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Old National Bancorp (ONB) has reported 4.60 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $33.46 million, or $0.25 a share in the quarter, compared with $31.98 million, or $0.27 a share for the same period last year.
Revenue during the quarter grew 19.43 percent to $174.42 million from $146.05 million in the previous year period. Net interest income for the quarter rose 27.93 percent over the prior year period to $109.92 million. Non-interest income for the quarter rose 3.53 percent over the last year period to $62.75 million.
Old National Bancorp has made negative provision of $1.76 million for loan losses during the quarter, compared with a positive provision of $0.48 million in the same period last year.
Net interest margin improved 13 basis points to 3.63 percent in the quarter from 3.50 percent in the last year period. Efficiency ratio for the quarter deteriorated to 69.53 percent from 66.42 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
"A strong fourth quarter, driven by 6.1% annualized organic loan growth, capped a year of excellent growth for Old National," said chairman and chief executive officer Bob Jones. "Not only did we increase our net income by 15% over 2015 while maintaining exceptional credit quality and increasing our tangible book value by nearly 9%, we accomplished all of this while expanding our franchise into Wisconsin with the largest partnership in our history."
Liabilities outpace assets growthTotal assets stood at $14,860.24 million as on Dec. 31, 2016, up 23.92 percent compared with $11,991.53 million on Dec. 31, 2015. On the other hand, total liabilities stood at $13,045.82 million as on Dec. 31, 2016, up 24.24 percent from $10,500.36 million on Dec. 31, 2015.
Loans outpace deposit growthNet loans stood at $8,960.70 million as on Dec. 31, 2016, up 31.98 percent compared with $6,789.52 million on Dec. 31, 2015. Deposits stood at $10,743.25 million as on Dec. 31, 2016, up 27.88 percent compared with $8,400.86 million on Dec. 31, 2015. Noninterest-bearing deposit liabilities were $3,016.09 million or 28.07 percent of total deposits on Dec. 31, 2016, compared with $2,488.86 million or 29.63 percent of total deposits on Dec. 31, 2015.
Investments stood at $3,648.96 million as on Dec. 31, 2016, up 7.94 percent or $268.54 million from year-ago. Shareholders equity stood at $1,814.42 million as on Dec. 31, 2016, up 21.68 percent or $323.25 million from year-ago.
Return on average assets moved down 16 basis points to 0.91 percent in the quarter from 1.07 percent in the last year period. At the same time, return on average equity decreased 130 basis points to 7.33 percent in the quarter from 8.63 percent in the last year period.
Tier-1 leverage ratio stood at 8.40 percent for the quarter, down from 8.50 percent for the previous year quarter. Book value per share was $13.42 for the quarter, up 2.84 percent or $0.37 compared to $13.05 for the same period last year.
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