Magyar Bancorp (MGYR) has reported 8.67 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $0.35 million, or $0.06 a share in the quarter, compared with $0.32 million, or $0.06 a share for the same period last year.

Revenue during the quarter went up marginally by 2.48 percent to $4.42 million from $4.31 million in the previous year period. Net interest income for the quarter rose 5.25 percent over the prior year period to $4.39 million. Non-interest income for the quarter rose 7.59 percent over the last year period to $0.51 million.

Magyar Bancorp has made provision of $0.48 million for loan losses during the quarter, up 44.98 percent from $0.33 million in the same period last year.

Net interest margin contracted 5 basis points to 3.32 percent in the quarter from 3.37 percent in the last year period.

"Magyar Bancorp is pleased to report very strong results for fiscal year 2016", stated John Fitzgerald, president and chief executive officer. "Our focus on balance sheet improvement resulted in a 26% reduction in total non-performing assets on a year over year basis, and our non-performing loans to total loans receivable fell to 0.92% as of September 30, 2016."
 

Return on average assets was stable at 0.24 percent in the quarter, when compared with the last year period. At the same time, return on average equity increased 20 basis points to 2.98 percent in the quarter from 2.78 percent in the last year period.

Nonperforming assets moved down 26.26 percent or $5.80 million to $16.29 million on Sep. 30, 2016 from $22.09 million on Sep. 30, 2015. Meanwhile, nonperforming assets to total assets was 2.79 percent in the quarter, down from 4.01 percent in the last year period.

Book value per share was $8.20 for the quarter, up 2.24 percent or $0.18 compared to $8.02 for the same period last year.