First Citizens BancShares Inc. (FCNCA) has reported 29.86 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $67.62 million, or $5.63 a share in the quarter, compared with $52.07 million, or $4.34 a share for the same period last year.
Revenue during the quarter grew 10.88 percent to $369.40 million from $333.16 million in the previous year period. Net interest income for the quarter rose 7.57 percent over the prior year period to $250.34 million. Non-interest income for the quarter rose 20.91 percent over the last year period to $127.29 million.
First Citizens BancShares Inc. has made provision of $8.23 million for loan losses during the quarter, up 69.96 percent from $4.84 million in the same period last year.
Net interest margin improved 7 basis points to 3.25 percent in the quarter from 3.18 percent in the last year period. Efficiency ratio for the quarter improved to 72.29 percent from 75.88 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Liabilities outpace assets growthTotal assets stood at $34,018.40 million as on Mar. 31, 2017, up 5.66 percent compared with $32,195.66 million on Mar. 31, 2016. On the other hand, total liabilities stood at $30,917.71 million as on Mar. 31, 2017, up 5.76 percent from $29,234.46 million on Mar. 31, 2016. Loans outpace deposit growthNet loans stood at $21,685.51 million as on Mar. 31, 2017, up 7.30 percent compared with $20,210.91 million on Mar. 31, 2016. Deposits stood at $29,002.77 million as on Mar. 31, 2017, up 5.98 percent compared with $27,365.24 million on Mar. 31, 2016. Investments stood at $9,856.46 million as on Mar. 31, 2017, up 3.12 percent or $297.87 million from year-ago. Shareholders equity stood at $3,100.70 million as on Mar. 31, 2017, up 4.71 percent or $139.50 million from year-ago.
Return on assets moved up 16 basis points to 0.82 percent in the quarter from 0.66 percent in the last year period. At the same time, return on equity increased 179 basis points to 8.96 percent in the quarter from 7.17 percent in the last year period.
Nonperforming assets moved down 11.55 percent or $18.81 million to $144.04 million on Mar. 31, 2017 from $162.84 million on Mar. 31, 2016.
Book value per share was $258.17 for the quarter, up 4.71 percent or $11.62 compared to $246.55 for the same period last year.
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