Bofi Holding Enjoys Better Profit
By: Leon Castles
on Friday, May 11, 2012
San Diego based internet lender, Bofi Holding Company has announced that they have had a better opening this year with their financial results. The company announced that they have seen improvement in their third quarter net profit. Bofi Holding Company is the subsidiary of Bofi Federal Bank in San Diego. The company announced that their third quarter net profit is 46% higher than what is was last year. The company has managed to earn $7.7 million for the quarter that ended on March 31.
The bank said that for the last 9 months they have not been able to surpass 39% of the profit and they earned $21 million in the last nine months. However, the bank said that they saw improvements once they made changes to their loan portfolio by nearly $500 million in the last one year. Bofi Holding Company’s CEO, Greg Garrabrants said that they decided to make some changes to their loan options and that made things better. He also said that the bank plans to operate mortgage warehouse business that should help them to improve their earnings further. The company has also managed to grow their assets to $2.3 billion in March this year which is 32% improvement from last year.