NewStar Financial announced Q2/15 net income of $5.0 million compared to a net loss of $1.9 million in Q2/14. NewStar noted that pretax operating income was $8.6 million compared to a loss of $3.1 million in Q2/14.
The following highlights were excerpted from the news release:
Tim Conway, NewStar’s chairman and CEO commented on the company’s quarterly performance: “We made significant progress on our strategic priorities this quarter as growth accelerated and our returns began to reflect the benefits of operating and financial leverage. Strong asset and revenue growth in the quarter outpaced expense growth, translating directly into a lower expense ratio and higher earnings. New investment activity more than tripled, keeping us on pace to reach our volume target for the full year and driving strong asset growth. Excluding costs related to debt prepayment in the quarter, revenue was up 24%, reflecting increases in both net interest income from asset growth and fees from capital markets and asset management activities.”
Access the full release from NewStar here.
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