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
The European Commission has approved, under EC Treaty state aid rules, an Italian framework temporarily adapting certain existing risk-capital schemes to increase companies' financing possibilities during the current economic crisis.
more »
The European Commission has authorised, under EC Treaty state aid rules, a Maltese measure to help businesses to deal with the current economic crisis.
more »
We're making progress. That's the word from Treasury Secretary Tim Geithner about settling the financial markets.
more »
According to a new report released by NextGen Research, global markets for financial kiosks and enhanced ATMs will grow at a compound annual rate of 9 percent, to include more than 186,000 financial kiosks and nearly 2.5 million ATMs by 2013.
more »
Non-farming Latvians are buying pigs to beat the economic crisis.
more »
Is your money well spent at EU level? Every year, in April, the EP concludes its examination of EU spending for the financial year closed 16 months previously.
more »
In the construction sector, seasonally adjusted production1 decreased by 1.0% in the euro area2 (EA16) and by 2.1% in the EU272 in March 2009.
more »
Between 2000 and 2008, EU27 trade in goods with Russia more than tripled in value, with EU27 exports to Russia rising to 105 bn euro in 2008 from 23 bn in 2000.
more »
The European Commission has launched today a call for proposals covering key energy infrastructure projects such as energy interconnections, offshore wind energy and carbon capture and storage as part of the implementation of the EEPR.
more »
During its plenary session on 13 May 2009, the European Economic and Social Committee adopted a key opinion on responding to the crisis in the European automotive industry.
more »