Medallion Financial Reports Q3 Earnings and Dividend Increase
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Medallion Financial Reports Q3 Earnings and Dividend Increase

Medallion Financial ( (MFIN) ) has realeased its Q3 earnings. Here is a breakdown of the information Medallion Financial presented to its investors.

Medallion Financial Corp., a specialty finance company, focuses on originating and servicing loans in consumer and commercial sectors, leveraging fintech partnerships to enhance its offerings.

In its third-quarter earnings report for 2024, Medallion Financial Corp. reported a net income of $8.6 million, or $0.37 per share, marking a decrease from $11.2 million, or $0.48 per share, recorded in the same quarter last year. Despite a drop in net income, the company experienced growth in net interest income and loan originations, indicating a strong underlying performance in its core lending segments.

Key financial metrics showcased Medallion’s robust operational performance with net interest income climbing 8% to $52.7 million and loan originations surging to $275.6 million from the previous year’s $217.4 million. The company’s loan portfolio expanded by 13% to $2.5 billion, despite an increased credit loss provision of $20.2 million. The fintech partnership program also experienced record growth, contributing significantly to the company’s positive outlook.

In terms of strategic decisions, Medallion’s Board of Directors announced a 10% increase in its quarterly cash dividend to $0.11 per share, reflecting confidence in future growth. The company also repurchased 122,344 shares at an average cost of $7.89 per share, demonstrating a continued focus on shareholder value.

Looking ahead, Medallion Financial Corp. maintains a cautiously optimistic stance on its growth prospects, supported by strong loan portfolio performance and strategic fintech partnerships. The company aims to continue delivering growth in its consumer lending segments while enhancing shareholder returns.

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