Net.Bank Posts First-Quarter Profit, Stock Rallies.
Published:
26 April 1999 y., Monday
Internet bank Net.Bank Inc. announced that it posted a $691,000 profit in the first quarter, up from a loss of $151,000 in last year_s quarter, as it continues to add new accounts. The bank, which operates online and has no physical branches, earned 9 cents a share, topping the 2 cents a share loss it posted in last year_s first quarter and matching Wall Street_s expectations, tracking service First Call said. The stock soared $18.50 to $166 in morning trading, extending a rally the company has enjoyed over the last several weeks as Internet investors hungrily snatch up the shares of companies that conduct business online. Another Internet bank stock, TeleBanc Financial Corp., added $5.50 to $101. Online brokers have also seen their stocks surge as a growing number of customers trade securities over the Internet. Net.Bank_s accounts have increased more than 50 percent since the start of this year and now total about 27,000, the bank said. Net.Bank can offer customers better deposit rates since its costs are lower for not having to support branches. It also said transactional deposit accounts now make up more than two-thirds of its total account base. Noninterest expense rose to $2.15 million in the quarter from $1.17 million in the year-ago quarter. The bank completed an upgrade of its online technology platform in the first quarter, it said.
Šaltinis:
Excite News
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
Elinor Ostrom -- an American professor who developed ways to manage common property - is the first woman to win the Nobel prize for economics.
more »
The European Commission has today approved an application from the Netherlands under the Globalisation Adjustment Fund (EGF) for € 386 114 to help 435 workers made redundant by Heijmans N.V., a Dutch construction company, back into jobs.
more »
Seeking to strengthen and further expand product sales in the Asian region, the Lithuanian biotechnology company Fermentas established its subsidiary in China.
more »
Statistics Lithuania reports that, based on non-final data obtained from customs declarations and Intrastat reporting data, exports in January–August 2009 totalled LTL 25.6 billion, while imports – LTL 28.9 billion.
more »
On 6 October 2009 AB Bank SNORAS Board decided to reform the Private Limited Company UAB “SNORO investicijų valdymas” into the Public Limited Company AB „Finasta Holding“, which will control recently obtained „Finasta“ group companies and other Bank SNORAS group companies, engaging in investment management.
more »
If your airline goes bankrupt and leaves you stranded what are your legal rights? Members of the Parliament's Transport Committee want grounded passengers to have access to a special compensation fund.
more »
Euro report says currency provided protection from interest and exchange rate turbulence.
more »
Statistics Lithuania informs that in September 2009, against August, prices for total industrial production sold dropped by 1.6 per cent.
more »
The European Bank for Development and Reconstruction (EBRD), the European Investment Bank (EIB) Group, and the World Bank Group* on Monday warned against complacency in the face of significant challenges that stand in the way of economic recovery in Central and Eastern Europe.
more »
The leader of the country’s investment products’ market – AB DnB NORD Bankas – intends to issue up to EUR 300 million nominal value corporate notes in local and foreign markets over the next 12 months.
more »