Great Western Bancorp, Inc (GWB) has reported 21.15 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $36.90 million in the quarter, compared with $30.46 million for the same period last year. On the other hand, adjusted net income for the quarter stood at $37.34 million, or $0.63 a share compared with $30.46 million or $0.55 a share, a year ago.
Revenue during the quarter grew 16.30 percent to $105.50 million from $90.71 million in the previous year period. Net interest income for the quarter rose 14.76 percent over the prior year period to $98.64 million. Non-interest income for the quarter rose 60.89 percent over the last year period to $13.91 million.
Great Western Bancorp has made provision of $7.05 million for loan losses during the quarter, up 81.25 percent from $3.89 million in the same period last year.
Net interest margin contracted 9 basis points to 3.89 percent in the quarter from 3.98 percent in the last year period. Efficiency ratio was stable at 45.10 percent in the quarter, when compared with the last year period.
"We are pleased with the way we have started fiscal year 2017," said Ken Karels, president and chief executive officer. "We have reason to be optimistic about potential favorable developments to our operating environment, but first and foremost we remain committed to managing what we can control, namely credit risk and delivering an outstanding efficiency ratio."
Liabilities outpace assets growthTotal assets stood at $11,422.62 million as on Dec. 31, 2016, up 14.72 percent compared with $9,957.22 million on Dec. 31, 2015. On the other hand, total liabilities stood at $9,743.98 million as on Dec. 31, 2016, up 14.88 percent from $8,481.70 million on Dec. 31, 2015.
Loans outpace deposit growthNet loans stood at $8,712.34 million as on Dec. 31, 2016, up 16.64 percent compared with $7,469.53 million on Dec. 31, 2015. Deposits stood at $8,706.25 million as on Dec. 31, 2016, up 13.62 percent compared with $7,662.62 million on Dec. 31, 2015. Noninterest-bearing deposit liabilities were $1,954.88 million or 22.45 percent of total deposits on Dec. 31, 2016, compared with $1,506.87 million or 19.67 percent of total deposits on Dec. 31, 2015.
Investments stood at $1,371.56 million as on Dec. 31, 2016, up 4.09 percent or $53.95 million from year-ago. Shareholders equity stood at $1,678.64 million as on Dec. 31, 2016, up 13.77 percent or $203.12 million from year-ago.
Return on average assets moved up 5 basis points to 1.28 percent in the quarter from 1.23 percent in the last year period. At the same time, return on average equity increased 50 basis points to 8.80 percent in the quarter from 8.30 percent in the last year period.
Tier-1 leverage ratio stood at 9.70 percent for the quarter, up from 9.40 percent for the previous year quarter. Book value per share was $28.57 for the quarter, up 6.96 percent or $1.86 compared to $26.71 for the same period last year.
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