Signature Bank earnings report: Q1 net profit was US $ 99.6 million, a year-on-year decrease of more than 30%

Crypto-Friendly Bank Signature Bank announced the financial report for the first quarter of 2020 (Q1). The main points of the financial report are as follows: 1.21 Q1’s net profit was 99.6 million US dollars, and earnings per share was 1.88 US dollars. In comparison, the net profit of Q1 in 2019 was USD 143.5 million, and earnings per share was USD 2.63. The profit of Q1 in 2020 decreased compared with the same period of last year. This was due to an increase in the credit loss reserve of USD 60.5 million; 2. The pre-tax profit (the profit that has not been deducted from the risk reserve) was USD 218.5 million, compared with Q1 (US $ 207.9 million) increased by 5.1% in 2019; 3. As of March 31, 2020, Signature Bank ’s total assets reached US $ 53.07 billion, an increase of US $ 4.55 billion from March 31, 2019 (US $ 48.52 billion), That is 9.4%. The average assets of Q1 in 2020 reached 51.28 billion US dollars, an increase of 7.2% from Q1 in 2019; 4. As of March 31, 2020, the total deposit of Signature Bank in Q1 increased by 1.86 billion US dollars to 42.24 billion US dollars. Compared with March 31, 2019, total deposits in the past twelve months have increased by 15.3%. The average deposit of Q1 in 2020 is 41.14 billion US dollars. Joseph J. DePaolo, President and CEO of Signature Bank, said, “As soon as the crisis of the new global pneumonia pandemic began, I immediately realized that I needed to find liquidity, so the bank maintained a high cash level and further consolidated the balance sheet.” . Lianwen previously reported that Signature Bank launched the blockchain-based digital payment platform Signet in January this year to provide institutional customers with a year-round fund settlement business and help customers pay in real time without transaction fees. At the same time, Signature Bank is also the first to launch a blockchain-based digital payment platform with Federal Deposit Insurance (FDIC).