UMB Financial Corporation (UMBF) has reported a 21.37 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $44.18 million, or $0.89 a share in the quarter, compared with $36.40 million, or $0.74 a share for the same period last year. Revenue during the quarter grew 7.35 percent to $246.10 million from $229.24 million in the previous year period. Net interest income for the quarter rose 13.93 percent over the prior year period to $134.32 million. Non-interest income for the quarter rose 3.81 percent over the last year period to $120.78 million.
UMB Financial Corporation has made provision of $9 million for loan losses during the quarter, up 80 percent from $5 million in the same period last year.
Net interest margin improved 30 basis points to 3.09 percent in the quarter from 2.79 percent in the last year period. Efficiency ratio for the quarter improved to 70.45 percent from 74.41 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
“2017 is off to a solid start for UMB,” said Mariner Kemper, chairman and chief executive officer. “We continue to post double digit year-over-year loan growth, with average loans increasing 10.6 percent compared to the same period in 2016. This growth, along with our efforts to achieve an optimal mix of earning assets and increased loan yields, drove a 13.9 percent increase in net interest income. We are pleased with this continued growth, as well as our progress toward improved profitability.
Deposits stood at $15,895.18 million as on Mar. 31, 2017, up 3.09 percent compared with $15,418.37 million on Mar. 31, 2016.
Noninterest-bearing deposit liabilities were $6,202.25 million or 39.02 percent of total deposits on Mar. 31, 2017, compared with $6,202.03 million or 40.22 percent of total deposits on Mar. 31, 2016.
Investments stood at $7,901.64 million as on Mar. 31, 2017, up 1.57 percent or $122.30 million from year-ago. Shareholders equity was at $2,010.88 million as on Mar. 31, 2017.
Return on average assets moved up 13 basis points to 0.89 percent in the quarter from 0.76 percent in the last year period. At the same time, return on average equity increased 150 basis points to 9.04 percent in the quarter from 7.54 percent in the last year period.
Tier-1 leverage ratio stood at 9.11 percent for the quarter, up from 8.78 percent for the previous year quarter. Book value per share was $40.34 for the quarter, up 2.41 percent or $0.95 compared to $39.39 for the same period last year.
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