SANTA CLARA, Calif. (AP) _ SVB Financial Group (SIVB) on Thursday reported second-quarter profit of $228.9 million.
The bank, based in Santa Clara, California, said it had earnings of $4.42 per share.
The results exceeded Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $2.96 per share.
The financial services firm posted revenue of $892.4 million in the period. Its revenue net of interest expense was $881.8 million, which also beat Street forecasts. Seven analysts surveyed by Zacks expected $757.2 million.
SVB shares have dropped 10% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $224.89, a climb of almost 3% in the last 12 months.