Bofi Holding (BOFI) has reported 14.75 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $32.30 million, or $0.50 a share in the quarter, compared with $28.15 million, or $0.44 a share for the same period last year. On an adjusted basis, net profit for the quarter was $31.88 million, when compared with $27.74 million in the last year period.
Revenue during the quarter grew 17.07 percent to $88.96 million from $75.99 million in the previous year period. Non-interest income for the quarter rose 2.96 percent over the last year period to $16.70 million.
Bofi Holding has made provision of $4.10 million for loan losses during the quarter, up 20.59 percent from $3.40 million in the same period last year.
Net interest margin contracted 10 basis points to 4 percent in the quarter from 4.10 percent in the last year period. Efficiency ratio for the quarter deteriorated to 35.78 percent from 34.57 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
"We had another solid quarter, with sequential improvements in loan growth, net interest margin and operating efficiency," stated Greg Garrabrants, president and chief executive officer. "Our loan originations were well balanced with good contributions from commercial and industrial, multifamily and small balance commercial real estate, and jumbo single family lending. With our continued success diversifying our lending, consumer and commercial deposit, and fee-based businesses, we are well positioned for profitable growth," Mr. Garrabrants concluded.
Assets outpace liabilities growthTotal assets stood at $8,167.88 million as on Dec. 31, 2016, up 22.60 percent compared with $6,662.22 million on Dec. 31, 2015.
Loans outpace deposit growthNet loans stood at $6,811.47 million as on Dec. 31, 2016, up 20.66 percent compared with $5,645.27 million on Dec. 31, 2015. Deposits stood at $6,610.67 million as on Dec. 31, 2016, up 27.13 percent compared with $5,199.97 million on Dec. 31, 2015. Investments stood at $387.88 million as on Dec. 31, 2016, down 14.20 percent or $64.17 million from year-ago. Shareholders equity stood at $753.67 million as on Dec. 31, 2016, up 22.88 percent or $140.34 million from year-ago.
Return on average assets moved down 11 basis points to 1.66 percent in the quarter from 1.77 percent in the last year period. At the same time, return on average equity decreased 132 basis points to 17.49 percent in the quarter from 18.81 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 0.43 percent in the quarter, up from 0.40 percent in the last year period.
Equity to assets ratio was 9.23 percent for the quarter, up from 9.21 percent for the previous year quarter. Book value per share was $11.82 for the quarter, up 22.49 percent or $2.17 compared to $9.65 for the same period last year.
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