Customers Bancorp (CUBI) has announced a 41.05 percent jump in profit for the quarter ended Sep. 30, 2014. The company earned $11.66 million or $0.42 a share in the third-quarter, compared with $8.27 million or $0.30 a share a year ago.
Revenue during the third-quarter climbed 29.48 percent to $40.28 million from $31.11 million in the last year period.
Total assets stood at $6532.44 million as on Sep. 30, 2014, up 66.43 percent compared with $3925.11 million on Sep. 30, 2013.
On the other hand, total liabilities stood at $6106.64 million as on Sep. 30, 2014, up 72.69 percent from $3536.23 million on Sep. 30, 2013.
Net loans stood at $13.38 million as on Sep. 30, 2014, down 99.33 percent compared with $1991.73 million on Sep. 30, 2013.
At the same time, deposits stood at $4284.14 million as on Sep. 30, 2014, up 32.09 percent compared with $3243.31 million on Sep. 30, 2013.
Equity capital of Customers Bancorp. increased 9.49 percent to $425.80 million as on Sep. 30, 2014 compared with $388.88 million on Sep. 30, 2013.
Jay Sidhu, Chairman and CEO of Customers reflected, "We are extremely pleased to report very strong core earnings growth during Q3 2014 and the first nine months of 2014. Our growth results from execution of our strategy to diversify and grow our loan and deposit portfolios to fully utilize the capital provided by our investors. We believe we are on track with our plans and remain confident we will meet or exceed the earnings guidance we have provided for 2014 and 2015. We again state our goals of reaching about a 1.0% return on assets and a 12.0% return on equity within two to three years. We expect that we will achieve these goals while reducing the rate of Customers’ asset growth to a level supported by growth in retained earnings."
"Customers is on target to meet or exceed the earnings guidance we have provided for 2014 and 2015. To manage capital, we expect to slow our asset growth going forward to levels that are supported by growth in retained earnings. Customers intends to continue selling a portion of its multi-family loan portfolio for the foreseeable future while adding commercial and industrial and other commercial loans to our balance sheet," stated Robert Wahlman, Chief Financial Officer of Customers Bancorp, Inc.
