Ocwen Financial Corporation (OCN) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $9.39 million, or $ 0.08 a share in the quarter, against a net loss of $66.87 million, or $0.53 a share in the last year period. Revenue during the quarter dropped 11.24 percent to $359.45 million from $404.95 million in the previous year period. Non-interest income for the quarter fell 14.53 percent over the last year period to $379.84 million.
"We are very pleased with the financial result this quarter, recording our first quarterly profit since the second quarter of 2015. We saw terrific execution from our Servicing team, which completed more than 21,000 modifications in the quarter, successfully delivered $12.0 million of gains on servicer "clean up" call rights transactions and continued to reduce operating costs. Additionally, our Automotive Capital Services business continues to grow and move closer to profitability. Our mortgage lending business saw growth in origination volume, but we must improve margins," commented Ron Faris, president and chief executive officer.
Assets, liabilities fallTotal assets stood at $7,585.45 million as on Sep. 30, 2016, down 5.31 percent compared with $8,011.05 million on Sep. 30, 2015. On the other hand, total liabilities stood at $6,922.06 million as on Sep. 30, 2016, down 0.12 percent from $6,930.60 million on Sep. 30, 2015. Investments stood at $1,823.34 million as on Sep. 30, 2016, down 6.76 percent or $132.28 million from year-ago. Shareholders equity stood at $663.39 million as on Sep. 30, 2016, down 38.60 percent or $417.07 million from year-ago.
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