Fulton Financial Corp (FULT) has reported a 13.39 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $43.38 million, or $0.25 a share in the quarter, compared with $38.26 million, or $0.22 a share for the same period last year.
Revenue during the quarter grew 5.15 percent to $179.45 million from $170.66 million in the previous year period. Net interest income for the quarter rose 6.61 percent over the prior year period to $137.58 million. Non-interest income for the quarter rose 8.20 percent over the last year period to $46.67 million.
Fulton Financial Corp has made provision of $4.80 million for loan losses during the quarter, up 213.73 percent from $1.53 million in the same period last year.
Net interest margin improved 3 basis points to 3.26 percent in the quarter from 3.23 percent in the last year period. Efficiency ratio for the quarter improved to 64.76 percent from 68.33 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"We had a very good first quarter, building off the momentum we saw in our business in 2016," said E. Philip Wenger, chairman, president and chief executive officer. "With increased customer confidence and business activity, we remain optimistic about our growth prospects for 2017."
Liabilities outpace assets growth
Total assets stood at $19,178.58 million as on Mar. 31, 2017, up 5.83 percent compared with $18,122.25 million on Mar. 31, 2016. On the other hand, total liabilities stood at $17,023.89 million as on Mar. 31, 2017, up 6.07 percent from $16,048.94 million on Mar. 31, 2016.
Loans outpace deposit growth
Net loans stood at $14,793.10 million as on Mar. 31, 2017, up 7.92 percent compared with $13,706.86 million on Mar. 31, 2016. Deposits stood at $15,090.34 million as on Mar. 31, 2017, up 4.76 percent compared with $14,404.28 million on Mar. 31, 2016.
Investments stood at $2,506.02 million as on Mar. 31, 2017, down 0.40 percent or $10.19 million from year-ago. Shareholders equity stood at $2,154.68 million as on Mar. 31, 2017, up 3.92 percent or $81.37 million from year-ago.
Return on average assets moved up 6 basis points to 0.92 percent in the quarter from 0.86 percent in the last year period. At the same time, return on average equity increased 75 basis points to 8.22 percent in the quarter from 7.47 percent in the last year period.
Nonperforming assets moved down 3.17 percent or $4.69 million to $143.44 million on Mar. 31, 2017 from $148.13 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.75 percent in the quarter, down from 0.82 percent in the last year period.
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