MB Financial, Inc (MBFI) has reported 8.22 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $47.19 million, or $0.53 a share in the quarter, compared with $43.61 million, or $0.56 a share for the same period last year. Revenue during the quarter grew 23.49 percent to $235.42 million from $190.64 million in the previous year period. Net interest income for the quarter rose 19.25 percent over the prior year period to $145.21 million. Non-interest income for the quarter rose 22.74 percent over the last year period to $92.82 million.
Mb Financial has made provision of $2.62 million for loan losses during the quarter, down 61.20 percent from $6.76 million in the same period last year.
Net interest margin contracted 14 basis points to 3.50 percent in the quarter from 3.64 percent in the last year period. Efficiency ratio for the quarter deteriorated to 64.62 percent from 63.95 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
We look forward to a strong 2017," stated Mitchell Feiger, President and Chief Executive Officer of MB Financial, Inc.
Liabilities outpace assets growth
Total assets stood at $19,302.32 million as on Dec. 31, 2016, up 23.85 percent compared with $15,585.01 million on Dec. 31, 2015. On the other hand, total liabilities stood at $16,723.11 million as on Dec. 31, 2016, up 23.90 percent from $13,497.72 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $12,629.44 million as on Dec. 31, 2016, up 30.66 percent compared with $9,665.86 million on Dec. 31, 2015. Deposits stood at $14,110.45 million as on Dec. 31, 2016, up 22.64 percent compared with $11,505.22 million on Dec. 31, 2015. Loans to deposits ratio was 90.49 percent for the quarter, up from 85.13 percent for the previous year quarter.
Noninterest-bearing deposit liabilities were $6,408.17 million or 45.41 percent of total deposits on Dec. 31, 2016, compared with $4,627.18 million or 40.22 percent of total deposits on Dec. 31, 2015.
Investments stood at $2,909.22 million as on Dec. 31, 2016, down 0.71 percent or $20.84 million from year-ago. Shareholders equity stood at $2,579.21 million as on Dec. 31, 2016, up 23.57 percent or $491.92 million from year-ago.
Return on average assets moved down 15 basis points to 0.98 percent in the quarter from 1.13 percent in the last year period. At the same time, return on average equity decreased 112 basis points to 7.36 percent in the quarter from 8.48 percent in the last year period.
Nonperforming assets moved down 36.94 percent or $50.34 million to $85.95 million on Dec. 31, 2016 from $136.30 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.45 percent in the quarter, down from 0.87 percent in the last year period.
Tier-1 leverage ratio stood at 8.38 percent for the quarter, down from 10.40 percent for the previous year quarter. Book value per share was $29.43 for the quarter, up 9.94 percent or $2.66 compared to $26.77 for the same period last year.
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