New York Community Bancorp Inc (NYB) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $113.73 million, or $ 0.23 a share in the quarter, against a net loss of $404.81 million, or $0.87 a share in the last year period. On an adjusted basis, net profit for the quarter was $113.97 million, when compared with net loss $404.13 million in the last year period.
Revenue during the quarter plunged 189.72 percent to $344.38 million from $383.84 million in the previous year period. Net interest income for the quarter rose 170.24 percent over the prior year period to $315.52 million. Non-interest income for the quarter fell 45.17 percent over the last year period to $32.37 million.
New York Community Bancorp Inc has made provision of $3.52 million for loan losses during the quarter, compared with a negative provision of $6.32 million in the same period last year.
Net interest margin improved 687 basis points to 2.86 percent in the quarter from 4.01 percent in the last year period. Efficiency ratio for the quarter deteriorated to 47.20 percent from 41.97 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
Commenting on the quarter, president and chief executive officer Joseph R. Ficalora addressed the termination of the merger agreement with Astoria Financial Corporation, noting “It is our continued desire to control the Company’s growth under the SIFI threshold as that threshold is currently, or prospectively, defined by our regulators. A large deal is still the best way for us to become a SIFI, and we remain encouraged by the reality that 97% of the votes cast by our investors were voted in favor of the Astoria deal.
Assets, liabilities fall
Total assets stood at $48,926.56 million as on Dec. 31, 2016, down 2.76 percent compared with $50,317.80 million on Dec. 31, 2015. On the other hand, total liabilities stood at $42,802.56 million as on Dec. 31, 2016, down 3.56 percent from $44,383.10 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $39,308.02 million as on Dec. 31, 2016, up 10.37 percent compared with $35,616.08 million on Dec. 31, 2015. Deposits stood at $28,887.90 million as on Dec. 31, 2016, up 1.62 percent compared with $28,426.76 million on Dec. 31, 2015.
Investments stood at $3,817.06 million as on Dec. 31, 2016, down 38.17 percent or $2,356.59 million from year-ago. Shareholders equity stood at $6,123.99 million as on Dec. 31, 2016, up 3.19 percent or $189.30 million from year-ago.
Return on average assets was at 0.92 percent in the quarter against a negative 3.28 percent in the last year period. Return on average equity was at 7.43 percent in the quarter against a negative 27.82 percent in the last year period.
Equity to assets ratio was 12.52 percent for the quarter, up from 11.79 percent for the previous year quarter. Book value per share was $12.57 for the quarter, up 2.70 percent or $0.33 compared to $12.24 for the same period last year.
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