BOK Financial Corporation (NASDAQ: BOKF) has reported an increase in net interest revenue for the first quarter of 2023 when the financial service company’s earnings more than doubled.
In the first three months of fiscal 2023, net income more than doubled to $162.4 million or $2.43 per share from $62.5 million or $0.91 per share in the comparable period of the prior year. Driving the bottom-line growth, net interest revenue climbed 31% annually to $352.3 million. Net interest margin was 3.45% in Q1, compared to 2.44% in the first quarter of 2022.
At the end of March 2023, total loans were $22.8 billion, compared to $20.7 billion in the same period of the prior year. The company’s tangible common equity ratio, excluding special items, was 8.46% at the end of the quarter.
“The strong financial results in the first quarter are a testament to our diverse business model, strong operating geographies, and disciplined approach to risk management that has long been critical to our ability to sustain success. Our peer-leading tangible capital ratio paired with our balance sheet liquidity have served us well over the last 45 days with the disruptions in our sector,” said BOK’s chief executive officer Stacy Kymes.
