TFS Financial Corporation (TFSL) has reported a 9.85 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $19.61 million, or $0.07 a share in the quarter, compared with $17.85 million, or $0.06 a share for the same period last year.
Revenue during the quarter went down marginally by 1.55 percent to $73.60 million from $74.76 million in the previous year period. Net interest income for the quarter rose 0.87 percent over the prior year period to $68.23 million. Non-interest income for the quarter fell 12.24 percent over the last year period to $5.37 million.
Net interest margin contracted 9 basis points to 2.16 percent in the quarter from 2.25 percent in the last year period.
"Our earnings remained strong this quarter thanks in part to continued overall loan growth," said Marc A. Stefanski, chairman and chief executive officer. "Borrowers took advantage of our low interest rates to refinance before anticipated market rate increases, and rising home values have allowed them to use the additional equity in their homes. Our home purchase mortgage originations were up 40% compared to the first quarter of fiscal 2016, signaling a continued recovery in the housing market. Additionally, loan growth in our expansion states accounted for 31% of our $944 million in overall loan originations last quarter. This keeps us optimistic about the housing industry and continued success at Third Federal."
Liabilities outpace assets growth
Total assets stood at $13,189.88 million as on Dec. 31, 2016, up 6.45 percent compared with $12,390.64 million on Dec. 31, 2015. On the other hand, total liabilities stood at $11,524.54 million as on Dec. 31, 2016, up 7.82 percent from $10,688.19 million on Dec. 31, 2015.
Deposits stood at $8,235.99 million as on Dec. 31, 2016, down 0.84 percent compared with $8,305.36 million on Dec. 31, 2015.
Investments stood at $524.18 million as on Dec. 31, 2016, down 10.92 percent or $64.23 million from year-ago. Shareholders equity stood at $1,665.33 million as on Dec. 31, 2016, down 2.18 percent or $37.11 million from year-ago.
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