Investors Bancorp (ISBC) has reported a 3.02 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $46.02 million, or $0.16 a share in the quarter, compared with $44.67 million, or $0.14 a share for the same period last year.
Revenue during the quarter grew 9.19 percent to $172.82 million from $158.27 million in the previous year period. Net interest income for the quarter rose 8.12 percent over the prior year period to $167.12 million. Non-interest income for the quarter rose 11.44 percent over the last year period to $9.70 million.
Investors Bancorp has made provision of $4 million for loan losses during the quarter, down 20 percent from $5 million in the same period last year.
Net interest margin contracted 10 basis points to 2.95 percent in the quarter from 3.05 percent in the last year period. Efficiency ratio for the quarter deteriorated to 56.30 percent from 53.38 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
Kevin Cummings, president and chief executive officer commented, "This was a solid quarter for the Bank as year over year earnings per share grew 14%. We continue to invest in our risk management infrastructure as well as BSA remediation initiatives." Mr. Cummings continued, "Our non-accrual loan metrics continued to improve as compared with the prior quarters."
Liabilities outpace assets growth Total assets stood at $23,888.67 million as on Mar. 31, 2017, up 12.74 percent compared with $21,189.97 million on Mar. 31, 2016. On the other hand, total liabilities stood at $20,730.18 million as on Mar. 31, 2017, up 15.33 percent from $17,974.24 million on Mar. 31, 2016.
Loans outpace deposit growth Net loans stood at $19,261.27 million as on Mar. 31, 2017, up 13.82 percent compared with $16,922.73 million on Mar. 31, 2016. Deposits stood at $15,376.02 million as on Mar. 31, 2017, up 8.27 percent compared with $14,201.39 million on Mar. 31, 2016.
Investments stood at $3,471.67 million as on Mar. 31, 2017, up 8.54 percent or $273.13 million from year-ago. Shareholders equity stood at $3,158.49 million as on Mar. 31, 2017, down 1.78 percent or $57.23 million from year-ago.
Return on average assets moved down 6 basis points to 0.79 percent in the quarter from 0.85 percent in the last year period. At the same time, return on average equity increased 38 basis points to 5.84 percent in the quarter from 5.46 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 0.44 percent in the quarter.
Tier-1 leverage ratio stood at 11.94 percent for the quarter. Average equity to average assets ratio was 13.47 percent for the quarter. Book value per share was $10.61 for the quarter.
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