WesBanco, Inc (WSBC) has reported 13.17 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $25.89 million, or $0.59 a share in the quarter, compared with $22.87 million, or $0.60 a share for the same period last year. Revenue during the quarter grew 18.18 percent to $90.89 million from $76.91 million in the previous year period. Net interest income for the quarter rose 18.18 percent over the prior year period to $70.72 million. Non-interest income for the quarter rose 18 percent over the last year period to $22.88 million.
WesBanco, Inc has made provision of $2.71 million for loan losses during the quarter, up 16.65 percent from $2.32 million in the same period last year.
Net interest margin improved 13 basis points to 3.42 percent in the quarter from 3.29 percent in the last year period. Efficiency ratio for the quarter deteriorated to 56 percent from 55.52 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
"We are pleased with WesBanco's performance during the first quarter of 2017, as we continue to make progress on our growth strategies," said Mr. Clossin. "We remain focused on disciplined growth, expense management, and increasing long-term shareholder value. Furthermore, our efficiency ratio of 56.0% improved more than 200 basis points compared to the fourth quarter of 2016, and approximately 70 basis points compared to full year 2016."
Deposits stood at $7,145.74 million as on Mar. 31, 2017, up 16.33 percent compared with $6,142.89 million on Mar. 31, 2016.
Noninterest-bearing deposit liabilities were $1,844 million or 25.81 percent of total deposits on Mar. 31, 2017, compared with $1,327.91 million or 21.62 percent of total deposits on Mar. 31, 2016.
Investments stood at $2,290.60 million as on Mar. 31, 2017, down 3.99 percent or $95.09 million from year-ago. Shareholders equity was at $1,359.15 million as on Mar. 31, 2017.
Return on average assets moved down 1 basis points to 1.07 percent in the quarter from 1.08 percent in the last year period. At the same time, return on average equity decreased 34 basis points to 7.73 percent in the quarter from 8.07 percent in the last year period.
Nonperforming assets moved up 11.93 percent or $5.82 million to $54.55 million on Mar. 31, 2017 from $48.74 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.56 percent in the quarter, down from 0.57 percent in the last year period.
Tier-1 leverage ratio stood at 9.97 percent for the quarter, up from 9.46 percent for the previous year quarter. Average equity to average assets ratio was 13.88 percent for the quarter, up from 13.32 percent for the previous year quarter. Book value per share was $30.92 for the quarter, up 3.52 percent or $1.05 compared to $29.87 for the same period last year.
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