TFS Financial Corporation (TFSL) has reported 21.71 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $23.46 million, or $0.08 a share in the quarter, compared with $19.28 million, or $0.07 a share for the same period last year. Revenue during the quarter grew 7.12 percent to $80.84 million from $75.46 million in the previous year period. Net interest income for the quarter rose 3.73 percent over the prior year period to $70.29 million. Non-interest income for the quarter fell 32.09 percent over the last year period to $4.55 million.
TFS Financial Corporation has made negative provision of $6 million for loan losses during the quarter, compared with a negative provision of $1 million in the same period last year.
Net interest margin contracted 7 basis points to 2.18 percent in the quarter from 2.25 percent in the last year period.
“Were pleased to announce our strongest quarterly earnings in a decade," said Marc A. Stefanski, chairman and chief executive officer. “Once again, loan growth remained strong for the period, fueled by a home purchase market that continues to heat up in many of our markets. Consumer confidence is rising, which allows us to continue to be optimistic about the housing industry. We are excited by the early signs of a seasonal purchase market in 2017."
Investments stood at $536.18 million as on Mar. 31, 2017. Shareholders equity was at $1,678.39 million as on Mar. 31, 2017.
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