Capital Bank Financial Corp. (CBF) has reported an 112.23 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $20.88 million, or $0.39 a share in the quarter, compared with $9.84 million, or $0.22 a share for the same period last year.
Revenue during the quarter surged 51.18 percent to $94.58 million from $62.56 million in the previous year period. Net interest income for the quarter rose 33.81 percent over the prior year period to $82.12 million. Non-interest income for the quarter rose 517.77 percent over the last year period to $15.85 million.
Capital Bank Financial Corp. has made provision of $3.39 million for loan losses during the quarter, up 146.69 percent from $1.38 million in the same period last year.
Net interest margin improved 9 basis points to 3.73 percent in the quarter from 3.64 percent in the last year period. Efficiency ratio for the quarter improved to 64 percent from 73.42 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"With the CommunityOne conversion now behind us, we are totally focused on high-quality loan and core deposit growth. Thanks to the consistent focus and efforts of Capital Bank's teammates, we're optimistic about the outlook," said Gene Taylor, chairman and chief executive of Capital Bank Financial Corp.
Deposits stood at $8,092.61 million as on Mar. 31, 2017, up 36.25 percent compared with $5,939.73 million on Mar. 31, 2016.
Noninterest-bearing deposit liabilities were $1,680.24 million or 20.76 percent of total deposits on Mar. 31, 2017, compared with $1,190.83 million or 20.05 percent of total deposits on Mar. 31, 2016.
Investments stood at $1,604.67 million as on Mar. 31, 2017, up 42.28 percent or $476.84 million from year-ago. Shareholders equity was at $1,307.93 million as on Mar. 31, 2017.
Return on average assets moved up 31 basis points to 0.84 percent in the quarter from 0.53 percent in the last year period. At the same time, return on average equity increased 247 basis points to 6.43 percent in the quarter from 3.96 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 1.22 percent in the quarter, down from 1.51 percent in the last year period.
Tier-1 leverage ratio stood at 11.63 percent for the quarter, down from 12.49 percent for the previous year quarter. Average equity to average assets ratio was 13.11 percent for the quarter, down from 13.35 percent for the previous year quarter.
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