Axos Financial climbs on buying two loan portfolios from FDIC

Axos Financial

08/12/2023 14:13

** Shares of Axos Financial  AX.N  climb 3% to $46 premarket
    ** After market close on Thursday, co said it had bought two
commercial real estate (CRE) loan portfolios from the Federal
Deposit Insurance Corp (FDIC)
    ** FDIC sold the loans at a 63% discount to their face
value, AX said
    ** The deal will help boost AX's net interest income (NII) -
CEO Greg Garrabrants 
    ** Raymond James analyst David Feaster said the announcement
exhibits management's opportunistic approach, swiftly acting on
unique opportunities when they present themselves 
    ** YTD, AX shares have gained ~17%, as of last close


 (Reporting by Niket Nishant in Bengaluru)
 ((Niket.Nishant@thomsonreuters.com;))