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
EBRD and Latvia has signed Share Purchase Agreements providing that following the increase of equity capital the EBRD will purchase 57,506,825 ordinary shares comprising 25% and 1 share of the Bank's equity capital.
more »
This dreamy scene of money raining down on Wall Street amid a deep recession has given a street artist a big break. Peter Zonis now exhibits his works in the lobby of an office building in New York's midtown Manhattan.
more »
During the draw another five winners of the Danske Bankas monthly Scholarship award were announced.
more »
Within January - March this year, the turnover on the accounts of AB Bank SNORAS payment cards increased by LTL 202 million or 18 per cent and on 31 March this year reached LTL 1.3 billion.
more »
Fitch Ratings affirmed AB DnB NORD Bankas short term borrowing rating F1, individual rating “C/D” and the support rating “1”.
more »
Taking into account changes on international and domestic money markets AB DnB NORD Bankas has changed individual and corporate customers time deposit rates.
more »
The G-20's response to the world food and financial crisis, and efforts to make ACP-EU economic partnership agreements flexible enough to meet development needs, took centre stage at the 17th session of the ACP-EU Joint Parliamentary Assembly in Prague from 4 to 9 April.
more »
European aviation will be governed by more efficient rules, leading to shorter flights, fewer delays and reduced fuel consumption, thanks to the adoption today by the European Parliament of the “Single European Sky II” legislation.
more »
Late payment for work performed, a perennial problem in Europe, is now hampering recovery from recession.
more »
On 8th April 2009 International Rating Agency Fitch Ratings has changed Bank SNORAS Long-Term Issuer Default Rating to ‘B+'.
more »