank, based in Santa Clara, California, said it had earnings of $5.44 per share.

The results surpassed Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $4.73 per share.

The financial services firm posted revenue of $831.4 million in the period. Its revenue net of interest expense was $793.3 million, which also topped Street forecasts. Eight analysts surveyed by Zacks expected $744.5 million.

SVB shares have increased 30 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $247.36, a decline of 4 percent in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SIVB at https://www.zacks.com/ap/SIVB