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.

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Source Fool.com