Velocity Financial rises after Q4 profit beat

Velocity Financial

08/03/2024 19:19

** Shares of real estate finance company Velocity Financial
 VEL.N  rise as much as 7.3%; last up 4.4% at $16.79
    ** After market close on Thursday, VEL posted Q4 core
earnings of 46 cents/shr vs analysts' expectation of 38
cents/shr - LSEG data
    ** Q4 total net interest income jumped 41.9% to $29.9 mln,
compared with the year-ago quarter 
    ** Q4 loan production jumped 26.8% to $352.1 mln in unpaid
principal balance, driven by continued strong demand for
business-purpose loans
    ** Q4 portfolio net interest margin rose to 3.52% from 2.84%
a year earlier, driven by increased average portfolio yield
    ** As of last close, stock down 6.6% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))