MUFG Americas Holdings (UB) has reported 38.30 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $260 million in the quarter, compared with $188 million for the same period last year.
Revenue during the quarter grew 9.96 percent to $1,270 million from $1,155 million in the previous year period. Net interest income for the quarter rose 6.92 percent over the prior year period to $773 million. Non-interest income for the quarter rose 26.67 percent over the last year period to $570 million.
MUFG Americas Holdings has made provision of $73 million for loan losses during the quarter, up 305.56 percent from $18 million in the same period last year.
Net interest margin improved 11 basis points to 2.19 percent in the quarter from 2.08 percent in the last year period. Efficiency ratio for the quarter improved to 73.23 percent from 78.88 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Liabilities outpace assets growthTotal assets stood at $151,099 million as on Sep. 30, 2016, up 31.21 percent compared with $115,157 million on Sep. 30, 2015. On the other hand, total liabilities stood at $133,587 million as on Sep. 30, 2016, up 34.48 percent from $99,339 million on Sep. 30, 2015.
Loans outpace deposit growthNet loans stood at $78,558 million as on Sep. 30, 2016, up 3.24 percent compared with $76,094 million on Sep. 30, 2015. Deposits stood at $84,643 million as on Sep. 30, 2016, up 2.40 percent compared with $82,656 million on Sep. 30, 2015. Noninterest-bearing deposit liabilities were $34,186 million or 40.39 percent of total deposits on Sep. 30, 2016, compared with $31,869 million or 38.56 percent of total deposits on Sep. 30, 2015.
Investments stood at $55,427 million as on Sep. 30, 2016, down 5.79 percent or $3,407 million from year-ago. Shareholders equity stood at $17,512 million as on Sep. 30, 2016, up 10.71 percent or $1,694 million from year-ago.
Return on assets moved up 9 basis points to 0.58 percent in the quarter from 0.49 percent in the last year period. At the same time, return on average equity increased 137 basis points to 6.03 percent in the quarter from 4.66 percent in the last year period.
Nonperforming assets moved up 66.82 percent or $290 million to $724 million on Sep. 30, 2016 from $434 million on Sep. 30, 2015. Meanwhile, nonperforming assets to total assets was 0.48 percent in the quarter, up from 0.29 percent in the last year period.
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