PENNYMAC FINANCIAL SERVICES (PFSI) has reported 86.79 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $23.68 million, or $1.06 a share in the quarter, compared with $12.68 million, or $0.58 a share for the same period last year.
Revenue during the quarter surged 54.01 percent to $291.40 million from $189.20 million in the previous year period.
"PennyMac Financial’s continuing strong financial performance reflects our operational foundation and our ability to capture the significant opportunities in the U.S. mortgage market," said chairman and chief executive officer Stanford L. Kurland. "We have once again achieved record quarterly earnings driven by record production volumes in each of PennyMac Financial's correspondent and consumer direct channels. We have been able to capitalize on the strong origination market and the unique ability of our platform to scale up quickly and efficiently to generate strong volumes amid continuing low interest rates. PennyMac Financial’s leading position in mortgage banking and our best-in-class operating platform make us well-positioned to continue to capitalize on the opportunities we see."
Debt comes down significantlyPENNYMAC FINANCIAL SERVICES has recorded a decline in total debt over the last one year. It stood at $131.32 million as on Sep. 30, 2016, down 67.73 percent or $275.67 million from $406.99 million on Sep. 30, 2015. Total debt was 2.35 percent of total assets as on Sep. 30, 2016, compared with 10.67 percent on Sep. 30, 2015. Debt to equity ratio was at 0.10 as on Sep. 30, 2016, down from 0.41 as on Sep. 30, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
