Manhattan Bridge Capital Reports Increased Revenues and Net Income in the Second Quarter of 2024

Strategic Insights -

Manhattan Bridge Capital, Inc. has announced its financial results for the three and six months ended June 30, 2024. The company reported total revenues of approximately $2,443,000 for the three months ended June 30, 2024, a 1.8% increase from $2,399,000 in the same period last year. Net income for the three months ended June 30, 2024 was approximately $1,409,000, or $0.12 per basic and diluted share, compared to $1,422,000, or $0.12 per basic and diluted share, for the three months ended June 30, 2023, a decrease of 0.9%.

For the six months ended June 30, 2024, Manhattan Bridge Capital reported total revenues of approximately $5,016,000, a 4.6% increase from $4,797,000 in the same period last year. Net income for the six months ended June 30, 2024 was approximately $2,885,000, or $0.25 per basic and diluted share, compared to $2,681,000, or $0.23 per basic and diluted share, for the six months ended June 30, 2023, an increase of 7.6%.

The increase in revenue is primarily due to higher interest rates charged on the company's commercial loans, partially offset by a reduction in loans receivable and reduced origination fees, which were impacted by a slowdown in new loan originations.

Key Takeaways:

  • Manhattan Bridge Capital reported total revenues of approximately $2,443,000 for the three months ended June 30, 2024, a 1.8% increase from $2,399,000 in the same period last year.
  • Net income for the three months ended June 30, 2024 was approximately $1,409,000, or $0.12 per basic and diluted share, compared to $1,422,000, or $0.12 per basic and diluted share, for the three months ended June 30, 2023, a decrease of 0.9%.
  • For the six months ended June 30, 2024, Manhattan Bridge Capital reported total revenues of approximately $5,016,000, a 4.6% increase from $4,797,000 in the same period last year.
  • Net income for the six months ended June 30, 2024 was approximately $2,885,000, or $0.25 per basic and diluted share, compared to $2,681,000, or $0.23 per basic and diluted share, for the six months ended June 30, 2023, an increase of 7.6%.
  • The increase in revenue is primarily due to higher interest rates charged on the company's commercial loans, partially offset by a reduction in loans receivable and reduced origination fees, which were impacted by a slowdown in new loan originations.
  • As of June 30, 2024, total stockholders' equity was approximately $43,184,000.
  • Assaf Ran, Chairman of the Board and Chief Executive Officer of the Company, stated, "While real estate markets in our geographic areas of operations are still slow and heavy due to the high-interest-rate environment, it seems like prices of real estate properties are holding on and sometimes increasing due to lack of inventory and the impact of inflation."

Statistics:

  • Total revenues: $2,443,000 (Q2 2024) vs. $2,399,000 (Q2 2023)
  • Net income: $1,409,000 (Q2 2024) vs. $1,422,000 (Q2 2023)
  • Total revenues: $5,016,000 (6M 2024) vs. $4,797,000 (6M 2023)
  • Net income: $2,885,000 (6M 2024) vs. $2,681,000 (6M 2023)
  • Stockholders' equity: $43,184,000 (as of June 30, 2024)
  • Real estate loan portfolio: $66,859,733 (as of June 30, 2024)
  • Originated loan amounts: $41,195 (as of June 30, 2024)

Sources:

  • Manhattan Bridge Capital, Inc. (press release)
  • GlobeNewswire (July 22, 2024)
  • Manhattan Bridge Capital, Inc. (Form 10-Q, August 2024)