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Bank of Internet Posts 14% Quarterly Earnings Increase

Tuesday 27 April 2004 09:16 CET | News

Bank of Internet USA (B of I) posted earnings of $655,000 for the quarter ended March 31, 2004, up $79,000 or 14% from the $576,000 earned in the same quarter last year.

Through the nine months ended March 31, 2004, B of I earned $1,849,000, a 6% increase over the $1,748,000 in the same period last year. Since June 30, 2003, B of I assets grew $91 million or 33%, reaching $364 million at March 31, 2004. Net loans increased $49 million. The asset growth was funded by $68 million in net growth in savings and checking accounts. The increase in March 2004 quarterly earnings was primarily due to earning asset growth which increased net interest income to $1,672,000, up $422,000 or 34% compared with net interest income of $1,250,000 earned in March 2003. B of I is an independent, privately owned bank, opened in July 2000. With an infrastructure uniquely built for high-volume Internet transactions, B of I reached profitability in 14 months with $180 million in assets and 20 employees. At March 31, 2004, B of I had $364 million in assets and 23 employees.


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Keywords: ,
Categories: Banking & Fintech | Online & Mobile Banking
Countries: World
This article is part of category

Banking & Fintech