Axos Financial (AX) Tops Q3 EPS by 6c

Axos Financial (NYSE: AX) reported Q3 EPS of $0.92, $0.06 better than the analyst estimate of $0.86.

“Our fiscal third quarter 2021 results are a continuation of consistent progress in each of our businesses,” stated Greg Garrabrants, President and CEO of Axos. “Net interest margins showed further improvement, increasing by 2 basis points over linked quarter and 12 basis points for the banking business segment. Ending loan balances excluding mortgage warehouse were up 3.1% linked quarter, or 12.3% annualized, led by growth in commercial real estate and C&I lending. Excluding H&R Block-related fees in the prior year period, fee income improved 43.7% year-over-year due to strong growth in mortgage banking and broker-dealer fees. We will deploy some of our excess capital in the announced acquisition of E*TRADE Advisor Services. We are excited about adding a state-of-the-art technology platform, a seasoned team of custody experts, a new source of asset- and transaction-based fee income, and access to over $1 billion of low-cost deposits when the acquisition closes.”

For earnings history and earnings-related data on Axos Financial (AX) click here.

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