Fulton Financial Corporation (FULT) has reported a 9.38 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $42.15 million, or $0.24 a share in the quarter, compared with $38.54 million, or $0.22 a share for the same period last year.
Revenue during the quarter grew 5.33 percent to $179.99 million from $170.89 million in the previous year period. Net interest income for the quarter rose 3.47 percent over the prior year period to $132.24 million. Non-interest income for the quarter rose 15.09 percent over the last year period to $52.76 million.
Fulton Financial Corporation has made provision of $5 million for loan losses during the quarter, up 81.82 percent from $2.75 million in the same period last year.
Net interest margin contracted 17 basis points to 3.15 percent in the quarter from 3.32 percent in the last year period. Efficiency ratio for the quarter deteriorated to 67.60 percent from 66.63 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
“2016 marked another year of continued progress in strengthening our banking franchise” said E. Philip Wenger, chairman, president and chief executive officer. “We continued to invest in revenue producing talent while containing costs that enabled us to generate meaningful positive operating leverage and better than 9 percent year-over-year earnings per share growth.”
Liabilities outpace assets growth
Total assets stood at $18,944.25 million as on Dec. 31, 2016, up 5.75 percent compared with $17,914.72 million on Dec. 31, 2015. On the other hand, total liabilities stood at $16,823.13 million as on Dec. 31, 2016, up 5.99 percent from $15,872.82 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $14,530.59 million as on Dec. 31, 2016, up 6.30 percent compared with $13,669.55 million on Dec. 31, 2015. Deposits stood at $15,012.86 million as on Dec. 31, 2016, up 6.23 percent compared with $14,132.32 million on Dec. 31, 2015.
Investments stood at $2,559.23 million as on Dec. 31, 2016, up 3 percent or $74.45 million from year-ago. Shareholders equity stood at $2,121.12 million as on Dec. 31, 2016, up 3.88 percent or $79.22 million from year-ago.
Return on average assets moved up 3 basis points to 0.89 percent in the quarter from 0.86 percent in the last year period. At the same time, return on average equity increased 35 basis points to 7.86 percent in the quarter from 7.51 percent in the last year period.
Nonperforming assets moved down 7.35 percent or $11.46 million to $144.45 million on Dec. 31, 2016 from $155.91 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.76 percent in the quarter, down from 0.87 percent in the last year period.
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