Cathay General Bancorp (CATY) has reported a 15.85 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $48.02 million, or $0.60 a share in the quarter, compared with $41.45 million, or $0.51 a share for the same period last year.
Revenue during the quarter grew 5.46 percent to $117.86 million from $111.77 million in the previous year period. Net interest income for the quarter rose 10.55 percent over the prior year period to $109.90 million. Non-interest income for the quarter fell 14.86 percent over the last year period to $7.96 million.
Net interest margin improved 6 basis points to 3.36 percent in the quarter from 3.30 percent in the last year period. Efficiency ratio for the quarter improved to 45.39 percent from 49.22 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"In the fourth quarter of 2016, our gross loans, excluding loans held for sale, grew by $191 million to $11.2 billion. The loan growth for 2016 was $1.0 billion, representing an increase of 10.2% for the year. For the fourth quarter of 2016, our total deposits, increased $736 million to $11.7 billion compared to the third quarter. For 2016, total deposits grew by $1.2 billion representing an increase of 11.1% for the year. Also, in November 2016, we increased our dividend by 16.7% to $.21 per share from the $.18 per share paid previously," commented Pin Tai, chief executive officer and president of the Company.
Liabilities outpace assets growth
Total assets stood at $14,520.77 million as on Dec. 31, 2016, up 9.56 percent compared with $13,254.13 million on Dec. 31, 2015. On the other hand, total liabilities stood at $12,692.23 million as on Dec. 31, 2016, up 10.31 percent from $11,506.35 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $11,077.32 million as on Dec. 31, 2016, up 10.59 percent compared with $10,016.23 million on Dec. 31, 2015. Deposits stood at $11,674.73 million as on Dec. 31, 2016, up 11.09 percent compared with $10,509.09 million on Dec. 31, 2015.
Noninterest-bearing deposit liabilities were $2,478.11 million or 21.23 percent of total deposits on Dec. 31, 2016, compared with $2,033.05 million or 19.35 percent of total deposits on Dec. 31, 2015.
Investments stood at $2,532.49 million as on Dec. 31, 2016, up 9.81 percent or $226.31 million from year-ago. Shareholders equity stood at $1,828.54 million as on Dec. 31, 2016, up 4.62 percent or $80.76 million from year-ago.
Return on average assets moved up 10 basis points to 1.37 percent in the quarter from 1.27 percent in the last year period. At the same time, return on average equity increased 112 basis points to 10.52 percent in the quarter from 9.40 percent in the last year period.
Nonperforming assets moved down 9.21 percent or $7.08 million to $69.75 million on Dec. 31, 2016 from $76.83 million on Dec. 31, 2015.
Tier-1 leverage ratio stood at 11.57 percent for the quarter, down from 11.95 percent for the previous year quarter. Book value per share was $22.80 for the quarter, up 6.24 percent or $1.34 compared to $21.46 for the same period last year.
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