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SVB: 3Q Earnings Snapshot

SANTA CLARA, Calif. (AP) _ SVB Financial Group (SIVB) on Thursday reported third-quarter net income of $274.8 million.

The bank, based in Santa Clara, California, said it had earnings of $5.10 per share.

The results topped Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $4.44 per share.

The financial services firm posted revenue of $723.4 million in the period. Its revenue net of interest expense was $703.3 million, which also beat Street forecasts. Seven analysts surveyed by Zacks expected $664.5 million.

SVB shares have increased 13 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $263.92, an increase of 40 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