IBOS member SVB Financial Group has announced its Q4 2016 and full-year financial results, with a consolidated net income of $99.5 million, or $1.89 per diluted common share, for the fourth quarter of 2016.
Additionally, consolidated net income available to common stakeholders for the year ended 31 December 2016 was $382.7 million, or $7.31 per diluted common share, compared to $343.9 million ($6.62 per diluted common share) for the 2015 period.
Greg Becker, President and CEO at SVB Financial Group, commented:
“The fourth quarter capped a solid year marked by continued strong fundamentals. We saw healthy growth in loans, total client funds and core fee income; as well as sound credit quality, despite the VC market recalibration in the first half of 2016.
Our positive expectations for 2017 have improved in light of recent short-term rate increases and we believe there could be potential upside if rates continue to rise. While there is still uncertainty in the global markets, and very early-stage companies are still feeling the effects of the recalibration, we believe SVB’s position as the bank to the world’s most dynamic companies, entrepreneurs and investors remains a distinct competitive advantage.”
Below are the highlights of SVB’s Q4 2016, compared to Q3 2016, unless otherwise noted:
- Average loan balances of $19.3 billion, an increase of $0.6 billion (or 3.3 per cent)
- Period-end loan balances of $19.9 billion, an increase of $0.8 billion (or 4.1 per cent)
- Average total client funds (on-balance sheet deposits and off-balance sheet client investment funds) increased $3.7 billion (or 4.5 per cent) to $84.7 billion, with average off-balance sheet client investment funds increasing by $1.9 billion (or 4.3 per cent) and average on-balance sheet deposits increasing by $1.8 billion (or 4.7 per cent)
- Period-end total client funds increased $3.3 billion (or 4.0 per cent) to $84.8 billion, with period-end off-balance sheet client investment funds increasing by $2.5 billion (or 5.7 per cent) and period-end on-balance sheet deposits increasing by $0.8 billion (or 2.1 per cent)
- Net interest income (fully taxable equivalent basis) of $296.9 million, an increase of $7.5 million (or 2.6 per cent)
- Provision for loan losses of $7.1 million, compared to $19.0 million
- Gains on investment securities of $10.0 million, compared to $23.2 millionNon-GAAP gains on investment securities
- Gains on equity warrant assets of $4.6 million, compared to $21.6 million
Read the full press release, via SVB Financial Group’s website, here.