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Investing.com -- WaFd Inc. (NASDAQ:WAFD), parent company of Washington Federal Bank, reported better-than-expected second quarter earnings on Monday.
The bank’s shares were up 3.91% in premarket trading following the earnings release.
The bank posted earnings per share of $0.65 for the quarter ended March 31, 2025, beating analyst estimates of $0.58. Revenue came in at $179.79 million, also topping the consensus forecast of $173.58 million.
Net income rose to $56.25 million, up 19% from $47.27 million in the previous quarter. The company attributed the improved results to higher net interest income and lower expenses.
"In the second quarter of fiscal 2025 our margin bounced back, expenses declined, and bottom-line results improved for shareholders," said Brent Beardall, President and CEO of WaFd Bank, in a statement.
Net interest income increased to $161 million from $155 million in the first quarter. The net interest margin expanded to 2.55% from 2.39% sequentially.
Non-interest income grew 20% compared to Q1, driven by higher revenue from the bank’s insurance subsidiary. Non-interest expenses declined by $6.5 million or 5.8% from the prior quarter.
WaFd reported total deposits of $21.43 billion at quarter-end, largely unchanged from the previous quarter. Net loans held steady at $20.92 billion.