Capital Bank Financial Corporation. (CBF) has reported a 17.22 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $12.43 million, or $0.24 a share in the quarter, compared with $15.02 million, or $0.34 a share for the same period last year. Revenue during the quarter grew 29.71 percent to $92.86 million from $71.59 million in the previous year period. Net interest income for the quarter rose 25.36 percent over the prior year period to $77.82 million. Non-interest income for the quarter rose 60.57 percent over the last year period to $17.02 million.
Capital Bank Financial has made provision of $1.98 million for loan losses during the quarter, up 81.82 percent from $1.09 million in the same period last year.
Net interest margin contracted 3 basis points to 3.67 percent in the quarter from 3.70 percent in the last year period. Efficiency ratio for the quarter deteriorated to 78.02 percent from 65.71 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
Gene Taylor, chairman and chief executive officer of Capital Bank Financial Corp., commented, “Capital Bank ended 2016 with very strong results, thanks to the productivity of our teammates, the trust extended us by our clients, and the confidence of our investors. We believe the bank is very well positioned for 2017 in all of our geographies, and we're especially pleased to have our new teammates from CommunityOne now contributing to the bank's growth and profitability.”
Liabilities outpace assets growth
Total assets stood at $9,930.66 million as on Dec. 31, 2016, up 33.31 percent compared with $7,449.48 million on Dec. 31, 2015. On the other hand, total liabilities stood at $8,638.61 million as on Dec. 31, 2016, up 33.66 percent from $6,463.21 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $7,350.25 million as on Dec. 31, 2016, up 31.79 percent compared with $5,577.11 million on Dec. 31, 2015. Deposits stood at $7,880.63 million as on Dec. 31, 2016, up 34.48 percent compared with $5,860.21 million on Dec. 31, 2015. Loans to deposits ratio was 94.57 percent for the quarter, down from 96.68 percent for the previous year quarter.
Noninterest-bearing deposit liabilities were $1,590.16 million or 20.18 percent of total deposits on Dec. 31, 2016, compared with $1,121.16 million or 19.13 percent of total deposits on Dec. 31, 2015.
Investments stood at $1,380 million as on Dec. 31, 2016, up 24.01 percent or $267.15 million from year-ago. Shareholders equity stood at $1,292.05 million as on Dec. 31, 2016, up 31 percent or $305.78 million from year-ago.
Return on average assets moved down 29 basis points to 0.53 percent in the quarter from 0.82 percent in the last year period. At the same time, return on average equity decreased 194 basis points to 4.05 percent in the quarter from 5.99 percent in the last year period.
Nonperforming assets to total loans was 1.01 percent in the quarter, down from 1.21 percent in the last year period. Meanwhile, nonperforming assets to total assets was 1.30 percent in the quarter, down from 1.63 percent in the last year period.
Average equity to average assets ratio was 13.15 percent for the quarter, down from 13.67 percent for the previous year quarter.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
