SVB Financial Gains 13% On Quarterly Results

Shares of SVB Financial Group (SIVB) are gaining nearly 13% on Friday morning after the company reported results for the first quarter.

SIVB is currently trading at $568.24, down $65.11 or 12.94%, on the Nasdaq.

Net income for the first quarter was $472 million, or $7.92 per share, down from $532 million or $10.03 per share last year.

"Our quarterly results demonstrate the power and flexibility of our business model and larger balance sheet, with continued earnings growth as rising rates and our strong execution drove higher revenue, even as market volatility slowed client liquidity growth and pressured valuations and investment banking income," said Greg Becker, President and CEO of SVB Financial Group.

Net interest income for the quarter was $1.08 billion, up from $660 million last year, while non-interest income dropped to $517 million from $744 million last year.

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