Transcript of Axos Financial, Inc. (NYSE:AX) Q3 2024 Earnings Call

Axos Financial, Inc. (NYSE:AX) recently held its Q3 2024 Earnings Call on April 30, 2024, where the company’s President and CEO, Greg Garrabrants, and CFO, Derrick Walsh, discussed the financial and operational results for the three and nine months ended March 31, 2024. The company reported outstanding results with double-digit growth in earnings per share, book value per share, and ending loan balances for the seventh consecutive quarter.

During the call, Greg Garrabrants highlighted the strong performance of Axos Financial, citing balanced organic loan and deposit growth, as well as net interest margin expansion. The company reported net income of $111 million and diluted earnings per share of $1.91 for the three months ended March 31, 2024, representing significant year-over-year growth.

Additionally, Axos Financial saw growth in deposits, with checking and savings accounts representing 80% of total deposits. The company’s balance sheet remains slightly asset sensitive, with a focus on floating rate loans and flexible term deposits.

Derrick Walsh provided further insights into the company’s loan growth outlook, credit loss provisions, and income tax rates. Axos Financial remains well-reserved relative to historical credit loss rates and expects its annual tax rate to remain in the 29% to 30% range for the remainder of 2024.

Overall, Axos Financial’s strong financial performance, strategic investments, and focus on credit quality position the company for continued growth and success in the future. Investors and analysts are optimistic about the company’s prospects and are closely monitoring its progress in the coming quarters.