Texas Capital Bancshares, Inc (TCBI) has reported 69.30 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $42.54 million, or $0.80 a share in the quarter, compared with $25.13 million, or $0.49 a share for the same period last year. Revenue during the quarter surged 36 percent to $171.47 million from $126.08 million in the previous year period. Net interest income for the quarter rose 12.83 percent over the prior year period to $163.36 million. Non-interest income for the quarter rose 51.46 percent over the last year period to $17.11 million.
Texas Capital Bancshares has made provision of $9 million for loan losses during the quarter, down 70 percent from $30 million in the same period last year.
Net interest margin improved 16 basis points to 3.29 percent in the quarter from 3.13 percent in the last year period. Efficiency ratio for the quarter deteriorated to 58.80 percent from 55.60 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
“We begin 2017 with continued solid earnings and traditional LHI growth, while experiencing the contraction in the mortgage industry attributable to rising rates and the return of seasonal trends. We remain optimistic about 2017 as we expect the new lines of business we added or expanded in 2016 will give us market share takeaway potential, coupled with our continued ability to attract new talent," said Keith Cargill, Chief executive officer. "Additionally, we remain well-positioned to take advantage of rising rates and business opportunities in a pro-growth economic environment."
Deposits stood at $16,605.38 million as on Mar. 31, 2017, up 1.88 percent compared with $16,298.85 million on Mar. 31, 2016.
Noninterest-bearing deposit liabilities were $7,094.70 million or 42.73 percent of total deposits on Mar. 31, 2017, compared with $7,455.11 million or 45.74 percent of total deposits on Mar. 31, 2016.
Investments stood at $42.20 million as on Mar. 31, 2017, up 48.28 percent or $13.74 million from year-ago. Shareholders equity was at $2,050.44 million as on Mar. 31, 2017.
Return on average assets moved up 30 basis points to 0.83 percent in the quarter from 0.53 percent in the last year period. At the same time, return on average equity increased 247 basis points to 8.60 percent in the quarter from 6.13 percent in the last year period.
Nonperforming assets were stable over the past one year at $165.38 million on Mar. 31, 2017. Meanwhile, nonperforming assets to total assets was 0.82 percent in the quarter, down from 0.97 percent in the last year period.
Book value per share was $38.35 for the quarter, up 17.60 percent or $5.74 compared to $32.61 for the same period last year.
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