Umb Financial Corporation (UMBF) has reported 86.83 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $41.95 million, or $0.85 a share in the quarter, compared with $22.45 million, or $0.46 a share for the same period last year.
Revenue during the quarter grew 7.95 percent to $233.71 million from $216.49 million in the previous year period. Net interest income for the quarter rose 13.53 percent over the prior year period to $124.76 million. Non-interest income for the quarter rose 11.78 percent over the last year period to $121.95 million.
Umb Financial Corp has made provision of $13 million for loan losses during the quarter, up 420 percent from $2.50 million in the same period last year.
Net interest margin improved 14 basis points to 2.87 percent in the quarter from 2.73 percent in the last year period. Efficiency ratio for the quarter improved to 70.23 percent from 80.79 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"Our strong results reflect double-digit revenue growth, driven by continued loan growth, higher loan yields, and improved noninterest income, compared to the third quarter 2015," said Mariner Kemper, chairman and chief executive officer. "During the same period, operating expenses declined approximately one percent as we continued to execute on efficiency initiatives, as evidenced by our improved performance metrics."
Assets outpace liabilities growthTotal assets stood at $19,726.15 million as on Sep. 30, 2016, up 6.07 percent compared with $18,597.96 million on Sep. 30, 2015. On the other hand, total liabilities stood at $17,701.52 million as on Sep. 30, 2016, up 6.02 percent from $16,697.11 million on Sep. 30, 2015.
Loans outpace deposit growthNet loans stood at $10,203.09 million as on Sep. 30, 2016, up 13.77 percent compared with $8,968.10 million on Sep. 30, 2015. Deposits stood at $15,378.25 million as on Sep. 30, 2016, up 2.10 percent compared with $15,061.56 million on Sep. 30, 2015. Noninterest-bearing deposit liabilities were $6,008.33 million or 39.07 percent of total deposits on Sep. 30, 2016, compared with $6,257.94 million or 41.55 percent of total deposits on Sep. 30, 2015.
Investments stood at $7,429.72 million as on Sep. 30, 2016, up 1.05 percent or $77.43 million from year-ago. Shareholders equity stood at $2,024.63 million as on Sep. 30, 2016, up 6.51 percent or $123.77 million from year-ago.
Return on average assets moved up 36 basis points to 0.85 percent in the quarter from 0.49 percent in the last year period. At the same time, return on average equity increased 353 basis points to 8.25 percent in the quarter from 4.72 percent in the last year period.
Book value per share was $40.86 for the quarter, up 5.96 percent or $2.30 compared to $38.56 for the same period last year.
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