Welcome to our dedicated page for Axos Financial news (Ticker: AX), a resource for investors and traders seeking the latest updates and insights on Axos Financial stock.
Axos Financial, Inc. (symbol: AX) is a prominent player in the U.S. banking sector, known for offering a diverse range of consumer and business banking products. Operating through its key subsidiary, BofI Federal Bank, Axos Financial extends its services across various domains, including single-family and multifamily mortgage lending, commercial real estate loans, automobile and RV loans, and unsecured consumer loans. The company also provides commercial lending, specialty finance factoring, and overdraft lines of credit.
Axos Financial's product portfolio includes a variety of deposit products such as consumer and business checking accounts, savings accounts, time deposits, and money market accounts. Additionally, Axos offers an array of financial services like prepaid and refund transfer cards, debit and ATM cards, online bill payment, money transfers, overdraft protection, and comprehensive digital banking services including online and mobile banking, and text message banking.
With a significant portion of its mortgage exposure concentrated in California, Axos Financial targets small to medium-size businesses in specific sectors, leveraging its extensive retail distribution channels. These include online banking brands, affinity groups, and dedicated sales teams.
Axos Financial's revenue model relies heavily on net interest income, reflecting its robust lending activities. The company continually seeks to innovate and expand its service offerings, ensuring a steady growth trajectory and maintaining its competitive edge in the financial sector. The latest news and updates about Axos Financial, Inc. are essential for stakeholders to stay informed about the company's performance, current projects, and strategic developments.
Axos Financial, Inc. (NYSE: AX) released preliminary financial results for Q3 FY2023, revealing a 25% increase in total deposits, approximating $1.0 billion, totaling $16.7 billion as of March 31, 2023. The company reported no borrowings from the Fed’s discount window or the Bank Term Funding Program, with $5.9 billion in total borrowing availability. Cash and cash equivalents rose by $550 million to $2.5 billion. Gross loans increased by $370 million to $16.0 billion. Axos will host a conference call on April 27, 2023, to discuss financial results.
Axos Bank has launched its Insured Cash Sweep (ICS) program, providing multimillion-dollar FDIC insurance coverage for deposits exceeding the $250,000 limit. This program offers enhanced protection for both commercial and consumer banking clients, allowing coverage up to
Axos Financial, Inc. (NYSE: AX) reported a 12% annualized increase in average commercial and consumer deposits, totaling
Axos Bank has been recognized in GOBankingRates's Best Banks of 2023, earning top spots in categories like Best Online Banks and Best Checking Accounts. The evaluation considered over 4,300 data points from more than 170 banks and credit unions. Axos Bank is praised for its no-fee accounts, including the Rewards Checking account and Essential Checking, which offer a user-friendly experience. The bank holds over $18.7 billion in consolidated assets and is a wholly owned unit of Axos Financial, listed under the stock symbol AX.
Axos Financial reported strong fiscal second quarter results ending December 31, 2022, with a net income of $81.6 million, up 34% from $60.8 million in Q2 2021. Diluted earnings per share rose to $1.35, a 35% increase from $1.00. Adjusted earnings reached $83.4 million, with adjusted EPS at $1.38, marking a 33% increase. Net interest income was $199.9 million, up 37.3% year-over-year, bolstered by loan growth and rising interest rates. Total assets increased to $18.7 billion, while non-performing loans decreased to 0.61%. A conference call is scheduled for January 26, 2023.
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