Consistent growth in the top line enabled SVB Financial Group’s (SIVB) to keep its earnings streak alive. Following the impressive performance in 2013, the company reported first-quarter 2014 earnings per share of $1.95, which beat the Zacks Consensus Estimate by 20.4%. Results also showed significant improvement from 90 cents earned in the year-ago quarter.
Better-than-expected results were driven by substantial rise in revenues and further supported by drastic decline in provision for loan losses. Further, growth in loans and deposits, and improvement in profitability ratios were the quarterly tailwinds. However, higher operating expenses and deterioration in capital ratios were the negatives, while credit quality was mixed bag.
Net income available to shareholders came in at $91.3 million in the reported quarter, significantly up from $40.9 million in prior-year quarter.
Performance Details SVB Financial’s net revenue came in at $506.5 million, reflecting a considerable increase from $241.8 million in the prior-year quarter. Further, it substantially outpaced the Zacks Consensus Estimate of $319.0 million.
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