World Acceptance Corporation (WRLD) has reported 34.65 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $9.64 million, or $1.10 a share in the quarter, compared with $14.75 million, or $1.70 a share for the same period last year. Revenue during the quarter dropped 6.36 percent to $130.82 million from $139.70 million in the previous year period. Non-interest income for the quarter fell 2.09 percent over the last year period to $12.56 million.
World Acceptance Corporation has made provision of $39.98 million for loan losses during the quarter, up 12.82 percent from $35.44 million in the same period last year.
Assets, liabilities fall
Total assets stood at $860.94 million as on Dec. 31, 2016, down 5.08 percent compared with $906.98 million on Dec. 31, 2015. On the other hand, total liabilities stood at $438.95 million as on Dec. 31, 2016, down 19.33 percent from $544.11 million on Dec. 31, 2015. Net loans stood at $755.90 million as on Dec. 31, 2016, down 5.18 percent compared with $797.22 million on Dec. 31, 2015.
Shareholders equity stood at $421.99 million as on Dec. 31, 2016, up 16.29 percent or $59.12 million from year-ago.
Return on average assets moved down 350 basis points to 8.40 percent in the quarter from 11.90 percent in the last year period. At the same time, return on average equity decreased 1410 basis points to 17.60 percent in the quarter from 31.70 percent in the last year period.
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