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SVB: 2Q Earnings Snapshot

SANTA CLARA, Calif. (AP) _ SVB Financial Group (SIVB) on Thursday reported second-quarter net income of $237.8 million.

The bank, based in Santa Clara, California, said it had earnings of $4.42 per share.

The results surpassed Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $3.86 per share.

The financial services firm posted revenue of $674 million in the period. Its revenue net of interest expense was $659.1 million, also surpassing Street forecasts. Seven analysts surveyed by Zacks expected $613.5 million.

SVB shares have increased 33 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $311.23, a rise of 74 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