Beneficial Bancorp, Inc. (BNCL) has reported a 60.42 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $7.62 million, or $0.10 a share in the quarter, compared with $4.75 million, or $0.06 a share for the same period last year.
Revenue during the quarter grew 27.40 percent to $47.60 million from $37.36 million in the previous year period. Net interest income for the quarter rose 25.82 percent over the prior year period to $39.89 million. Non-interest income for the quarter rose 44.86 percent over the last year period to $8.20 million.
Beneficial Bancorp, Inc. has made provision of $0.48 million for loan losses during the quarter, compared with a negative provision of $3.60 million in the same period last year.
Net interest margin improved 16 basis points to 3 percent in the quarter from 2.84 percent in the last year period. Efficiency ratio for the quarter improved to 73.77 percent from 79.50 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Gerard Cuddy, Beneficial's president and chief executive officer, stated "We are pleased with the results achieved against our 2016 Strategic Plan. We successfully completed the acquisition and integration of Conestoga Bank, organically grew our loan portfolio, improved profitability, declared our first dividend and maintained strong asset quality metrics. We are optimistic that during 2017 economic conditions will remain favorable. Our focus remains on employee engagement, a superior customer experience, prudent capital management and organic growth to continue to improve Beneficial’s financial performance."
Liabilities outpace assets growth
Total assets stood at $5,738.59 million as on Dec. 31, 2016, up 18.89 percent compared with $4,826.70 million on Dec. 31, 2015. On the other hand, total liabilities stood at $4,724.84 million as on Dec. 31, 2016, up 27.31 percent from $3,711.15 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $3,967.31 million as on Dec. 31, 2016, up 37 percent compared with $2,895.95 million on Dec. 31, 2015. Deposits stood at $4,158.19 million as on Dec. 31, 2016, up 20.46 percent compared with $3,451.92 million on Dec. 31, 2015.
Noninterest-bearing deposit liabilities were $518.29 million or 12.46 percent of total deposits on Dec. 31, 2016, compared with $409.23 million or 11.86 percent of total deposits on Dec. 31, 2015.
Investments stood at $1,075.30 million as on Dec. 31, 2016, down 20.95 percent or $284.95 million from year-ago. Shareholders equity stood at $1,013.76 million as on Dec. 31, 2016, down 9.12 percent or $101.79 million from year-ago.
Return on average assets moved up 14 basis points to 0.53 percent in the quarter from 0.39 percent in the last year period. At the same time, return on average equity increased 130 basis points to 2.97 percent in the quarter from 1.67 percent in the last year period.
Nonperforming assets moved down 28.79 percent or $11.21 million to $27.73 million on Dec. 31, 2016 from $38.94 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.48 percent in the quarter, down from 0.81 percent in the last year period.
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