Axos Financial ( (AX) ) has released its Q1 earnings. Here is a breakdown of the information Axos Financial presented to its investors.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Axos Financial, Inc. is a diversified financial services company that operates through its subsidiaries, including Axos Bank, Axos Clearing LLC, and Axos Invest, Inc., providing banking and investment services nationwide. The company is listed on the NYSE under the symbol ‘AX’ and is part of the Russell 2000 and S&P SmallCap 600 indices.
In its first quarter fiscal year 2026 earnings report, Axos Financial reported a net income of $112.4 million and a diluted earnings per share (EPS) of $1.94. The company achieved significant net loan growth of $1.6 billion, primarily driven by the acquisition of Verdant Commercial Capital, LLC. This acquisition contributed to the company’s robust financial performance, despite a slight year-over-year decrease in net interest income.
Key highlights from the report include a 13% increase in non-interest income to $32.3 million, driven by higher banking and service fee income. The company’s total assets grew by 10.7% to $27.4 billion, with total deposits increasing by over $1.4 billion. Axos also reported a strong credit position, with net charge-offs to average loans decreasing to 11 basis points.
Looking ahead, Axos Financial remains focused on leveraging its recent acquisition and maintaining strong credit quality. The management is optimistic about continuing to grow its business profitably while navigating the challenges of the current economic environment.