Manhattan Bridge Capital, Inc. announced its financial results for the full year ended December 31, 2024, reporting a net income of approximately $5,591,000, or $0.49 per share. This marks a 2.1% increase from the $5,476,000, or $0.48 per share, reported for the year ended December 31, 2023. The increase in net income was primarily driven by a decrease in interest expense, partially offset by a reduction in origination fees.
Total revenue for 2024 was approximately $9,689,000, a slight decrease of 1.1% from $9,796,000 in 2023. This revenue decline was attributed to a reduction in the loans receivable portfolio and lower origination fees, which were impacted by a slowdown in new loan originations. These factors were partially offset by higher interest rates charged on the company’s commercial loans.
Operating costs and expenses for the year decreased by 5.5% to approximately $4,115,000, down from $4,353,000 in 2023. This reduction was primarily due to a decrease in interest expense, resulting from reduced utilization of the company’s credit line, and a reduction in special bonuses to officers. As of December 31, 2024, total shareholders' equity stood at approximately $43,265,000.
Assaf Ran, Chairman and CEO, characterized 2024 as a "risky and ultra challenging year" for real estate lenders, citing the lingering high-interest rate environment that impacted borrowers' liquidity and profitability. He affirmed that the company's underwriting and operational policies were tested and successfully passed, expressing hope for a smooth 2025.
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