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SVB Financial Q4 Profit Tops Estimates; Issues Positive 2020 Growth Outlook

SVB Financial Group (SIVB) reported fourth quarter earnings per share of $5.06, compared to $4.96, a year ago. On average, 18 analysts polled by Thomson Reuters expected the company to report profit per share of $4.65, for the quarter. Analysts' estimates typically exclude special items. Non-GAAP core fee income was $168.1 million compared to $146.0 million, previous year.

Fourth-quarter net interest income after provision for credit losses increased to $516.29 million from $500.82 million, prior year. Total noninterest income was $313.34 million compared to $186.71 million. Analysts expected revenue of $788.1 million for the quarter.

Looking forward, SVB Financial Group said it expects continued strong growth in 2020. The company raised its expectations for full year average deposit growth from the low double digits to the mid-teens. It has lowered full year net interest margin outlook by 10 basis points, to a range of 3.10% - 3.20%. The company has also lowered full year core fee income growth outlook to low double digits, due to better-than-forecast fourth-quarter core fee income, which raised the baseline for growth. Net interest income growth is anticipated in low single digits.

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