.silvergatebank's Q2 net income increased over 84% yoy to $38.6 million. By OKnightCrypto
Silvergate Capital's net income for the second quarter jumped 84.6% year-over-year to $38.6 million from $27.4 million.
Q2 earnings available to shareholders was $1.13 per share, compared to $0.80 per share in the previous year and $0.79 per shareThe Silvergate Exchange Network handled $191.3 billion transfers this quarter, marking an 34% increase compared to the first quarter and a 20% fall compared to the same period last year.Fee income from cryptocurrency customers narrowly decreased from $8.9 million to $8.8 million this quarter. In the second quarter of 2021 Silvergate received $11.3 million in fees.
Silvergate currently has $15.8 billion in assets, with no change since its last report. Meanwhile, revenue extended to $79.8 million, a 33% quarter-over-quarter and an 88% increase yoy. At press time, shares of Silvergate Capital were up 7.61% at $70 during the pre-market session. On 1 July, it slumped to an 18-month low of $52.61.
"Silvergate had another strong quarter in light of the challenging backdrop facing the broader digital currency ecosystem," said Alan Lane, Silvergate CEO."I am proud of our results as we achieved record net income available to common shareholders of $35.9 million and saw some of the highest daily dollar transfer volumes ever on the Silvergate Exchange Network ."
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