FBR & Co. (FBRC) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $4.99 million, or $ 0.68 a share in the quarter, against a net loss of $4.41 million, or $0.59 a share in the last year period.
Revenue during the quarter surged 71.37 percent to $40.21 million from $23.46 million in the previous year period. Net interest income for the quarter rose 71.37 percent over the prior year period to $40.21 million.
"In the fourth quarter we generated revenue more in line with our historical averages and our results reflected more closely our expected margins and profitability. As capital markets activity picked up in the energy sector we were able to execute a large, sole-managed offering which significantly impacted our results," said chairman and chief executive officer, Richard J. Hendrix. "Looking forward, we have an active banking pipeline of engaged transactions and have already generated more banking revenue in first quarter than we did in any of the first three quarters of 2016."
Liabilities outpace assets growth
Total assets stood at $1,037.94 million as on Dec. 31, 2016, up 11.20 percent compared with $933.42 million on Dec. 31, 2015. On the other hand, total liabilities stood at $920.52 million as on Dec. 31, 2016, up 27.38 percent from $722.65 million on Dec. 31, 2015.
Investments stood at $897.34 million as on Dec. 31, 2016, up 29.75 percent or $205.77 million from year-ago. Shareholders equity stood at $117.42 million as on Dec. 31, 2016, down 44.29 percent or $93.35 million from year-ago.
Return on equity for the quarter stood at negative 40.20 percent as compared to a negative 3.20 percent for the previous year period.
Book value per share was $16.13 for the quarter, down 43.78 percent or $12.56 compared to $28.69 for the same period last year.
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