SVB: 4Q Earnings Snapshot
SANTA CLARA, Calif. (AP) _ SVB Financial Group (SIVB) on Thursday reported fourth-quarter net income of $262.9 million.
The Santa Clara, California-based bank said it had earnings of $5.06 per share.
The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $4.59 per share.
The financial services firm posted revenue of $902.1 million in the period. Its revenue net of interest expense was $847 million, also surpassing Street forecasts. Six analysts surveyed by Zacks expected $786.8 million.
For the year, the company reported profit of $1.14 billion, or $21.73 per share. Revenue was reported as $3.32 billion.
SVB shares have increased 3% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $259.08, a rise of 15% in the last 12 months.