Wellesley Bancorp, Inc. (WEBK) has reported a 7.86 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $0.76 million, or $0.32 a share in the quarter, compared with $0.70 million, or $0.30 a share for the same period last year.      

Revenue during the quarter grew 11.81 percent to $5.38 million from $4.81 million in the previous year period. Net interest income for the quarter rose 8.95 percent over the prior year period to $5.09 million. Non-interest income for the quarter rose 43.10 percent over the last year period to $0.42 million.

Wellesley Bancorp, Inc. has made provision of $0.12 million for loan losses during the quarter, down 16.67 percent from $0.15 million in the same period last year.

Net interest margin contracted 12 basis points to 3.19 percent in the quarter from 3.31 percent in the last year period.

Thomas J. Fontaine, president and chief executive officer, said, "We are pleased with our strong growth in loans and core deposits, as well as noninterest income, which has led to increases in revenue and earnings."

Investments stood at $67.42 million as on Sep. 30, 2016. Shareholders equity was at $55.37 million as on Sep. 30, 2016.

Return on average assets moved down 4 basis points to 0.46 percent in the quarter from 0.50 percent in the last year period. At the same time, return on average equity decreased 30 basis points to 5.42 percent in the quarter from 5.72 percent in the last year period.

Equity to assets ratio was 8.31 percent for the quarter, down from 8.72 percent for the previous year quarter. Book value per share was $22.52 for the quarter, up 7.75 percent or $1.62 compared to $20.90 for the same period last year.