Century Bancorp, Inc. (CNBKA) has reported a 14.87 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $6.10 million, or $1.09 a share in the quarter, compared with $5.31 million, or $0.95 a share for the same period last year.
Revenue during the quarter grew 13.83 percent to $23.96 million from $21.05 million in the previous year period. Net interest income for the quarter rose 14.60 percent over the prior year period to $20.46 million. Non-interest income for the quarter rose 6.98 percent over the last year period to $3.91 million.
Century Bancorp, Inc. has made provision of $0.40 million for loan losses during the quarter, down 11.11 percent from $0.45 million in the same period last year.
Net interest margin contracted 2 basis points to 2.16 percent in the quarter from 2.18 percent in the last year period.
Investments stood at $2,321.61 million as on Mar. 31, 2017. Shareholders equity was at $246.33 million as on Mar. 31, 2017.
Return on average assets was stable at 0.53 percent in the quarter, when compared with the last year period. At the same time, return on average equity increased 35 basis points to 10.16 percent in the quarter from 9.81 percent in the last year period.
Nonperforming assets moved down 45.67 percent or $0.68 million to $0.81 million on Mar. 31, 2017 from $1.49 million on Mar. 31, 2016.
Equity to assets ratio was 5.38 percent for the quarter, down from 5.45 percent for the previous year quarter. Book value per share was $44.24 for the quarter, up 11.55 percent or $4.58 compared to $39.66 for the same period last year.
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