Signature Bank Corporation (SBNY) has reported a 28.72 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $133.92 million, or $2.48 a share in the quarter, compared with $104.04 million, or $1.97 a share for the same period last year. Revenue during the quarter grew 9.38 percent to $292 million from $266.96 million in the previous year period. Net interest income for the quarter rose 8.42 percent over the prior year period to $301.76 million. Non-interest income for the quarter rose 16.66 percent over the last year period to $9.88 million.
Signature Bank Corp has made provision of $19.63 million for loan losses during the quarter, down 0.92 percent from $19.81 million in the same period last year.
Net interest margin contracted 19 basis points to 3.13 percent in the quarter from 3.32 percent in the last year period. Efficiency ratio for the quarter deteriorated to 33.12 percent from 32.19 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
“We are pleased to begin 2017 by reporting another quarter of record earnings, driven by strong deposit and loan growth. Our results directly reflect the core values on which this institution was built nearly 16 years ago, to which we have remained steadfast since first opening our doors. The structure upon which Signature Bank was founded is straightforward. We continually execute on our sound and secure business plan that emphasizes a single-point-of-contact approach to relationship banking. All the necessary fundamentals have been put in place to allow us to face challenges that may arise, and we are confident in our abilities to successfully address them,” said Joseph J. DePaolo, co-founder, president and chief executive officer.
Investments stood at $8,594.13 million as on Mar. 31, 2017. Shareholders equity was at $3,764.86 million as on Mar. 31, 2017.
Return on average assets moved up 14 basis points to 1.37 percent in the quarter from 1.23 percent in the last year period. At the same time, return on equity increased 135 basis points to 14.72 percent in the quarter from 13.37 percent in the last year period.
Tier-1 leverage ratio stood at 9.61 percent for the quarter, down from 9.79 percent for the previous year quarter. Book value per share was $68.48 for the quarter, up 8.96 percent or $5.63 compared to $62.85 for the same period last year.
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