Apollo Commercial Real Estate Finance, Inc. (ARI) has reported an 116.70 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $59.03 million, or $0.60 a share in the quarter, compared with $27.24 million, or $0.32 a share for the same period last year.
Revenue during the quarter grew 23.91 percent to $53.58 million from $43.24 million in the previous year period.
Total expenses were $10.54 million for the quarter, up 27.43 percent or $2.27 million from year-ago period. Operating margin for the quarter contracted 54 basis points over the previous year period to 80.32 percent.
Operating income for the quarter was $43.04 million, compared with $34.97 million in the previous year period.
Other income during the quarter was $53.58 million, up 23.91 percent or $10.34 million from year-ago period.
"We are extremely proud of ARI's financial performance in 2016, a year in which the Company committed to and funded approximately $1.4 billion of commercial real estate loans and grew its equity market capitalization to over $2.0 billion," said Stuart Rothstein, chief executive officer and president of ARI. "The Company has had a solid start to the year, with over $194 million of new loans closed to date and a robust investment pipeline. We believe ARI's balance sheet is strong, the credit quality of the Company's investment portfolio is stable and ARI is well positioned for continued success in 2017."
Receivables move up
Net receivables were at $19.28 million as on Dec. 31, 2016, up 14.03 percent or $2.37 million from year-ago.
Total assets grew 28.05 percent or $770.39 million to $3,482.98 million on Dec. 31, 2016. On the other hand, total liabilities were at $1,550.75 million as on Dec. 31, 2016, up 15.34 percent or $213.58 million from year-ago.
Return on assets moved down 109 basis points to 1.67 percent in the quarter. At the same time, return on equity moved up 102 basis points to 2.57 percent in the quarter.
Debt moves up
Total debt was at $1,389.80 million as on Dec. 31, 2016, up 19.13 percent or $223.20 million from year-ago. Shareholders equity stood at $1,932.23 million as on Dec. 31, 2016, up 40.48 percent or $556.80 million from year-ago. As a result, debt to equity ratio went down 13 basis points to 0.72 percent in the quarter.
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