SVB: 4Q Earnings Snapshot
SANTA CLARA, Calif. (AP) _ SVB Financial Group (SIVB) on Thursday reported fourth-quarter profit of $266.3 million.
The Santa Clara, California-based bank said it had earnings of $4.96 per share. Earnings, adjusted for non-recurring costs, were $5.07 per share.
The results exceeded Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $4.69 per share.
The financial services firm posted revenue of $729.6 million in the period. Its revenue net of interest expense was $701.2 million, also topping Street forecasts. Seven analysts surveyed by Zacks expected $691.1 million.
For the year, the company reported profit of $973.8 million, or $18.11 per share. Revenue was reported as $2.64 billion.
SVB shares have climbed 20 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $228.36, a drop of 12 percent in the last 12 months.