Meta Financial Group, Inc. (CASH) has reported an 125.04 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $32.14 million, or $3.42 a share in the quarter, compared with $14.28 million, or $1.67 a share for the same period last year. Revenue during the quarter surged 80.15 percent to $107.49 million from $59.67 million in the previous year period. Net interest income for the quarter rose 20.20 percent over the prior year period to $23.97 million. Non-interest income for the quarter rose 125.35 percent over the last year period to $92.17 million.
Meta Financial Group, Inc. has made provision of $8.65 million for loan losses during the quarter, up 637.34 percent from $1.17 million in the same period last year.
Net interest margin contracted 31 basis points to 2.91 percent in the quarter from 3.22 percent in the last year period.
"We are excited to announce that we more than doubled the previous high for quarterly earnings in Meta's history," said chairman and chief executive officer J. Tyler Haahr. "Earnings increased $17.8 million to $32.1 million for the second quarter of fiscal 2017 compared to the same quarter of the prior year, even with significant non-recurring expenses in the second quarter of 2017. Net income for the first six months of fiscal 2017 of $33.4 million exceeded total earnings of $33.2 million for the entire fiscal 2016 year. With our recent acquisitions and new partnership relationships, total tax product fee income increased $42.5 million for the three months ended March 31, 2017, compared to the same period of the prior year. We are very pleased with how seamlessly the infrastructure performed as we integrated EPS Financial ("EPS") and Specialty Consumer Services ("SCS") into our business model. We are continuing to explore further ways to build on our already successful tax divisions and further leverage our distribution channels and believe we are well positioned to originate significantly more volume and increase profitability in the future.
Deposits stood at $2,872.23 million as on Mar. 31, 2017, up 29.34 percent compared with $2,220.76 million on Mar. 31, 2016.
Noninterest-bearing deposit liabilities were $2,637.17 million or 91.82 percent of total deposits on Mar. 31, 2017, compared with $2,013.78 million or 90.68 percent of total deposits on Mar. 31, 2016.
Shareholders equity was at $411.75 million as on Mar. 31, 2017.
Meanwhile, nonperforming assets to total assets was 0.12 percent in the quarter, down from 0.15 percent in the last year period.
Book value per share was $44.04 for the quarter, up 19.51 percent or $7.19 compared to $36.85 for the same period last year.
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