Consumers Bancorp Inc (CBKM) has reported a 23.93 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $0.90 million, or $0.33 a share in the quarter, compared with $0.73 million, or $0.27 a share for the same period last year.
Revenue during the quarter grew 9.99 percent to $4.44 million from $4.04 million in the previous year period. Net interest income for the quarter rose 9.84 percent over the prior year period to $3.73 million. Non-interest income for the quarter rose 15.37 percent over the last year period to $0.85 million.
Consumers Bancorp Inc has made provision of $0.14 million for loan losses during the quarter, up 47.83 percent from $0.09 million in the same period last year.
Ralph J. Lober, president and chief executive officer, stated, “We are pleased that fiscal 2016 loan and deposit growth has continued into the first fiscal quarter of 2017 as we expect this growth to counter continued margin pressure and contribute to future net interest and non-interest income. A six percentage point increase in the Bank’s loan to deposit ratio over September 2015 is evidence that our investments in new lending centers and in commercial sales staff are showing results throughout our five county market. Further, as one of only a few banks headquartered in the region, the Bank is beginning to benefit from the market disruption caused by ongoing merger activity and branch closings. While the resolution of several non-performing assets that were dampening net interest margins and adding to noninterest expenses have positively impacted first fiscal quarter results, we anticipate an ongoing benefit as the assets are converted to income producing loans and as staff and management can focus on other opportunities.”
Deposits stood at $352.97 million as on Sep. 30, 2016, up 3.54 percent compared with $340.89 million on Sep. 30, 2015.
Investments stood at $132.71 million as on Sep. 30, 2016, down 6.10 percent or $8.62 million from year-ago. Shareholders equity was at $44.02 million as on Sep. 30, 2016.
Meanwhile, nonperforming assets to total assets was 0.55 percent in the quarter, down from 0.79 percent in the last year period.
Average equity to average assets ratio was 10.21 percent for the quarter, up from 10.19 percent for the previous year quarter. Book value per share was $16.15 for the quarter, up 3.99 percent or $0.62 compared to $15.53 for the same period last year.
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