Central Pacific Financial Corp (CPF) has reported 6.06 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $11.47 million, or $0.37 a share in the quarter, compared with $12.21 million, or $0.38 a share for the same period last year. Revenue during the quarter went down marginally by 0.27 percent to $51.14 million from $51.28 million in the previous year period. Net interest income for the quarter rose 4.29 percent over the prior year period to $39.43 million. Non-interest income for the quarter rose 11.66 percent over the last year period to $10.98 million.
Central Pacific Financial Corp has made negative provision of $0.74 million for loan losses during the quarter, compared with a negative provision of $3.65 million in the same period last year.
Net interest margin contracted 6 basis points to 3.25 percent in the quarter from 3.31 percent in the last year period. Efficiency ratio for the quarter improved to 66.04 percent from 67.55 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"Our continued loan and deposit growth and improved asset quality have resulted in another quarter of solid core earnings," said Catherine Ngo, President and Chief executive officer. "We are pleased to be in a position to continue enhancing shareholder value through strong operating performance, coupled with stock repurchases and dividends."
Liabilities outpace assets growth
Total assets stood at $5,319.95 million as on Sep. 30, 2016, up 5.94 percent compared with $5,021.83 million on Sep. 30, 2015. On the other hand, total liabilities stood at $4,800.46 million as on Sep. 30, 2016, up 6.24 percent from $4,518.57 million on Sep. 30, 2015. Loans outpace deposit growth
Net loans stood at $3,380.27 million as on Sep. 30, 2016, up 11.38 percent compared with $3,034.82 million on Sep. 30, 2015. Deposits stood at $4,518.58 million as on Sep. 30, 2016, up 6.81 percent compared with $4,230.50 million on Sep. 30, 2015.
Investments stood at $1,436.42 million as on Sep. 30, 2016, down 6.34 percent or $97.17 million from year-ago. Shareholders equity stood at $519.49 million as on Sep. 30, 2016, up 3.23 percent or $16.23 million from year-ago.
Return on average assets moved down 11 basis points to 0.87 percent in the quarter from 0.98 percent in the last year period. At the same time, return on average equity decreased 110 basis points to 8.81 percent in the quarter from 9.91 percent in the last year period.
Nonperforming assets moved down 16.68 percent or $2.33 million to $11.67 million on Sep. 30, 2016 from $14 million on Sep. 30, 2015.
Book value per share was $16.79 for the quarter, up 4.55 percent or $0.73 compared to $16.06 for the same period last year.
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