Manhattan Bridge Capital, Inc. announced its financial results for the third quarter ended September 30, 2024, reporting a net income of approximately $1,399,000, or $0.12 per basic and diluted share. This represents a decrease of $47,000, or 3.3%, compared to the $1,446,000, or $0.13 per share, recorded in the same period of 2023. The decline in net income was primarily driven by a decrease in revenue, partially offset by a reduction in interest expense.
Total revenues for the third quarter of 2024 were approximately $2,313,000, a 5.0% decrease from $2,434,000 in the third quarter of 2023. This revenue reduction was attributed to a decrease in the loans receivable portfolio and lower origination fees, which were impacted by a slowdown in new loan originations. Interest income from secured commercial loans accounted for approximately $1,953,000 of the revenue, while origination fees contributed approximately $360,000.
For the nine months ended September 30, 2024, net income increased by 3.8% to $4,285,000, or $0.37 per share, compared to $4,128,000, or $0.36 per share, in the prior year. CEO Assaf Ran noted that a recent 0.5% interest rate reduction had regenerated optimism among real estate investors, and despite a decline in new deals during the third quarter, he expressed hope for a return to the previous pace soon due to a robust deal pipeline.
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