TWO HARBORS INVESTMENT CORPORATION. (TWO) has reported 62.03 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $341.40 million, or $0.98 a share in the quarter, compared with $210.71 million, or $0.59 a share for the same period last year.
"Despite the market volatility in the quarter, our ability to protect book value while generating strong earnings illustrates the merits of our approach to risk management," stated Thomas Siering, Two Harbors’ president and chief executive officer. "We delivered a 20% total shareholder return in 2016, and the progress we have made on our strategic plan has us well positioned to increase our earnings potential in the year ahead."
Receivables move up marginallyNet receivables were at $3,394.45 million as on Dec. 31, 2016, up 4.74 percent or $153.55 million from year-ago. Investments stood at $14,865.58 million as on Dec. 31, 2016, up 69.74 percent or $6,107.80 million from year-ago.
Total assets jumped 37.98 percent or $5,536.28 million to $20,112.06 million on Dec. 31, 2016. On the other hand, total liabilities were at $16,710.94 million as on Dec. 31, 2016, up 51.93 percent or $5,711.73 million from year-ago.
Return on assets moved up 25 basis points to 1.70 percent in the quarter. At the same time, return on equity moved up 415 basis points to 10.04 percent in the quarter.
Debt increases substantiallyTotal debt was at $16,423.55 million as on Dec. 31, 2016, up 52.16 percent or $5,630.16 million from year-ago. Shareholders equity stood at $3,401.11 million as on Dec. 31, 2016, down 4.91 percent or $175.45 million from year-ago. As a result, debt to equity ratio went up 181 basis points to 4.83 percent in the quarter.
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