First Citizens BancShares Inc (FCNCA) has reported 23.26 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $52.69 million, or $4.39 a share in the quarter, compared with $42.75 million, or $3.56 a share for the same period last year. Revenue during the quarter grew 9.22 percent to $352.59 million from $322.81 million in the previous year period. Net interest income for the quarter rose 5.72 percent over the prior year period to $243.92 million. Non-interest income for the quarter rose 25.79 percent over the last year period to $124.70 million.
First Citizens Bancshares has made provision of $16.03 million for loan losses during the quarter, up 127.49 percent from $7.05 million in the same period last year.
Net interest margin improved 2 basis points to 3.14 percent in the quarter from 3.12 percent in the last year period. Efficiency ratio for the quarter improved to 75.54 percent from 77.57 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Assets outpace liabilities growth
Total assets stood at $32,990.84 million as on Dec. 31, 2016, up 4.81 percent compared with $31,475.93 million on Dec. 31, 2015. On the other hand, total liabilities stood at $29,978.41 million as on Dec. 31, 2016, up 4.81 percent from $28,603.82 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $21,519.08 million as on Dec. 31, 2016, up 7.41 percent compared with $20,033.77 million on Dec. 31, 2015. Deposits stood at $28,161.34 million as on Dec. 31, 2016, up 4.57 percent compared with $26,930.76 million on Dec. 31, 2015.
Investments stood at $8,879.27 million as on Dec. 31, 2016, down 0.51 percent or $45.41 million from year-ago. Shareholders equity stood at $3,012.43 million as on Dec. 31, 2016, up 4.89 percent or $140.32 million from year-ago.
Return on assets moved up 10 basis points to 0.63 percent in the quarter from 0.53 percent in the last year period. At the same time, return on equity increased 94 basis points to 6.86 percent in the quarter from 5.92 percent in the last year period.
Nonperforming assets moved down 13.02 percent or $22 million to $146.99 million on Dec. 31, 2016 from $168.99 million on Dec. 31, 2015.
Book value per share was $250.82 for the quarter, up 4.88 percent or $11.68 compared to $239.14 for the same period last year.
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