Why Shares of SVB Financial Group Are Rising Today
Shares of SVB Financial (NASDAQ: SIVB), the parent company of Silicon Valley Bank, traded nearly 15% higher as of 10:55 a.m. ET today after the company reported its fourth-quarter earnings results last night.
SVB reported diluted earnings per common share of $4.82 on total revenue of about $1.53 billion. Earnings missed analyst estimates for the quarter, while revenue beat.
SVB struggled greatly in 2022, largely because it caters to the start-up, venture capital (VC), and private equity ecosystem, which went through a bit of a reckoning last year. Problems continued in the quarter as non-interest-bearing (NIB) deposits, those on which the bank pays no interest, continued to fall.
Source Fool.com
