Axos Financial Inc · Q2 2024 earnings

Briefing

Reported record earnings, driven by loan and deposit growth, net interest margin expansion, expense management, and a gain from an FDIC loan purchase.

Axos Financial, Inc. announced record second quarter fiscal 2024 results with net income of $151.8 million, an 86.1% increase year-over-year, and diluted earnings per share of $2.62, a 94.1% increase year-over-year. The results were driven by strong organic loan and deposit growth, net interest margin expansion, disciplined expense management and a gain associated with an opportunistic loan purchase from the FDIC.

• Net income increased by 86.1% to $151.8 million compared to the same quarter last year.
• Diluted earnings per share increased by 94.1% to $2.62 compared to the same quarter last year.
• Net interest margin was 4.55% compared to 4.49% for the quarter ended December 31, 2022.
• Net annualized charge-offs to average loans decreased to 0.02%.

Headline financials

Revenue & EPS history

This press release contains forward-looking statements that involve risks and uncertainties, including without limitation statements relating to Axos’ financial prospects and other projections of its performance and asset quality, Axos’ deposit balances and capital ratios, Axos’ ability to continue to grow profitably and increase its business, Axos’ ability to continue to diversify its lending and deposit franchises, the anticipated timing and financial performance of other offerings, initiatives, and acquisitions, expectations of the environment in which Axos operates and projections of future performance.