Central Pacific Financial Corp (CPF) has reported 16.98 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $13.08 million, or $0.42 a share in the quarter, compared with $11.18 million, or $0.35 a share for the same period last year. Revenue during the quarter grew 5.63 percent to $51.35 million from $48.61 million in the previous year period. Net interest income for the quarter rose 5.21 percent over the prior year period to $41.26 million. Non-interest income for the quarter rose 15.69 percent over the last year period to $10.01 million.
Central Pacific Financial Corp has made negative provision of $0.08 million for loan losses during the quarter, compared with a negative provision of $0.75 million in the same period last year.
Net interest margin contracted 3 basis points to 3.30 percent in the quarter from 3.33 percent in the last year period. Efficiency ratio for the quarter improved to 61.36 percent from 65.53 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"We are pleased to report another solid quarter with improved earnings and continued balance sheet growth," said Catherine Ngo, president and chief executive officer. "The increase in our quarterly cash dividend, combined with our ongoing share repurchase program is a reflection of our commitment to creating value for our shareholders, and our confidence in the financial strength and long-term outlook of our business."
Liabilities outpace assets growthTotal assets stood at $5,443.18 million as on Mar. 31, 2017, up 3.83 percent compared with $5,242.20 million on Mar. 31, 2016. On the other hand, total liabilities stood at $4,931.62 million as on Mar. 31, 2017, up 4.20 percent from $4,732.82 million on Mar. 31, 2016. Loans outpace deposit growthNet loans stood at $3,490.35 million as on Mar. 31, 2017, up 7.50 percent compared with $3,246.82 million on Mar. 31, 2016. Deposits stood at $4,777.44 million as on Mar. 31, 2017, up 6.25 percent compared with $4,496.60 million on Mar. 31, 2016. Investments stood at $1,520.59 million as on Mar. 31, 2017, down 1.67 percent or $25.81 million from year-ago. Shareholders equity stood at $511.56 million as on Mar. 31, 2017, up 0.43 percent or $2.18 million from year-ago.
Return on average assets moved up 9 basis points to 0.96 percent in the quarter from 0.87 percent in the last year period. At the same time, return on average equity increased 139 basis points to 10.24 percent in the quarter from 8.85 percent in the last year period.
Nonperforming assets moved down 44.59 percent or $7.11 million to $8.83 million on Mar. 31, 2017 from $15.94 million on Mar. 31, 2016.
Book value per share was $16.66 for the quarter, up 1.96 percent or $0.32 compared to $16.34 for the same period last year.
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