New York Community Bancorp, Inc. (NYB) has reported a 9.25 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $125.30 million, or $0.26 a share in the quarter, compared with $114.69 million, or $0.26 a share for the same period last year.
Revenue during the quarter grew 10.14 percent to $359.07 million from $326.03 million in the previous year period. Net interest income for the quarter rose 13.96 percent over the prior year period to $318.42 million. Non-interest income for the quarter rose 8 percent over the last year period to $40.60 million.
New York Community Bancorp has made negative provision of $0.06 million for loan losses during the quarter, compared with a negative provision of $9.03 million in the same period last year.
Net interest margin improved 35 basis points to 2.91 percent in the quarter from 2.56 percent in the last year period. Efficiency ratio for the quarter improved to 44.27 percent from 46.07 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Commenting on the Company’s third quarter performance, President and Chief Executive Officer Joseph R. Ficalora stated, “As we near the one-year mark of announcing our plans to merge with Astoria Financial Corporation, we continue to manage our balance sheet to stay below the current threshold for designation as a SIFI bank. At the same time, we continue to focus on the core components of our business model: producing loans for investment, as well as for sale; maintaining our record of high quality assets; and striving to maintain a high level of efficiency.
Assets, liabilities remain almost stable
Total assets stood at $49,462.62 million as on Sep. 30, 2016, up 0.85 percent compared with $49,045.48 million on Sep. 30, 2015. On the other hand, total liabilities stood at $43,372.11 million as on Sep. 30, 2016, up 0.36 percent from $43,218.64 million on Sep. 30, 2015.
Net loans stood at $39,671.24 million as on Sep. 30, 2016. Deposits stood at $29,139.60 million as on Sep. 30, 2016, up 3.04 percent compared with $28,280.17 million on Sep. 30, 2015.
Investments stood at $3,813.07 million as on Sep. 30, 2016, down 43.59 percent or $2,946.54 million from year-ago. Shareholders equity stood at $6,090.51 million as on Sep. 30, 2016, up 4.53 percent or $263.67 million from year-ago.
Return on average assets moved up 8 basis points to 1.02 percent in the quarter from 0.94 percent in the last year period. At the same time, return on average equity increased 36 basis points to 8.24 percent in the quarter from 7.88 percent in the last year period.
Book value per share was $12.50 for the quarter, down 4.65 percent or $0.61 compared to $13.11 for the same period last year.
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