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By Dhirendra Tripathi
Investing.com – SVB Financial (NASDAQ:SIVB) hit an all-time high after the bank gave a 2021 forecast that was better on almost every parameter versus the one it gave in January.
The improved outlook was triggered by the bank’s quarterly performance in January to March, its best ever.
The Silicon Valley-based lender now sees average loan balances rising at a percentage in mid-thirties from mid-twenties forecast earlier. Similarly, average deposit balances are also now seen growing in high-sixties as against mid-forties forecast previously.
Net interest income is expected to grow in mid-thirties and not low-twenties as estimated last time.
For the first quarter ended March, SVB’s consolidated net income was $532.2 million, or $10.03 per share, compared to $388.3 million or $7.40 per share in the fourth quarter of 2020.