Cathay General Bancorp (CATY) has reported a 6.02 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $48.94 million, or $0.61 a share in the quarter, compared with $46.16 million, or $0.57 a share for the same period last year.
Revenue during the quarter went up marginally by 0.77 percent to $121.33 million from $120.41 million in the previous year period. Net interest income for the quarter rose 9.52 percent over the prior year period to $112.11 million. Non-interest income for the quarter fell 10.91 percent over the last year period to $6.72 million.
Cathay General Bancorp has made negative provision of $2.50 million for loan losses during the quarter, compared with a negative provision of $10.50 million in the same period last year.
Net interest margin improved 7 basis points to 3.49 percent in the quarter from 3.42 percent in the last year period. Efficiency ratio for the quarter improved to 43.66 percent from 46.92 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"For the first quarter of 2017, our total loans increased $164 million or 6% annualized to $11.4 billion. Also, our net interest margin increased to 3.49% during the first quarter compared to 3.36% in the fourth quarter of 2016 mainly as a result of the payoff of high cost borrowings and higher interest rates," commented Pin Tai, chief executive officer and president of the Company.
Deposits stood at $11,587.28 million as on Mar. 31, 2017, up 12.24 percent compared with $10,324.12 million on Mar. 31, 2016.
Noninterest-bearing deposit liabilities were $2,472.90 million or 21.34 percent of total deposits on Mar. 31, 2017, compared with $2,059.07 million or 19.94 percent of total deposits on Mar. 31, 2016.
Investments stood at $2,103.64 million as on Mar. 31, 2017, down 1.25 percent or $26.66 million from year-ago. Shareholders equity was at $1,857.90 million as on Mar. 31, 2017.
Return on average assets moved down 1 basis points to 1.42 percent in the quarter from 1.43 percent in the last year period. At the same time, return on average equity increased 7 basis points to 10.73 percent in the quarter from 10.66 percent in the last year period.
Nonperforming assets moved down 5.69 percent or $4.09 million to $67.82 million on Mar. 31, 2017 from $71.91 million on Mar. 31, 2016.
Tier-1 leverage ratio stood at 11.77 percent for the quarter, up from 11.73 percent for the previous year quarter. Book value per share was $23.16 for the quarter, up 5.85 percent or $1.28 compared to $21.88 for the same period last year.
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