The net profit of the digital asset-friendly bank Silvergate Capital in the second quarter of 2022 amounted to $38.6 million (+84% compared to April-June 2021).
In the pre-trading session, the institution’s shares rose by 12.5%. At the time of writing, the stock is trading near $72.
Silvergate Capital has lost 56.1% since the beginning of the year (as of July 18).
Per share, diluted net income was $1.13 compared to $0.8 last year and $0.79 in January-March.
The volume of transfers in the Silvergate Exchange Network for the last reporting period grew by 34% QoQ and decreased by 20% compared to the second quarter of 2021, to $191.3 billion.
The bank continues to develop the SEN Leverage secured lending program in bitcoin. As of June 30, the value of outstanding loans issued under the initiative was $1.4 billion. On March 31, this figure was $1.1 billion on June 30, 2020 – $258.5 million.
The number of digital customers increased from 1,503 to 1,585 over the past three months. Fee and commission income fell from $11.3 million a year earlier to $8.8 million ($8.9 million in the first quarter).
Total income increased by a third compared to January-March and by 88% compared to last year, to $79.8 million.
Silvergate Capital’s assets remained virtually unchanged at $15.8 billion.
The weighted average volume of client deposits for the quarter decreased from $14.7 billion to $13.8 billion.
Recall that Silvergate Capital bought the Diem stablecoin project in February from Meta.
Circle previously released its first monthly USDC collateral report. The document lists Silvergate Capital as one of the custodian banks for the stablecoin reserves.