Meta Financial Group (CASH) has reported 29.47 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $6.01 million, or $0.70 a share in the quarter, compared with $4.64 million, or $0.63 a share for the same period last year.
Revenue during the quarter grew 25.71 percent to $38.57 million from $30.68 million in the previous year period. Net interest income for the quarter rose 26.68 percent over the prior year period to $19.89 million. Non-interest income for the quarter rose 27.29 percent over the last year period to $19.23 million.
Meta Financial Group has made provision of $0.55 million for loan losses during the quarter, up 341.94 percent from $0.12 million in the same period last year.
Net interest margin was stable at 3.09 percent in the quarter, when compared with the last year period.
"2016 was a year of great achievements for Meta" said chairman and chief executive officer J. Tyler Haahr. "We delivered over $33.2 million in earnings to Meta shareholders, the highest in our Company's history, and almost doubled our previous high. Earnings per share increased 47%, average deposits increased 23%, total loans increased 30%, and card fee income increased 29%. We significantly grew the loan portfolio without compromising credit quality, as evidenced by one of the lowest NPA ratios in the industry.
Liabilities outpace assets growthTotal assets stood at $4,006.64 million as on Sep. 30, 2016, up 58.38 percent compared with $2,529.70 million on Sep. 30, 2015. On the other hand, total liabilities stood at $3,671.66 million as on Sep. 30, 2016, up 62.58 percent from $2,258.37 million on Sep. 30, 2015.
Loans outpace deposit growthNet loans stood at $919.47 million as on Sep. 30, 2016, up 30.19 percent compared with $706.26 million on Sep. 30, 2015. Deposits stood at $2,430.08 million as on Sep. 30, 2016, up 46.61 percent compared with $1,657.53 million on Sep. 30, 2015.
Investments stood at $2,089.10 million as on Sep. 30, 2016, up 30.42 percent or $487.27 million from year-ago. Shareholders equity stood at $334.98 million as on Sep. 30, 2016, up 23.45 percent or $63.64 million from year-ago.
Meanwhile, nonperforming assets to total assets was 0.03 percent in the quarter, down from 0.31 percent in the last year period.
Equity to assets ratio was 8.36 percent for the quarter, down from 10.73 percent for the previous year quarter. Book value per share was $39.30 for the quarter, up 18.23 percent or $6.06 compared to $33.24 for the same period last year.
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