E TRADE Financial Corporation (ETFC) has reported a 42.70 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $127 million, or $0.46 a share in the quarter, compared with $89 million, or $0.30 a share for the same period last year.
Revenue during the quarter grew 15.95 percent to $509 million from $439 million in the previous year period. Non-interest income for the quarter rose 30.77 percent over the last year period to $221 million.
E TRADE Financial Corporation has made negative provision of $18 million for loan losses during the quarter, compared with a negative provision of $23 million in the same period last year.
"We ended the year as a more focused and energized company, and I am exceptionally proud what our team has accomplished during the past four months," said Karl Roessner, chief executive officer. "The acquisition of OptionsHouse provided the catalyst to realign the leadership team and refocus the entire Company on business performance. After taking a hard look at our structure and list of projects, we exited 2016 as a leaner, more agile organization, poised to reclaim our position as the best home for active traders and investors alike, with the number one options platform in the industry. As for results, 2016 marks our strongest earnings in 10 years, demonstrating our commitment to managing expenses with discipline, deploying multiple capital initiatives, and diminishing risk associated with our legacy loan portfolio. With balance sheet expansion already well under way, and the team aligned and marching forward on our business growth objectives, I am confident in our ability to continue to create long-term value for our shareholders in the years to come."
Assets outpace liabilities growth
Total assets stood at $48,999 million as on Dec. 31, 2016, up 7.86 percent compared with $45,427 million on Dec. 31, 2015. On the other hand, total liabilities stood at $42,727 million as on Dec. 31, 2016, up 7.82 percent from $39,628 million on Dec. 31, 2015.
Deposits outpace loan growth
Net loans stood at $3,551 million as on Dec. 31, 2016, down 23.02 percent compared with $4,613 million on Dec. 31, 2015. Deposits stood at $31,682 million as on Dec. 31, 2016, up 7.60 percent compared with $29,445 million on Dec. 31, 2015.
Investments stood at $29,643 million as on Dec. 31, 2016, up 15.78 percent or $4,041 million from year-ago. Shareholders equity stood at $6,272 million as on Dec. 31, 2016, up 8.16 percent or $473 million from year-ago.
Tier-1 leverage ratio stood at 7.80 percent for the quarter, down from 9 percent for the previous year quarter. Book value per share was $21.46 for the quarter, up 7.84 percent or $1.56 compared to $19.90 for the same period last year.
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