OneMain Holdings, Inc (OMF) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $27 million, or $ 0.20 a share in the quarter, against a net loss of $197 million, or $1.46 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $108 million, or $0.80 a share compared with $89 million or $0.66 a share, a year ago.
Revenue during the quarter surged 356 percent to $456 million from $100 million in the previous year period. Net interest income for the quarter rose 19.37 percent over the prior year period to $567 million. Non-interest income for the quarter rose 36.11 percent over the last year period to $147 million.
OneMain Holdings, Inc has made provision of $258 million for loan losses during the quarter, down 46.58 percent from $483 million in the same period last year.
Jay Levine, president and chief executive officer of OneMain Holdings, Inc. said, "2016 was an incredibly important and transformational year for us. We began the year having just closed the OneMain acquisition, and over the course of the year we have made significant progress in bringing our organization together. I am incredibly proud of our entire team for the tremendous effort they put in throughout the year. Our entire nationwide branch network is now on a unified origination and servicing platform, enhancing our ability to drive very solid returns and to build meaningful shareholder value."
Assets, liabilities fall
Total assets stood at $18,123 million as on Dec. 31, 2016, down 14.47 percent compared with $21,190 million on Dec. 31, 2015. On the other hand, total liabilities stood at $15,057 million as on Dec. 31, 2016, down 18.43 percent from $18,460 million on Dec. 31, 2015. Net loans stood at $12,457 million as on Dec. 31, 2016, down 12.92 percent compared with $14,305 million on Dec. 31, 2015.
Investments stood at $1,764 million as on Dec. 31, 2016, down 5.52 percent or $103 million from year-ago. Shareholders equity stood at $3,066 million as on Dec. 31, 2016, up 12.31 percent or $336 million from year-ago.
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