Kearny Financial Corp (krny) has reported 43.90 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $5.46 million, or $0.06 a share in the quarter, compared with $3.80 million, or $0.04 a share for the same period last year. Revenue during the quarter grew 21.25 percent to $27.81 million from $22.93 million in the previous year period. Net interest income for the quarter rose 7.01 percent over the prior year period to $25.62 million. Non-interest income for the quarter rose 42.99 percent over the last year period to $3.45 million.
Kearny Financial has made provision of $1.26 million for loan losses during the quarter, down 63.24 percent from $3.41 million in the same period last year.
Net interest margin improved 9 basis points to 2.18 percent in the quarter from 2.09 percent in the last year period. Efficiency ratio for the quarter improved to 66.66 percent from 67.19 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Deposits stood at $2,746.02 million as on Dec. 31, 2016, up 6.30 percent compared with $2,583.18 million on Dec. 31, 2015.
Investments stood at $1,189.10 million as on Dec. 31, 2016, down 9.90 percent or $130.72 million from year-ago. Shareholders equity was at $1,114.65 million as on Dec. 31, 2016.
Return on average assets moved up 13 basis points to 0.48 percent in the quarter from 0.35 percent in the last year period. At the same time, return on average equity increased 66 basis points to 1.96 percent in the quarter from 1.30 percent in the last year period.
Nonperforming assets moved up 1.39 percent or $0.32 million to $23.60 million on Dec. 31, 2016 from $23.28 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.51 percent in the quarter, down from 0.53 percent in the last year period.
Equity to assets ratio was 24.31 percent for the quarter, down from 26.48 percent for the previous year quarter.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]