JMP GROUP LLC (JMP) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $0.79 million, or $ 0.04 a share in the quarter, against a net loss of $1.15 million, or $0.05 a share in the last year period.
Revenue during the quarter grew 18.25 percent to $70.36 million from $59.50 million in the previous year period. Net interest income for the quarter dropped 54.17 percent over the prior year period to $2.29 million. Non-interest income for the quarter rose 23.71 percent over the last year period to $34.34 million.
JMP GROUP LLC has made provision of $0.61 million for loan losses during the quarter, down 40.30 percent from $1.02 million in the same period last year.
"Despite a challenging year in the U.S. equities business across Wall Street, JMP’s 2016 operating earnings of $0.48 per share came close to the consensus analyst estimate of $0.51 per share from last February, due to record results for both our M&A advisory business and our direct principal investments," said chairman and chief executive officer Joe Jolson. "Together, M&A and private placement fees totaled nearly $33 million from 28 transactions, compared to $12.6 million from 15 transactions in 2015. We met our three-year objective to organically grow this key franchise to record levels, even as the volume of sub-billion-dollar U.S. M&A transactions fell by almost 10% in 2016 industry-wide.
Assets, liabilities fallTotal assets stood at $1,125.83 million as on Dec. 31, 2016, down 11.87 percent compared with $1,277.50 million on Dec. 31, 2015. On the other hand, total liabilities stood at $990.54 million as on Dec. 31, 2016, down 11.92 percent from $1,124.61 million on Dec. 31, 2015. Investments stood at $51.59 million as on Dec. 31, 2016, down 47.01 percent or $45.76 million from year-ago. Shareholders equity stood at $135.29 million as on Dec. 31, 2016, down 11.51 percent or $17.60 million from year-ago.
Book value per share was $5.77 for the quarter, up 3.78 percent or $0.21 compared to $5.56 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
