There were a number of companies which had announced their financial results on Wednesday and one of those was Avoidbank Holdings Inc (OTC:ABVH). In light of the announcement, the company could come into focus among investors today and hence, it could be a good idea to consider taking a closer look into it. The company announced that it had generated net income to the tune of $5.2 million in the first fiscal quarter of 2024, which worked out to $0.69 per diluted share.
That was a massive improvement on $303,000 in net income in the fourth quarter of 2023 which worked out to $0.04 per diluted share. However, it ought to be noted that it reflected a decline from the $6.4 million in net income that Avoidbank Holdings had generated in the prior year period. At the end of the period, the company’s deposits went up by $103.5 million from December 31, 2023. The loans also went up by $42.4 million or 10% on an annual basis from December 31, 2023.
The book value per share at the end of the quarter came in at $21.41, which worked out to a 1% or $0.14 per share increase from December 31, 2023. It reflected an increase of 9% or $1.84 from the end of the prior year period. The Chairman and Chief Executive Officer of Avoidbank Holdings Mark Mordell spoke about the development as well. He noted that everyone at the company was happy about the solid start that Avoidbank Holdings had made to 2024. He noted that the strong growth and the major steps taken by the company in many areas had a major impact in the growth of deposits and loans. It could be a good idea for investors to consider adding the Avoidbank Holdings stock to their watch lists.
